What You Need to Know
- Assets at RIAs who custody with Schwab stood at $3.15 trillion as of May 31 vs. $1.72 trillion a year ago.
- Total client assets were about $7.4 trillion as of May 31.
- ETF flows slowed significantly from April.
Charles Schwab said its total client assets were about $7.4 trillion as of May 31, up 84% from roughly $3.8 trillion a year earlier and up 1% from $7.3 trillion as of April 30.
These jumps are partly tied to Schwab adding roughly $1.5 trillion in assets when it completed its $22 billion purchase of TD Ameritrade in October. They also benefited from positive growth in the equity markets. The Dow Jones Industrial Average rose 2% in May, for instance, and is up 36% for the past 12 months.
Schwab’s net new assets in May, excluding mutual fund clearing, were close to $28.1 billion vs. $37.2 billion in April and $17.6 billion in May 2020.
Its average interest-earning assets totaled $528.6 billion in May — up 46% from May 2020 and flat compared with April 2021.
As for Advisor Services assets at RIAs who custody with Schwab, they stood at $3.15 trillion as of May 31 vs. $3.11 trillion in April and $1.72 trillion a year ago.