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Business Observer Monday, Feb. 24, 2020 8 months ago

Charles Schwab acquires prominent area wealth management firm

Martin Wasmer founded Wasmer, Schroeder & Co. in 1987.

NAPLES — One of the most well-known investment managers in Southwest Florida, Wasmer, Schroeder & Co., is being acquired by financial services giant Charles Schwab Corp.

Financial terms of the deal — an all cash purchase — weren’t disclosed. Wasmer Schroeder is an independent investment manager of fixed income separately managed accounts with $10.5 billion in assets under management, according to a statement. Subject to customary closing conditions, the transaction is expected to close in mid-2020. 

“Over the course of our 32 year history, we have had an unwavering focus on delivering for investors,” says Martin Wasmer, founder and CEO of Wasmer Schroeder in the statement. “Clients value the combination of our team’s in-depth credit research capabilities, performance record and superior client service experience which set us apart in the industry. We look forward to joining Schwab to deliver our strategies to their clients and to help investors with their overall wealth management needs.”

Started in 1987 and continuously led by the founder, Wasmer Schroeder’s team has grown to over 60 employees, including more than 30 investment professionals. Schwab and Wasmer Schroeder will work together on a smooth transition for clients, the release states, “leveraging the combined capabilities of the two firms.”

The acquisition also enables the growth of Schwab’s fixed income separately managed account business with an opportunity for increased asset flows, the release states. “Generating income is one of the greatest financial needs facing the growing number of investors who are in, or preparing for retirement,” says Rick Wurster, executive vice president, Schwab Asset Management Solutions, in the statement. “Wasmer Schroeder’s professionally managed portfolios and investment capabilities will help Schwab deliver on a wide-range of fixed income investment needs and preferences, and complements the total wealth management offering we make available to our retail and RIA clients.”



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