US wealth giant re-enters Aussie market

San Francisco-headquartered Charles Schwab Corporation has re-opened a Sydney office after exiting the Australian market in 2000.

The prominent custodian, practice management consultancy and brokerage has “re-established” its presence in Australia following the acquisition of Chicago-based “broker-dealer” optionsXpress.

Charles Schwab Australia managing director JP Drysdale told ifa sister title InvestorDaily that the decision to re-enter the Australian market was due to growth of SMSFs in Australia that exhibited the “clear demand for self-directed investment opportunities”.

“The acquisition and integration of the optionsXpress business presented opportunities in both the Australian and Singapore markets,” Mr Drysdale said.

“The time was right to enter both, to give investors in both markets the ability to trade in US markets through a platform that’s cost effective, secure and time-tested.”

Prior to 2000, Charles Schwab had an Australian presence but decided to physically exit the market due to a “range of market circumstances at that time”.

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Where optionsXpress only offered an online trading platform, Charles Schwab had the capacity to cater to the needs of Australian investors more broadly, Mr Drysdale said.

US wealth giant re-enters Aussie market
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