(Bloomberg) -- Charles Schwab Corp. is continuing its buying spree, agreeing to purchase Wasmer, Schroeder & Co., a Naples, Florida-based fixed-income management firm with $10.5 billion in assets under management.
Schwab last year agreed to buy TD Ameritrade Holding Corp. for $26 billion, an acquisition expected to close in the second half of 2020. The Wasmer Schroeder purchase will increase the approximately $90 billion in Schwab’s separately managed accounts.
Terms of the all-cash deal weren’t disclosed in Monday’s announcement.
Schwab, with more than $4 trillion in assets, has stepped up its focus on income-related products as it seeks to attract a larger share of the retirement business. Every day, roughly 10,000 Americans turn 65, the traditional retirement age.
“Generating income is one of the greatest financial needs facing the growing number of investors who are in, or preparing for, retirement,” Rick Wurster, executive vice president of Schwab Asset Management Solutions, said in the statement.
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Josh Friedman, Melissa Karsh