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Schwab tops $1 trillion
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September 14, 2000: 12:19 p.m. ET
Brokerage firm claims growth puts it among a select group of asset leaders
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NEW YORK (CNNfn) - Charles Schwab Corp. said Thursday it had surpassed $1 trillion in customer assets as of Aug. 31, putting the San Francisco-based brokerage among the top brokers in the country.
Company spokesman Dan Hubbard said Schwab (SCH: Research, Estimates) is now the third- or fourth-largest brokerage in the country in terms of assets under management.
"Five years ago we set a goal of having $1 trillion in assets under management by the year 2005," Hubbard said. "We've reached that goal four years ahead of schedule. When we sat that goal, we had $125 billion in customer assets."
Total client assets were $1.003 trillion at the end of August, the company said, up 7 percent from July and up 43 percent from August 1999.
Charles R. Schwab, chairman and co-chief executive officer, said in a statement the company was "honored by the confidence our clients have shown in us."
New assets brought to the company by new and current clients in August totaled $9.8 billion, the company said. Client daily average revenue trades were 184,600 in August down 15 percent from July, but up 46 percent from August 1999.
Shares of Charles Schwab were down 56 cents to $36.94 in early afternoon trading on Thursday. 
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Charles Schwab
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