Charles Schwab said Friday its total level of assets — including those acquired from TD Ameritrade — were $5.88 trillion as of Oct. 31, up 53% from a year ago and 34% from Sept. 30.
This includes $1.6 trillion in assets added by its $22 billion purchase of the former rival, which closed on Oct. 6. When Schwab announced plans to buy TD Ameritrade a year ago, the estimated combined assets were $5.1 trillion.
As it moves toward the $6 trillion asset level, Schwab is catching up to Vanguard with $6.6 trillion, BlackRock with $7.3 trillion and Fidelity with $9 trillion ($3.5 trillion of which are discretionary assets).
Schwab’s core net new assets for October were $25.6 billion. This figure excludes $1 billion in net new assets at TD Ameritrade from Oct. 1 to Oct. 5.
Assets at Schwab Advisor Services — the firm’s RIA channel — totaled $2.55 trillion as of Oct. 31, up 51% from a year ago and 36% from Sept. 30.