Charles Schwab Corp. has announced the establishment of a business unit, Charles Schwab Institutional Services, to serve independent investment advisers, corporate benefit plan sponsors, and third-party retirement plan record keepers.

The unit combines the company's Schwab Institutional and Schwab Corporate and Retirement Services businesses, the San Francisco company said on Monday.

It will be run by Jim McCool, a 13-year veteran at Schwab.

The parent company provides financial services through more than 300 offices and 7.4 million client brokerage accounts; it has 1.3 million corporate retirement plan participants, 427,000 banking accounts, and $1.2 trillion of client assets.

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