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March 14, 2024 at 02:12 PM
Charles Schwab Corp. client assets reached nearly $8.88 trillion at the end of February, up 4% from $8.56 trillion in January and 20% from $7.38 trillion a year earlier, the company announced Thursday.
Net new assets surged 114% to $31.7 billion in February from $14.8 billion in January but were down 24% from $41.7 billion a year earlier.
Schwab reported nearly $290 billion in net market gains for February.
Core net new assets from new and existing clients — a number that excludes major one-time events such as acquisitions or divestitures, and activity from off-platform Schwab bank retail CDs — totaled $33.4 billion in February.
That’s nearly double January’s $17.2 billion but down 20% from $41.7 billion a year ago.
Rival Fidelity Investments had total assets under administration of $12.6 trillion and $4.9 trillion in discretionary assets as of Dec. 31, and Vanguard — which just said CEO Tim Buckley will step down by year-end — reported $9 trillion in assets under management.
Other Business Results
Citing rising equity markets and stronger client trading activity, Schwab said it expected about 5% to 6% sequential revenue growth in the first quarter.
