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Rating:Schwab Waives $163MM in Money Fund Fees Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, April 17, 2012

Schwab Waives $163MM in Money Fund Fees

News summary by MFWire's editors

Charles Schwab [profile] waived slightly less in money market mutual fund fees last quarter than predicted. The San Francisco-based brokerage reported waiving $163 million in the first quarter, yet expected to waive between $165 million and $170 million [Q1 earnings report]. The $163 million is still a 46 percent increase year-over-year.

Separately, Evan Niu of the Motley Fool compares the compensation Schwab CEO Walt Bettinger and Schwab chairman Chuck Schwab to that of other top execs. Chuck owns 15.6 percent of his namesake company, and took home $4.5 million in total compensation last year, compared to: $10.1 million for Bettinger; $1.68 million and 19.5 percent ownership for Amazon.com's Jeff Bezos; just $78,451 and less than one percent ownership for Whole Foods chief John Mackey; and $378 million for Apple CEO Tim Cook.

Brett Philbin of the Wall Street Journal highlighted Schwab's money fund fee waivers and a 20 percent year-over-year drop in Q1 Schwab profit to $195 million.

Yet money fund insiders wonder if the fee waivers pain is bottoming out [see MFWire.com, 4/16/2012]. 

Edited by: Neil Anderson, Managing Editor

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