<\/p>\n
Brokerage firm Charles Schwab, opens new tab said that its profit rose 44% in the fourth quarter driven by a jump in asset management fees, sending its shares up more than 6% in premarket trading.<\/p>\n
The results are the first under new CEO Rick Wurster’s watch and could set the tone for the company after Walt Bettinger retired as chief executive at the end of 2024, after 16 years at the helm.<\/p>\n
Schwab’s diversified business model spans brokerage services, asset management, banking and other financial solutions, and its results often reflect trends in the investment landscape.<\/p>\n
Expectations of lower corporate taxes and deregulation under newly elected U.S. President Donald Trump sparked a market rally that boosted Schwab’s assets under management as well as corresponding fees.<\/p>\n
The Westlake, Texas-based company’s total client assets rose 19% to $10.10 trillion in the three months ended Dec. 31.<\/p>\n
Schwab’s asset management and administration fees, earned from managing mutual funds and exchange-traded funds, increased 22% to $1.51 billion.<\/p>\n
Its total net revenues rose 20% to $5.33 billion in the reported quarter.<\/p>\n
The company posted an adjusted profit of $1.01 per share for the fourth quarter, compared with $0.68 per share a year earlier.<\/p>\n
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