Charles Schwab acquires Windward Investment Management
Windward Investment Management acquired for $150m cash and stock.
The Charles Schwab has completed the acquisition of Windward Investment Management for $150m in cash and stock.
The acquisition agreement was announced in August 2010. As of 30 September 2010, Windward managed $4.24bn in client assets.
Effective with the close of transaction, the Windward business has been named as Windhaven Investment Management.
Windward portfolios will now be called Windhaven portfolios and will be available as part of Schwab's managed account access service for investment advisors immediately and to Schwab retail clients in the coming months.
Schwab president and CEO Walt Bettinger said, Windward's long-term track record of portfolio construction which has balanced risk management with market outperformance through global diversification is a tangible testament to the power of their approach and will be a great addition to Schwab's investment management solutions.