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Wednesday, January 19, 2011|
Schwab Shelled Out $433M on Money Fund Fee Waivers in '10
Money market mutual fund fee waivers cost Schwab [see profile] more than 19 percent of its asset management and administration fees in 2010. The San Francisco-based brokerage giant revealed yesterday that it spent $102 million last quarter on money fund fee waivers, ($433 million for all of 2010), out of $599 million in asset management and administration fees ($2.255 billion for the year) and $119 million.
The Wall Street Journal's Brett Philbin reported on the waivers' cost, and also noted that the $119 million Schwab YieldPlus Fund settlement hit Schwab's bottom line hard, too. Including the settlement, Schwab's Q4 income dipped 27 percent year-over-year; excluding it, Schwab's income rose 33 percent.
Printed from: MFWire.com/story.asp?s=35788
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