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Schwab buys Etelligent Consulting

14 December 2007  |  2369 views  |  0 Source: The Charles Schwab Corporation

Schwab Performance Technologies (SPT), a subsidiary of The Charles Schwab Corporation (Nasdaq:SCHW) and a leading provider of portfolio management and accounting solutions to independent Registered Investment Advisors (RIAs), today announced that it has entered into an agreement to acquire RIA back office outsourcing provider Etelligent Consulting, Inc.

The acquisition is expected to close in the first quarter of 2008, subject to customary closing conditions. Financial terms of the transaction are not being disclosed.

"This strategic acquisition underscores Schwab's commitment to providing advisors with the tools and support they need to succeed in an industry that is growing at a rapid rate," said Charles Goldman, executive vice president and head of Schwab Institutional, a leading provider of custodial, operational and trading support for independent RIAs. "Removing back office challenges is especially critical as more advisors leave established firms and strike out on their own. By providing opportunities to outsource administrative tasks, we can help new and established advisors focus on their clients and accelerate the growth of their businesses."

Guided by a philosophy of true open architecture, SPT provides interfaces with more than 40 different broker-dealers and makes its portfolio management software available to advisory firms regardless of where they custody assets. Today, more than 3,000 independent RIA firms use SPT's flagship product PortfolioCenter®, one of the industry's leading portfolio data management solutions. Etelligent uses PortfolioCenter as a key part of its business model, allowing advisors to outsource major administrative responsibilities in their back office like portfolio data management and performance reporting.

"SPT and Etelligent share a common goal of helping advisors increase the efficiencies of their back offices through the combination of technology and experienced professionals," said Dan Skiles, vice president of technology for Schwab Institutional. "We expect that this acquisition will enable us to help advisors achieve even greater scale across their businesses, as well as offer them greater flexibility in how they work with us."

"We are very pleased to be joining forces with Schwab Performance Technologies, a highly respected company that has been a great partner for us," said Jim Starcev, managing principal of Etelligent Consulting, Inc. "We are confident that the combination of our two companies will provide advisors with an unrivaled portfolio management and reporting experience."

Based in Overland Park, Kansas and founded in 2000, Etelligent Consulting, Inc. provides back office outsourcing services to more than 100 independent investment advisory firms.

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