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Schwab Adds Third Managed Account Option

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NU Online News Service, Jan. 4, 2005, 4:15 p.m. EST

A San Francisco company is offering independent advisors another way to hire it to oversee clients’ portfolios.[@@]

Schwab Institutional has introduced a new Managed Account Affiliates program for advisors who want to buy managed account services from U.S. Trust.

Schwab Institutional and U.S. Trust are both units of Charles Schwab Corp., San Francisco.

A managed account is a large portfolio of individual securities. In most cases, a professional portfolio manager has the discretion to make decisions about the allocation of the account’s assets.

Schwab Institutional already sells managed account services to about 900 advisors through its Managed Account Select and Managed Account Marketplace programs.

The Select program provides soup-to-nuts management services, and the Marketplace program gives advisors the ability to pick from a long list of money managers.

The new Affiliates program is designed for advisors who want help with managed account administration but want to perform their own due diligence and negotiate money managers’ fees independently, Schwab Institutional says.

The typical account minimum for the Affiliates program will be $100,000, Schwab Institutional says.


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