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June 12, 2015 at 09:02 AM
Charles Schwab (SCHW) and T.D. Ameritrade (AMTD) reported this week that their total assets as of May 31 grew 9% and 12%, respectively, from a year ago.
Schwab said Friday that its client assets totaled $2.57 trillion at the end of May, representing a 9% year-over-year jump and a 1% increase from April. Net new assets were $10.1 billion in May, up 11% from $9.1 billion in April but down 7% from $10.9 billion a year ago.
Assets at Schwab owned by clients who receive ongoing advisory services were $1.27 trillion, up 10% from May 2014 and 1% compared with April 2015.
This 10% year-over-year growth pace was ahead of two major stock indexes. From June 1, 2014, to May 30, 2015, the Dow Jones rose about nearly 8%, while the S&P 500 ticked up at about 9.5%; during this period, the Nasdaq jumped 19%.
For its part, TD Ameritrade says its total assets increased 12% year over year and 1% month over month to $710.8 billion as of May 31.
