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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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February 8, 2016
06:26 EDTSCHWCharles Schwab to host conference call
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February 2, 2016
07:20 EDTSCHWSEC Equity Market Structure Advisory Committee to hold a meeting
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January 27, 2016
06:46 EDTSCHWFee prices on mutual funds, ETFs sliding towards zero, WSJ says
There is intense fee price competition occurring in the asset management sector as several fund firms, including BlackRock (BLK), Charles Schwab (SCHW), and others, cut fees on their passive products close to 0%, the Wall Street Journal reports. The competition is suppressing industry margins and building a greater impetus for firms to achieve scale, the report says. The slide in costs have been under way for years but is accelerating as the sector's largest companies are targeting increasingly cost-obsessed investors, the report says. Over 100 mutual funds and exchanged-traded funds currently cost $10 or less per $10,000 invested, up from 40 in 2010, the report says, citing Morningstar. Reference Link

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