Charles Schwab Corp. said Tuesday that it had attracted net new assets of $9.5 billion last month, up 138% from a year earlier and up 3% from December.
It said in a press release that January's 334,000 daily average trades were 62% more than a year earlier and 37% more than in December.
A spokesman attributed the jump in new assets to the San Francisco brokerage company's campaign throughout 2005 to reduce fees and to a national advertising campaign that began late last year. It also changed its compensation plan in 2005 to reward employees for asset growth and gave wealthier investors more personalized service, spokesman Glen Mathison said.
Clients opened 63,000 accounts in January, up 30% from a year earlier and 5% from December.
Client assets at Jan. 31 stood at $1.25 trillion, up 17% from a year earlier and 4% from December.
