Schwab Trading Down, Assets Up in November
Charles Schwab saw lower daily trading volume, but an increase in total assets to a new record in November, according to the company's monthly activity report. Daily average trades were down by 2% on a month-over-month basis, and essentially flat from the November 2011 level.
However, total client assets reached a new high, to $1.92 trillion, at the end of November. This was 15% higher year over year, and a 1% improvement over October's figure.
Net new assets coming in during the month amounted to over $16 billion.
The report quoted company CFO Joe Martinettto as saying "broader signs of an improving economy, along with our ongoing investment in our clients, are helping to drive strong asset growth in our business."
He added that, thanks to the growth in its client base, Schwab was on track to record 25% year-on-year net profit growth, and revenue improvement of 8% in its present 4Q.
The article Schwab Trading Down, Assets Up in November originally appeared on Fool.com.Eric Volkman has no positions in Charles Schwab. The Motley Fool has no positions in Charles Schwab. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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