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Schwab to buy TD Ameritrade

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Charles Schwab, the largest publicly traded discount brokerage firm and of the largest custodian of 401(k) plan assets has agreed to acquire TD Ameritrade for an all-stock transaction valued at $26 billion. The deal brings together two of the largest brokerage firms, with assets totaling north of $5 trillion, and is expected to close in the second half of 2020.

 

We have seen a tremendous consolidation in the third party administration and advisory businesses, so it should come as no shock that there would be consolidation in the brokerage/custodial business.

 

All I can say is expect more deals like this in the future.

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