Charles Schwab acquires prominent area wealth management firm

NAPLES — One of the most well-known investment managers in Southwest Florida, Wasmer, Schroeder & Co., is being acquired by financial services giant Charles Schwab Corp.

Financial terms of the deal — an all cash purchase — weren’t disclosed. Wasmer Schroeder is an independent investment manager of fixed income separately managed accounts with $10.5 billion in assets under management, according to a statement. Subject to customary closing conditions, the transaction is expected to close in mid-2020.