Brokerage and banking company Charles Schwab released its Monthly Activity Report today, most notably reporting net new assets for the month totaling $22.3 billion and a consolidation of its two retirement recordkeeping technology platforms. This change slightly impacted totals for overall client assets and retirement plan participants, but the financial impacts are not expected to be material.
Below are Schwab’s highlights for the month of August:
- Core net new assets (before significant one-time flows) brought to the company by new and existing clients in August 2013 totaled $22.3 billion. Net new assets of negative $2.4 billion contained the following items:
- Core flows of $22.3 billion, including inflows of $9.5 billion and $3.1 billion from certain mutual fund clearing services clients.
- A reduction of $24.7 billion, reflecting changes to Schwab’s retirement plan business as discussed below.
- Also reflecting the retirement plan business changes, total client assets were $2.08 trillion as of month-end August, up 12% from August 2012 and down 2% compared to July 2013.
- Client daily average trades were 467.3 thousand in August 2013, up 24% compared to August 2012 and down 6% compared to July 2013. August 2013 trading activity included a 2% sequential increase in daily average revenue trades.
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