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As expected, Charles Schwab said early Tuesday that it completed its $22 billion acquisition of TD Ameritrade, forming a brokerage firm with over $6 trillion in client assets.
In June, the combined assets handled by their registered investment advisor, or RIA, clients was $2.6 trillion — of which $1.9 trillion was at Schwab and $700 billion at TD Ameritrade.
The news comes six days after the Federal Reserve gave the deal final regulatory approval — and Schwab announced that it planned to close the transaction on Oct. 6. It also described its integration timetable as taking some 18 to 36 months.
Two months ago, Schwab said it would keep TD Ameritrade's thinkorswim and thinkpipes trading platforms, as well as TD Ameritrade Institutional's popular portfolio rebalancing tool iRebal.
