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New Managed Account Solution From Schwab Institutional Gives
Advisors Preferred Access to U.S. Trust-Managed Investment Strategies
SAN FRANCISCO, Jan. 4 /PRNewswire-FirstCall/ -- Schwab Institutional
(http://www.schwabinstitutional.com/), a leading provider of custodial,
operational and trading support for independent fee-based investment advisors,
announced today a new bundled managed account offering that provides advisors
with preferred access to U.S. Trust portfolio management. This latest offering,
Managed Account Affiliates(TM), features account minimums as low as $100,000
for most equity management.
Managed Accounts (also known as "separate accounts") are portfolios of
individual securities that are professionally managed on a discretionary basis
by institutional-caliber portfolio managers. According to Cerulli Associates,
assets in separate account consulting programs topped $548 billion at the close
of 3Q, 2004. This represents a 21% growth rate year over year, while Schwab's
growth rate was nearly 40% for the same period.
"We're pleased to offer advisors and their clients access to the best that
Schwab Institutional and U.S. Trust have to offer," said John Morris, senior
vice president at Schwab. "We plan to enhance the value of this new platform
over time by adding fixed-income strategies and tax-managed solutions."
Morris added that advisors had the opportunity to hear directly from two U.S.
Trust portfolio managers in an educational webcast in December. Thomas Galvin,
manager of Focused Large-Cap Growth, and David Williams, manager of Value
Equity, shared their expert viewpoints on style investing. Due to advisors'
enthusiastic responses to this event, Schwab Managed Account Services has
developed a tentative schedule of live regional educational sessions that will
allow advisors to hear from industry experts in person. More details will be
available later this month.
Schwab has a dominant position in the service agent marketplace -- 67.5% market
share as of 2003 according to Cerulli Associates, June 2004. Approximately 900
of the advisors who custody assets with Schwab Institutional currently use
managed accounts; assets in managed accounts now exceed $15 billion.
Schwab Institutional's managed account services also include Managed Account
Select(R), a complete bundled solution and Managed Account Marketplace(R), an
open-architecture platform that provides access to one of the widest selection
of money managers. Managed Account Marketplace is generally intended for
advisors who are seeking simplified administration but want to perform their
own due diligence and negotiate money managers' fees independently.
About Schwab Institutional
Schwab Institutional is a leading provider of custodial, operational and
trading support for independent fee-based investment advisors. Client assets
custodied with Schwab Institutional increased 22 percent to $316 billion
between September 30, 2003 and September 30, 2004. These assets managed by the
approximately 5,000 independent advisor firms Schwab Institutional serves
represent approximately one-third of total customer assets custodied at Schwab
as of September 30, 2004.
About Charles Schwab
The Charles Schwab Corporation (NYSE/Nasdaq: SCH), through its operating
subsidiaries, provides securities brokerage and financial services to
individual investors and the independent investment advisors who work with
them. With over 7 million individual investor accounts and more than $1
trillion in client assets, The Charles Schwab Corporation is one of the
nation's largest financial services firms. Its subsidiary Charles Schwab & Co.,
Inc. (member SIPC) provides a complete range of investment services and
products, including an extensive selection of mutual funds; financial planning
and investment advice; retirement plans; referrals to independent fee-based
investment advisors; and custodial, operational and trading support for
independent fee-based investment advisors. Its subsidiary Charles Schwab Bank
(member FDIC) provides banking and mortgage services and products. The
corporation's other operating subsidiaries include U.S. Trust Corporation
(member FDIC) and CyberTrader(R), Inc. (member SIPC) .These companies' Web
sites can be reached at http://www.schwab.com/ , http://www.schwabbank.com/ ,
http://www.ustrust.com/ , and http://www.cybertrader.com/ .
About U.S. Trust
Founded in 1853, U.S. Trust is a wealth management company that provides
planning, investment management, fiduciary and private banking services.
Headquartered in New York City, U.S. Trust has $104 billion in assets under
management, as of Sept. 30, 2004, and serves affluent individuals, families and
institutions nationwide through its offices in California, Connecticut,
Delaware, the District of Columbia, Florida, Massachusetts, Minnesota, New
Hampshire, New Jersey, North Carolina, Oregon, Pennsylvania, Texas, Virginia
and Washington.
Schwab Institutional is a division of Charles Schwab & Co., Inc. ("Schwab")
Member SIPC (0105-00033)
DATASOURCE: Charles Schwab
CONTACT: Alison Wertheim of Charles Schwab, +1-415-636-5812, or
Web site: http://www.schwab.com/
Web site: http://www.schwabinstitutional.com/