Excerpts from Oisín: Charles Schwab Brand Moves to TD Ameritrade Stadium in Omaha, Home of University Baseball World Series • Interactive Brokers Takes RIA Insider Charlie Latimer to Rise Through the Ranks
The TDA brand endures until techs figure out how to create two systems in one, but change is in the air in Omaha, as Interactive Brokers takes the lead in custody with a new hiring.
The buyout of the company is not complete until the home town stadium of the defeated company bears the name of the company that swallows it whole – or something like that.
The brand of Charles Schwab Corp. will replace that of TD Ameritrade (TDA) atop the College World Series Baseball stadium in Omaha, Neb., where TDA is headquartered and has played an important role as a corporate sponsor.
“Today’s announcement demonstrates our continued commitment to the people of Omaha,” Schwab general manager for investor services and marketing Jonathan Craig said in a statement.
The College World Series have a contract to play there until 2035. The field is also home to the Creighton University Bluejays baseball team.
The Big Ten conference will also host its championship baseball tournament there until 2022. The field made a profit of $ 5.6 million in its first year of operation, easily covering its debt payments, according to the Omaha World Herald.
Schwab, headquartered in Westlake, Texas, currently has nearly 2,200 employees in Omaha, down slightly from the 2,300 it would have listed at the time of the transaction, with plans for further growth.
Charles Schwab Corp., the parent company of the banking advisory, e-commerce and wealth management divisions for retail and institutional clients, has approximately 33,000 employees, many of the 10,000 inherited from TDA.
Schwab’s presence is expected to remain stable in Omaha based on a few clauses in its deal to buy the company.
A condition of the shareholder voting agreement that Schwab Corp. forged with billionaire TD Ameritrade founder Joe Ricketts and his wife, Marlene, was to maintain a presence in Omaha, according to a December 2019 Schedule 13D filed with the Securities and Exchange Commission (SEC).
The clause requires that Schwab “undertake in good faith to seek to maintain … a level of employment in the State of Nebraska comparable to the level of employment of TD Ameritrade in Nebraska” for two years from of the closing date of the merger.
Founder and chairman Charles R. Schwab (1971) still owned around 10% of the company in 2018, but he is continually cashing in. Ricketts founded Ameritrade in 1975.
Schwab agreed to acquire rival brokerage giant TDA in November 2019. He completed the acquisition in October 2020, saying he expected the integration of the companies to take up to 36 months. See: Charles Schwab Corp. Hiring TD Ameritrade institutional staff in disaster – in the midst of savage growth – to quell the screams of the RIA service, but warns against transferring custody to Schwab to avoid redoing the paper.
When the merger agreement was reached, the two companies administered a total of $ 5,000 billion. Today, that sum stands at over $ 8 trillion. Following the merger, Schwab holds the exclusive naming rights for the headquarters of the Men’s College World Series until 2029.
The newly titled land became home to the University World Series when the park opened in 2011.
Latimer arrives at IBKR as new RIA whisperer
Charlie Latimer has just landed at Interactive Brokers (IBKR) as broker and new RIA Sales Manager for Custodian RIA.
Former Schwab Advisory Marketing Director TD Ameritrade, Private Advisor Group and E * Trade Advisor Services RIA, announced in a December 21 LinkedIn post that he is moving to IBKR in Greenwich, Connecticut.
He will report directly to CEO Milan Galik and Chairman Thomas Peterffy. See: Interactive Brokers, the mouse that roared, shots were fired through the arcs of Schwab, Fidelity, TD and Pershing on RIA’s guard: “The market will catch up to our vision.”
Latimer spent nearly five years at TDA as Vice President of Institutional Sales and three at Schwab Advisor Services as a Business Development Manager focused on selling Schwab’s child care service to RIAs.
He left E * Trade in August, after just over two years with the company and when it was taken over by Morgan Stanley. The RIA custody unit has since been handed over to Axos. See: Axos Financial secures E * Trade RIA Custodial Unit at $ 220 million discount from 2018 discount broker price – while ensuring it will be accretive by 2023, CEO said no -conformist
Now, as the senior institutional sales representative for IBKR, Latimer intends to use the knowledge he has gained from his rivals to talk about his new employer, he says.
“Having worked with several competitors during my career and understanding what the different custodians offer, I sincerely believe that we are positioned in the right place at the right time, bringing a breath of fresh air and an indispensable choice to RIAs”, writes -he. See: Small RIA Custodian Launches Dream Cryptocurrency Trading and Custody – Cheap, Large, and One Screen – But Will Supply Drive Profitable Demand?
“RIAs will be amazed (like me) to find everything they need in one place, with no custody fees, competing business units or minimum AUMs,” he adds. See: Defying merger skeptics, Schwab adds staggering $ 1.1 trillion in RIA assets. The current net of RIA defections could reach the size of a tsunami again over the next three years, according to rivals.