The Charles Schwab Corp. has closed its acquisition of ThomasPartners. The deal includes an upfront payment of $85 million in cash and additional payments contingent on future growth in assets under management.
Headquartered in Wellesley, Massachusetts, ThomasPartners is a growth and dividend income-focused asset management firm with $2.2 billion in AUM as of November 30. ThomasPartners' portfolios will be available as part of Schwab's Managed Account Access service for advisors soon after the close and to Schwab retail clients during the first half of 2013.
"We are pleased to be able to provide our retail and investment advisor clients with convenient and cost effective access to ThomasPartners' investment acumen," stated Walt Bettinger, Schwab president and chief executive officer.