, Charles Schwab's chief financial officer, said Tuesday that money market fund fee waivers
triggered by falling rates increased to $110 million in the fourth quarter. This brought the full-year total to $224 million, causing asset management fees to drop by 20 percent.
Along with the fourth quarter and full-year results, Schwab executives on Tuesday also revealed that the San Francisco firm is selling 26.3 million shares of common stock (click
to view the SEC filing). The proceeds will be used for the "expansion of the Company’s deposit base and potential migration of certain client balances from money market funds into Schwab Bank, which may be subject to notice and/or approvals from regulators and clients," company officials said in a press release.
UBS Securities LLC is serving as the sole book-running manager of the offering, while and Citigroup Global Markets Inc., J.P. Morgan Securities Inc., Credit Suisse Securities (USA) LLC, Wells Fargo Securities, LLC, BNY Mellon Capital Markets, LLC, Calyon Securities (USA) Inc. and PNC Capital Markets LLC are serving as co-managers.
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