Financial Services Industry
Industry: Email Alert RSS FeedSchwab pays $16M for quant shop.
Investment News, December, 2000 by Southall, Brooke
Charles Schwab Corp. executives were mum in November on how much they had paid to acquire Chicago Investment Analytics Inc., but a recent stock registration filing indicated the quant shop's three top officers equally shared Schwab stock worth a combined $16 million -- and a spokesman for Schwab has confirmed that the stock represents the price of the acquisition.
The deal is part of Schwab's ongoing efforts to expand its investment research offerings to its 6,000 independent advisers and retail customers. Chicago Investment Analytics also will continue to sell its stock-rating research to outside institutional investors. Schwab's customers pay a bit more to trade there, but they feel better taken care of and more secure. So the San...
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