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Stock Market & Financial Investment News

News Breaks
September 16, 2013
09:01 EDTSCHWCharles Schwab consolidating retirement plan platforms
Charles Schwab announced it has decided to consolidate its two retirement plan recordkeeping technology platforms. For the past six years, the company has supported both the platform operated by the former 401(k) Company, which was acquired in 2007, and the Schwab Retirement Information recordkeeping platform utilized under its primary full-service bundled retirement plan offering. Certain clients serviced on the acquired platform will be transitioned to the SRI platform. Schwab will resign from providing recordkeeping services to certain other clients. The retirement plans sponsored by these clients are either unprofitable, include uniquely resource-intensive servicing provisions, or are otherwise not an appropriate fit for Schwab’s retirement plan servicing strategy. Core net new assets, before significant one-time flows, brought to the company by new and existing clients in August totaled $22.3B. Net new assets of negative $2.4 billion contained core flows of $22.3B and reduction of $24.7B, reflecting changes to Schwab’s retirement plan business as discussed. Total client assets were $2.08T as of month-end August, up 12% from August 2012 and down 2% compared to July.
News For SCHW From The Last 14 Days
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April 16, 2015
08:45 EDTSCHWCharles Schwab risk/reward compelling, says JMP Securities
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April 15, 2015
08:45 EDTSCHWCharles Schwab reports Q1 EPS 22c, consensus 24c
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April 14, 2015
15:34 EDTSCHWNotable companies reporting before tomorrow's open
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