Public Company Information:
SAN FRANCISCO--(BUSINESS WIRE)--The Charles Schwab Corporation today announced the completion of its acquisition of ThomasPartners, Inc. The acquisition agreement, originally announced October 15, 2012, includes an upfront payment of $85 million in cash and the opportunity for additional payments contingent on future growth in assets under management.
“We are pleased to be able to provide our retail and investment advisor clients with convenient and cost effective access to ThomasPartners’ investment acumen,” said Walt Bettinger, Schwab president and chief executive officer. “Their approach to the construction of growth-oriented investment portfolios that generate dividend income streams makes enormous sense as our population ages, and will be an important addition to our existing money management line-up.”
Headquartered in Wellesley, Massachusetts, ThomasPartners is a growth and dividend income-focused asset management firm with $2.2 billion in AUM as of November 30, 2012, that has outperformed relevant benchmarks cumulatively since its inception in March 2003. ThomasPartners’ portfolios will be available as part of Schwab’s Managed Account Access service for investment advisors soon after the close and to Schwab retail clients during the first half of 2013.
About Charles Schwab
The Charles Schwab Corporation (NYSE:SCHW) is a leading provider of financial services, with more than 300 offices and 8.7 million active brokerage accounts, 1.6 million corporate retirement plan participants, 857,000 banking accounts, and $1.92 trillion in client assets. The company was ranked ‘Highest in Investor Satisfaction With Self-Directed Services’ in the 2012 US Self-Directed Investor Satisfaction StudySM from J.D Power and Associates. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; compliance and trade monitoring solutions; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Advisor Services division. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides trust and custody services, banking and lending services and products.
Investment products offered by Charles Schwab & Co., Inc. are not insured by the FDIC, are not deposits or obligations of Charles Schwab Bank, and are subject to investment risk, including the possible loss of principal invested. More information is available at www.schwab.com and www.aboutschwab.com.
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Alison Wertheim, 415-667-0475
Rich Fowler, 415-667-1841