Schwab arrival put on hold yet again
The long-awaited arrival of Charles Schwab into Australia has been delayed yet again, with the company’s arrival not expected until later this year.
Representatives from the group's Australian operations say a Charles Schwabb online investment service will be operational "by the end of this year".
The news comes after earlier reports that the US based investment group would roll out its services in Australia during June.
As reported in Money Management, Charles Schwab Australia chief executive officer Lynnda Sarinke told the NextDirect conference in March that the group would roll out its services from mid-June as part of its joint venture with Australian stockbroking group ecorp. As part of the joint venture, Australian online broking service Sharetrade would be replaced by Charles Schwab and be renamed Charles Schwab Australia.
A few months ago, the arrival date for the US-based giant was switched to early October.There has been no further date set for the company's Australian arrival.
Sharetrade director of brand management, Helen Forde says the arrival of Charles Schwab will not be in the near future, because the group is still working towards rebranding.
"We realise that we have one opportunity to enter the market, and before we can launch everything has to be just right," she says.
At present Charles Schwab has almost $1 trillion in assets under management - most of that money is in the US.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
