images of Schwab and TD Ameritrade signs (Photos: Shutterstock)

As expected, Charles Schwab said early Tuesday that it completed its $22 billion acquisition of TD Ameritrade, forming a brokerage firm with over $6 trillion in client assets.

In June, the combined assets handled by their registered investment advisor, or RIA, clients was $2.6 trillion — of which $1.9 trillion was at Schwab and $700 billion at TD Ameritrade.

The news comes six days after the Federal Reserve gave the deal final regulatory approval — and Schwab announced that it planned to close the transaction on Oct. 6. It also described its integration timetable as taking some 18 to 36 months.  

Two months ago, Schwab said it would keep TD Ameritrade’s thinkorswim and thinkpipes trading platforms, as well as TD Ameritrade Institutional’s popular portfolio rebalancing tool iRebal.

In addition, the company intends to officially move its headquarters from downtown San Francisco to the Dallas suburb of Westlake on Jan. 1. 

“This is a historic moment that brings together two leading companies with proud and successful histories of making investing more accessible to all,” according to Schwab President and CEO Walt Bettinger. 

“We are committed to maintaining our sharp focus on seeing ‘Through Clients’ Eyes’ as we begin to integrate our companies carefully … and prepare our plans to transition brokerage accounts at TD Ameritrade’s broker-dealers to Schwab’s broker-dealer in the future,” he added.

The firm said last week that it intends to keep client accounts separate until the integration of the two firms is fully complete.

As for the combined entity’s board, Todd M. Ricketts was tapped to join it on behalf of TD Ameritrade, while Brian M. Levitt and Bharat B. Masrani are now members and represent TD Bank (which owns a minority stake in Schwab as part of the transaction).

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