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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.
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July 23, 2014
07:45 EDTSCHWSEC to approve money fund rules with exemptions for discount brokers, WSJ says
New money-market mutual fund rules that are expected to be approved at a Securities and Exchange Commission meeting on Wednesday will exempt discount brokers like Charles Schwab (SCHW) from some provisions, reported The Wall Street Journal. Under the SEC's planned rules, "prime" money funds that are held by corporations and institutional investors will have to abandon a fixed $1-a-share price and float in value like other mutual funds, according to the report, citing people familiar with the matter. Analysts said Schwab and other large money-fund sponsors, Vanguard and Fidelity, would do well under the plan, according to the report. Blackstone (BX) also offers money-market mutual funds. Reference Link

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