It looks like Schwab is putting its money where its mouth is. Last year, executives steadfastly denied that the company's U.S. Trust business was for sale, after a leaked management memo (declaring "nothing was sacred" at the company) sparked rumors that it was looking to shed the business. Schwab announced Tuesday that it has released another type of managed account tied to U.S. Trust's portfolio managers.

Schwab Institutional is offering advisors access to U.S. Trust-managed portfolios via its new Managed Account Affiliates program, the company announced on Tuesday.

Advisors must sign accounts with at least $100,000; Schwab is charging 100bps for the product, said spokeswoman Lindsay Tiles.

Schwab said that advisors had "enthusiastic responses" to a December webcast featuring two U.S. Trust portfolio managers, and that it was planning more educational sessions for advisors.

Schwab purchased U.S. Trust in May of 2000 for $3 billion. 

Correction: A previous version of the article referred to the Charles Schwab unit as "Charles Schwab Institutional Trust" instead of "Schwab Institutional."

The statement that Schwab purchased New England-based U.S. Trust from State Street in 2003 for approximately $365 million was incorrect. Schwab purchased U.S. Trust in May of 2000 for $3 billion.

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