| Schwab Institutional Announces Second Annual Impact Awards(TM)
SAN FRANCISCO, April 2 /PRNewswire-FirstCall/ -- Building on a successful program debut in 2006, Schwab Institutional, a leading provider of custodial, operational and trading support for more than 5,000 independent investment advisors, today began the call for nominations for its second annual IMPACT Awards(TM), an industry-wide awards program that honors independent advisors and firms. SEC-registered advisors who meet the eligibility guidelines are encouraged to participate - regardless of their custodial relationships. Nominations will be accepted April 2 through June 1, 2007 at http://impactawards.schwab.com/. This year's IMPACT Awards program, which recognizes those who have advanced the independent investment advisory industry through their visionary leadership, operational excellence and technology innovation, will feature a new category, the Pacesetter Award, for an "up-and-coming" advisor.
What Are These Kids Thinking?
Here we are in April, which I'm sure you know is National Financial Literacy Month. It's National Grilled Cheese Sandwich Month and National Frog Month, too. I kid you not. And it's also when we get Charles Schwab's (Nasdaq: SCHW) annual survey about kids and their relationship with money. Here are just a few highlights from the Charles Schwab Teens & Money 2007 survey. First, the good news: Fully 93% believe that it's important to know how to live within your means and to have good money habits to be successful in life. Some 84% have some money saved, and the average savings adds up to $1,044, up from $822 in 2006. And 63% of teens say they are knowledgeable about money management, including budgeting, saving, and investing. Now the not-so-good news: Many teens are not very realistic when it comes to what they expect to earn per year in adulthood.
Bank of America Says US Trust's Scaturro Won't Join Company
April 3 (Bloomberg) -- Bank of America Corp. said Peter Scaturro, U.S. Trust Corp.'s chief executive officer, won't join the bank as originally planned when the two companies combine later this year. Scaturro, 47, will step down from U.S. Trust before the transaction is completed, Bank of America spokeswoman Alex Trower said today. She declined to comment on the reason for Scaturro's departure. Scaturro was poised to head up the private-banking business at Charlotte, North Carolina-based Bank of America after it purchased U.S. Trust from Charles Schwab Corp. in the third quarter. When the $3.3 billion deal was announced in November, Bank of America said Scaturro would report to Brian Moynihan, head of the company's wealth and investment management unit. ``We thank Peter for his efforts in the early stages of the transition planning process leading up to our recent Fed approval and wish him the best,'' Trower said.
Schwab Launches Fundamental Index(TM) Mutual Funds
SAN FRANCISCO, April 2 /PRNewswire-FirstCall/ -- With the introduction today of three Fundamental Index(TM) mutual funds from Schwab Funds(R), investors have a new alternative to traditional index funds. The Schwab Fundamental US Large Company Index Fund, the Schwab Fundamental US Small-Mid Company Index Fund, and the Schwab Fundamental International Large Company Index Fund are based on the FTSE RAFI(TM) Index Series(1). The new funds leverage the groundbreaking research of Robert D. Arnott and his company, Research Affiliates, as well as FTSE Group's global indexing expertise. The Fundamental Index approach attempts to offset the risks of overexposure to inflated or understated valuations of individual equities that may occur in market capitalization-weighted indexing, subjecting an investor to the extremes of market cycles.
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