Charles Schwab Corp. announced late Wednesday that its acquisition of brokerage TD Ameritrade will close next Tuesday, Oct. 6.
The announcement followed the Federal Reserve’s approval Wednesday of Toronto Dominion Bank’s acquisition of an ownership stake in Charles Schwab in compensation for its stake in TD Ameritrade.
Separately, Morgan Stanley announced that its purchase of discount brokerage ETrade Financial Corp. will close Friday, following the Federal Reserve’s approval of the deal.
Schwab said in the statement that it will take 18 to 36 months to integrate TD Ameritrade into Schwab.
“Until then, Schwab and TD Ameritrade will continue to operate as separate broker-dealers, and clients of the two firms can continue to do business with their respective companies as they do today and can expect the same level of great service,” according to the statement. “More information will be made available to Schwab and TD Ameritrade clients once the transaction closes.”
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
