Schwab's RIA long-short margin loans average $51.4 billion; MassMutual adds securities-backed credit
Schwab's RIA custody unit drew $120.1 billion of the record $190.4 billion in net new assets.
At a glance
Schwab said average margin loans tied to RIA long-short strategies reached $51.4 billion in the third quarter, up from $2.8 billion a year earlier.
The company reported a record $190.4 billion of total net new assets in the quarter, including $120.1 billion at its RIA custody unit, up 47% from a year earlier.
MassMutual launched a securities-backed credit line with Supernova as lender.
Schwab said average margin loans tied to RIA long-short strategies reached $51.4 billion in the third quarter, up from $2.8 billion a year earlier.
The company reported a record $190.4 billion of total net new assets in the quarter, including $120.1 billion at its RIA custody unit, up 47% from a year earlier. Advisor assets reached $5.85 trillion.
Schwab said managed investing net flows hit a record $24 billion and that a proprietary long-short investment strategy is in the works.
MassMutual launched a securities-backed credit line with Supernova as lender. MML Investors Services refers the loans and takes no underwriting or credit decisions, and the launch followed a Flourish cash-account announcement by seven days.
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