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August 30, 2010 at 08:00 PM
Charles Schwab Corp. announced Monday, August 30, that it has agreed to acquire Boston-based Windward Investment Management, Inc., for $150 million in stock and cash.
Windward manages $3.9 billion in three separately managed account portfolios comprising mostly ETFs; Schwab said those portfolios will become available for RIAs affiliated with Schwab Advisor Services (SAS) at a “lower cost to clients” of those RIAs, in addition to being available to Schwab retail clients. Schwab said in a news release that after the deal was closed, it would begin waiving transaction commission costs for Windward managed accounts custodied on SAS platform.
Schwab said that the acquisition was expected to close during the fourth quarter of 2010, and that the acquisition would be “modestly accretives to EPS in the first 12 months post-closing.”
