Schwab Bets On a $10.5B-AUM SMA Shop
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Thursday, February 27, 2020

Schwab Bets On a $10.5B-AUM SMA Shop

Walt Bettinger is betting on fixed income SMA shop.

Walter William Bettinger II
Charles Schwab & Co.
President, CEO
On Monday, Rick Wurster, executive vice president of Schwab Asset Management Solutions, and Martin Wasmer, founder and CEO of Wasmer, Schroder & Company, confirmed that San Francisco-based Charles Schwab has agreed to buy Naples, Florida-based Wasmer Schroeder. Pricing and terms of the all-cash deal, which is expected to close in the middle of year, were not disclosed. (The release makes no mention of Charles Schwab Investment Management, which runs Schwab's mutual funds and ETFs.)

PL Advisors advised Wasmer Schroeder on the deal. Morgan Lewis provided legal advice to Wasmer Schroeder, while Sidley Austin did the same for Schwab.

Wasmer Schroeder had $10.5 billion in AUM as of December 31 and specializes in fixed income separately managed accounts. (Schwab has about $90 billion in SMAs.) The firm is more than 32 years old and has more than 60 employees across 10 locations and running more than 16 strategies.

The deal comes as Schwab is working on acquiring a rival discount brokerage and RIA custody giant, TD Ameritrade, in a deal expected to close in the second half of 2020.

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