Charles Schwab completes deal for ThomasPartners
SAN FRANCISCO (AP) — The Charles Schwab Corp. said Monday that it completed its acquisition of dividend income specialist ThomasPartners Inc. for at least $85 million in cash.
The deal, originally announced in October, includes an upfront payment of $85 million by the San Francisco-based investment services giant, along with the chance for additional payments if the smaller company can attract more investors.
Wellesley, Mass.-based ThomasPartners is a growth and dividend income-focused asset management firm with $2.2 billion in assets under management as of Nov. 30.
ThomasPartners' portfolios will be available as part of Schwab's managed account access service for investment advisors shortly and to Schwab retail clients during the first half of 2013, Schwab said.
Schwab shares rose 8 cents to $13.78 in midday trading.