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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.
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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