Charles Schwab Extends Managed Accounts Deal with Fiserv
Charles Schwab & Co. has signed a three-year extension for its use of Fiserv's Unified Wealth Platform, covering portfolio management, accounting, trading and model-portfolio capabilities in support of its managed accounts platform that includes separately managed account (SMA) and mutual fund advisory (MFA) programs.
In total, Fiserv currently supports over 190,000 accounts for Schwab, representing $42 billion in assets under management with year-over-year growth of 5% in its managed account business as of June 30, 2015. Scale, stability and broad industry connectivity to enable Schwab’s model-portfolio operations were cited as key to Schwab’s decision to remain with the provider.
“As we continue to grow our managed accounts business, we require a stable technology partner who can scale with us and add value
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