A press release said the unit combines former Schwab Institutional and Schwab Corporate and Retirement Services operations. It will be led by Schwab senior executive Jim McCool.
McCool joined Schwab in 1995 working in a variety of leadership roles within Schwab Institutional until 2004. Since 2004, he has been a corporate executive vice president and responsible for Schwab Corporate & Retirement Services. He has been a member of the company’s executive management committee since 2005.
“There are clear synergies between serving independent investment advisers, corporate benefit plan sponsors and third-party retirement plan recordkeepers. Our new Institutional Services unit will bring together all of our `business to business’ services and enable us to leverage strong expertise we have in both groups,” Walt Bettinger, President and CEO of Charles Schwab, said in the announcement.