Charles Schwab Corp. of San Francisco has launched its third separately managed account program catering to the needs of registered investment advisors (RIAs), which Schwab's institutional services division primarily supports with custody and operational support services.

What makes this managed account program different from the previous two is that it will, for the first time, give the RIAs exclusive access to the investment prowess of Schwab's U.S. Trust Co. investment managers. The new offering allows Schwab to directly leverage the talents of the proprietary wealth management firm that Schwab purchased in 2000 for $2.7 billion.

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