Charles Schwab has agreed to acquire Windward Investment Management for $150m in stock and cash.
Headquartered in Boston, Windward Investment Management is an investment advisory firm that manages $3.9bn at 31 July 2010 in three broadly diversified investment portfolios comprised primarily of ETF securities.
Windward’s clients include investment advisers, non-profit organizations, endowments, retirement plans, and individuals.
Post-closing the founder, president and chief investment officer of Windward, Stephen Cucchiaro, and his investment team will remain with the firm in order to maintain and oversee the investment and portfolio management processes in place today.
Windward’s portfolios will also be offered to Schwab retail clients as part of Schwab’s overall managed portfolios strategy.
Schwab president and CEO Walt Bettinger said that among independent advisers and retail investors there is a growing interest in the kind of value Windward can provide – portfolio construction which puts risk management at its core – an ideal approach for today’s world.