Fiserv Extends Agreement with Charles Schwab for Scalable and Integrated Managed Account Technology

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that Charles Schwab & Co., Inc. has signed a three-year extension for the Unified Wealth Platform from Fiserv. A Fiserv client for over 14 years, Schwab utilizes the Unified Wealth Platform from Fiserv for portfolio management, accounting, trading and model-portfolio capabilities for its managed accounts platform across its separately managed account (SMA) and mutual fund advisory (MFA) programs.

“As we continue to grow our managed accounts business, we require a stable technology partner who can scale with us and add value in support of our business processes and customer servicing” said David Lindenbaum, vice president of managed accounts at Charles Schwab & Co., Inc.

Fiserv currently supports over 190,000 accounts for Schwab, representing $42 billion in assets under management, with year-over-year growth of 5% in its managed account business as of June 30, 2015. Scale, stability and broad industry connectivity to enable Schwab’s model-portfolio operations were cited as key to Schwab’s decision to remain with Fiserv.

“Our focus on integration across programs is of particular significance in helping clients like Schwab achieve efficient and cost-effective operations of managed accounts,” said Cheryl Nash, president, Investment Services, Fiserv. “Our goal as a technology partner is to deliver continuous value to Schwab, facilitating their focus on more integrated, flexible workflows and business models to best serve their clients.”

Fiserv is a market leader in providing innovative investment services solutions with more than four million managed accounts supported by the Unified Wealth Platform. The platform supports all discretionary managed account programs (MFA, RPM, SMA, UMA) with integrated front-, middle-, and back-office capabilities for increasing automation, streamlining workflow and providing end-to-end support. Support of hedge funds and annuities in UMA sleeves are the most recent enhancements to provide increased technology integration.