By Michael Dabaie
Charles Schwab Corp. said month-end May total client assets were up 84% on year.
The financial services provider said that in May, core net new assets brought to the company by new and existing clients totaled $28.1 billion. Net new assets excluding mutual fund clearing totaled $27.9 billion.
Total client assets were $7.4 trillion as of month-end May, up 84% from a year earlier and up 1% compared to April 2021.
May's average interest-earning assets were $528.6 billion, up 46% from May 2020 and flat compared to April 2021.
Schwab said year-over-year comparisons are affected by the close of the TD Ameritrade acquisition in October.
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(END) Dow Jones Newswires