One Mutual Fund Clearing Client Pulls Over $50B From Schwab
Reported by Neil Anderson, Managing Editor
Schwab is saying goodbye to a big mutual fund clearing services client. Today the San Francisco-based brokerage giant revealed that such a client pulled $29.5 billion off Schwab last month and pulled another $22 billion this month, as part of "a scheduled transfer of assets to an internal platform."
Schwab did not identify the client.
Company Press Release
SAN FRANCISCO, June 14, 2010 — The Charles Schwab Corporation released its Monthly Market
Activity Report today. Company highlights for the month of May 2010 include:
Net new assets brought to the company by new and existing clients in May 2010 were $4.7
billion, apart from a $29.5 billion outflow related to a mutual fund clearing services client who
began a scheduled transfer of assets to an internal platform. Including this clearing outflow, net
new assets totaled negative $24.8 billion. An additional outflow of approximately $22 billion
occurred in June as the client completed the asset transfer.
Total client assets were $1.412 trillion as of month-end May, up 16% from May 2009 and down
7% from April 2010.
Client daily average trades were 512.7 thousand in May 2010, up 14% from May 2009 and up
17% from April 2010.
About Charles Schwab
The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with more than
300 offices and 7.9 million client brokerage accounts, 1.5 million corporate retirement plan participants,
794,000 banking accounts, and $1.4 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. Named Highest in Investor Satisfaction by J.D.
Power and Associates, its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC,
http://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; 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 banking and mortgage services and products. More information is available at www.schwab.com.
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