Schwab stock drops as client assets fall in August

Charles Schwab Corp.’s SCHW, -3.70% stock fell 2.5% in premarket trading on Friday after it said average interest-earning assets in August were down 23% from the year-ago period to $449.5 billion and were down 4% from July.

On the plus side, Schwab said its Labor Day Weekend conversion of former Ameritrade customers was a “tremendous success” as the company migrated $1.3 trillion in client assets from more than 7,000 registered advisory firms firms and 3.6 million retail accounts. Core net new assets brought to the company excluding Ameritrade was $28.1 billion in August. Total client assets were $8.09 trillion as of month-end August, up 14% from a year ago but down 2% from the previous month.

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