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Charles Schwab’s Total Client Assets Rose in the Second Quarter

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SCHW’s total client assets

As of June 30, Charles Schwab (SCHW) had total client assets of $3.4 trillion, a YoY rise of 12% and a sequential rise of 3%. TD Ameritrade Holding (AMTD), one of the company’s competitors (VFH), ended the March quarter with client assets of $1.2 trillion.

In the second quarter, Charles Schwab’s total proprietary mutual funds in clients’ accounts totaled $220.8 billion, which reflects a sequential fall of 3%. The fall resulted from withdrawals from money market funds. In the second quarter, the proprietary money market funds in client accounts were $134.2 billion, which reflects a fall of 7% sequentially. During the same period, proprietary equity and bond funds in client accounts were $86.6 billion, implying an increase of 4% on a sequential basis.

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ETF assets

In the second quarter, Charles Schwab had total ETF assets of $467.7 billion in client accounts, which reflects a sequential and YoY increase of 4% and 25%, respectively. Of the total, proprietary ETFs were $114.8 billion, and other third-party ETFs were $322.1 billion.

At the end of the second quarter, Charles Schwab had 11.2 million active brokerage accounts, implying a sequential rise of 2% mainly due to client participation. Peer E*TRADE Financial (ETFC) ended the first quarter with 3.7 million brokerage accounts, while Interactive Brokers Group (IBKR) ended the second quarter with 542,000 customer accounts.

Next, we’ll look at Charles Schwab’s asset management and administration fees in the second quarter.

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