(Photo: AP)
Charles Schwab has wrapped up its purchase of Motif Investing's technology and intellectual property for an undisclosed price. It's also introduced an online resource center to help RIAs hire next-gen and other staff.
These developments come about three weeks after the Justice Department — and shareholders — approved Schwab's $26 billion acquisition of TD Ameritrade, a deal that is expected to close by year-end. They also take place a month after Schwab completed its $1.8 billion acquisition of USAA's brokerage business, which included nearly $80 billion of client assets.
"We intend to leverage Motif's platform to build on Schwab's existing capabilities and help accelerate our development of thematic and direct indexing solutions for Schwab's retail investors and RIA clients … ," said Chief Digital Office Neesha Hathi, when news of the Motif deal broke last month.
Two days before Schwab announced it was buying Motif and hiring its staff, including founder and CEO Hardeep Walia, the brokerage giant said it would soon let retail investors buy partial, or fractional, shares of S&P 500 companies — through a program it called Schwab Slices.
