By Stephen Nakrosis
Charles Schwab Corp. on Monday said it agreed to acquire Wasmer, Schroeder & Co. LLC, an independent investment manager of fixed-income separately managed accounts.
The financial terms of the all-cash deal weren't disclosed, and the transaction is expected to close around the middle of the year.
Charles Schwab said Wasmer Schroeder has over $10.5 billion in assets under management. Wasmer Schroeder, which was founded in 1987, has over 60 employees, including more than 30 investment professionals. "Schwab looks forward to welcoming Wasmer Schroeder's team when the transaction closes," the company said.
Schwab also said the acquisition "enables the growth of Schwab's fixed income separately managed account business with an opportunity for increased asset flows."
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