SAN FRANCISCO, CA (STL.News) The Charles Schwab Corporation (“Schwab”) today announced that it has completed its asset acquisition of Wasmer, Schroeder & Company, LLC (“Wasmer Schroeder”). Wasmer Schroeder is a leading independent investment manager of fixed income separately managed accounts with $10.7 billion in assets under management.
Wasmer Schroeder’s comprehensive lineup of tax exempt and taxable strategies will complement Schwab’s existing fixed income capabilities. The acquisition enables the growth of Schwab’s fixed income separately managed account business, and will help Schwab meet increasing client demand for income in retirement. Additionally, Schwab has hired nearly all of the Wasmer Schroeder team.
Financial terms of the transaction are not being disclosed.