Schwab Buys ETF Portfolio Manager With $3.9B in Assets for $150 Million
Tuesday, August 31st, 2010Tom Lydon submits:
In a display of its commitment to the growth of ETFs, Charles Schwab (SCHW) is going to buy Boston-based Windward Investment Management for $150 million.
As of July 31, Windward managed about $3.9 billion in three portfolios made up mostly of ETFs. Once the deal is set, Windward’s ETF-based portfolios will be available to investors through Schwab’s brokerage platform. On its platform, Schwab also offers free trades of its own ETFs and an $8.95 commission applies to all other trades.
