Wealth manager and brokerage firm Charles Schwab who recently established a foothold in Singapore, has re-opened in Australia.
American wealth management giant Charles Schwab has re-opened an office in Sydney after exiting the Australian market in 2000. Charles Schwab Australia is a wholly owned subsidiary of the Charles Schwab Corporation, the U.S. bank and brokerage firm founded in 1971, the company said in a statement.
The move comes following the acquisition of Chicago-based broker-dealer optionsXpress. Australian investors will now have direct access to U.S. markets offers self-directed Australian investors access to U.S.-listed equities; offshore mutual funds; Exchange Traded Funds (ETFs); fixed income; options and futures.
With the new Australian unit the American firm hopes to provide an alternative to the traditional investment industry in the country. In Singapore through its proprietary tools and research and competitive pricing, it believes it can prise business from traditional providers in Southeast Asia's leading wealth hub such as the private banks.
