Charles Schwabs first-quarter earnings decline of 68 percent is more the result of declined trading by personal investors and less the result of any fluctuations affecting its mutual fund unit, according to a company spokesperson.
Total client assets among Schwabs mutual fund investors were $325 billion at the end of March, said Lance Berg, the spokesperson. That figure represents a decline of $3 billion from last years first-quarter figure of $328 billion.
Net assets coming in are still relatively strong, Berg said. What we see is people are not trading the way they did last year and as a result revenue, is not at that same level.