Schwab Institutional's assets under custody grew 4.5% in the first quarter, and the company's president said the industry's scandals and investigations played a role in some of the asset gains.

"I think the issues with scandals and the mutual fund issues have actually helped us," said Deborah D. McWhinney, president of Charles Schwab Corp.'s institutional division, which works with independent investment advisers. "Schwab has remained so independent from all of that. Our customers have wanted to get closer to Schwab through these scandals."

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