Online Brokers Report Q3 Earnings
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- Both Charles Schwab and Interactive Brokers reported earnings today. Interactive Brokers’ net revenue in the reported quarter came in at $326.3 million, up 2.4% year over year, beating many analyst estimates. Charles Schwab also had positive earnings news, and its net income for the 3rd quarter is up 17% for Q3 2012.
- Vanguard announced plan to merge five mutual funds as part of a push to simplify their fund offerings. The company also eliminated its $10,000 minimum investment required for financial advisers and institutions to qualify for Admiral Shares of 14 index funds, and the $100,000 minimum required for Admiral Shares 10 sector index funds.