Schwab Unites Institutional Services in Single Business Unit

Monday, November 17, 2008 9:03 am PST



Public Company Information:


SAN FRANCISCO--(BUSINESS WIRE)--Effective today, Charles Schwab has established a new business unit, Institutional Services, to serve the needs of independent investment advisors, corporate benefit plan sponsors and third party retirement plan recordkeepers. The unit combines former Schwab Institutional and Schwab Corporate and Retirement Services operations.

Walt Bettinger, President and CEO commented, “There are clear synergies between serving independent investment advisors, corporate benefit plan sponsors and third party retirement plan recordkeepers. Our new Institutional Services unit will bring together all of our `business to business’ services and enable us to leverage strong expertise we have in both groups.”

The new Institutional Services group will be led by Schwab senior executive Jim McCool, a 13-year company veteran. McCool joined Schwab in 1995 working in a variety of leadership roles within Schwab Institutional until 2004. Since 2004, he has been a corporate executive vice president and responsible for Schwab Corporate & Retirement Services. He has been a member of the company’s executive management committee since 2005.

“Having worked closely with Jim for more than 25 years, I am extremely confident that his leadership will ensure our valued advisor, corporate and recordkeeper clients continue to receive world class service,” Bettinger said.

About Charles Schwab

The Charles Schwab Corporation (Nasdaq:SCHW) is a leading provider of financial services, with more than 300 offices and 7.4 million client brokerage accounts, 1.3 million corporate retirement plan participants, 427,000 banking accounts, and $1.2 trillion in client assets. 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,, 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; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Schwab Institutional division. The Charles Schwab Bank (member FDIC) provides banking and mortgage services and products. More information is available at


Charles Schwab
Greg Gable, 415-636-5847
Rich Fowler, 415-636-9869

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