Charles Schwab Corp. annou-nced Feb. 21 that Walt Bettinger, a longtime Schwab executive, has been named president and COO of the company, effective immediately, raising speculation that he will succeed founder Charles Schwab as CEO. Since 2005, Bettinger, 46, has been executive VP and head of Schwab Investor Services. In his new position, Bettinger will report directly to chairman and CEO Charles Schwab, and will continue to oversee SIS, along with the Schwab Institutional and Schwab Corporate & Retirement Services divisions, and Schwab's mutual funds, banking, technology, and operations. Bettinger joined Schwab following its 1995 acquisition of the retirement services firm he founded, The Hampton Company. Since then, he has served in leadership positions at Charles Schwab Trust Co., Schwab Retirement Plan Services, Schwab Corporate Services, and Individual Investor Enterprise.
In its regular monthly report to investors, Schwab reported that in February 2007, net new assets brought to the company by new and current clients in totaled $12.8 billion, raising total client assets at the company to $1.266 trillion, which was up 15% from the prior February but was flat compared to January 2007. The report pointed out that the February 2007 net new assets figure included $3 billion from a single Schwab Institutional client, which the report said was a reflection of Schwab's "strategic focus on building relationships with larger investment advisors."