Schwab Plans Product as April Tax-Aware Long-Short Asset Estimate Tops $150 Billion

Charles Schwab plans to develop a proprietary long-short offering as an extension of direct indexing, CEO Rick Wurster said Thursday, Oct. 15, as an April estimate put tax-aware long-short assets above $150 billion. “I do expect us to have an offering,” Wurster said during the company’s call. He said Schwab would share more details on future calls, but the company has not announced a launch date or disclosed the product’s structure, fees or minimum investment. Schwab already runs a long-short program for registered investment advisers. Around mid-September, it raised minimums and slowed the program’s growth to ensure it could support clients operationally. Wurster said broader adviser asset gathering did not slow after that change. Schwab’s margin loan balances stood at $187.9 billion on Sept.

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