Stock brokerage firm Charles Schwab has agreed to purchase independent investment manager Wasmer, Schroeder & Company, a Florida-based fixed income manager focusing on separately managed accounts.

The takeover will strengthen Schwab’s $90bn portfolio of separately managed accounts, adding tax-exempt and taxable strategies to the broker’s line-up.

The transaction, upon completion in the middle of this year, will add $10.5bn in assets to Charles Schwab’s books.

Financial details about the deal were not revealed, other than the fact that it is an all-cash transaction.

As part of the deal, Schwab intends to absorb more than 60 Wasmer Schroeder employees, including over 30 investment professionals.

Founded in 1987, Wasmer Schroeder has branches in 10 locations.

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Schwab Asset Management Solutions executive vice president Rick Wurster said: “Generating income is one of the greatest financial needs facing the growing number of investors who are in, or preparing for retirement.

“Wasmer Schroeder’s professionally managed portfolios and investment capabilities will help Schwab deliver on a wide-range of fixed income investment needs and preferences, and complements the total wealth management offering we make available to our retail and RIA clients.”

California-based Charles Schwab has been on an acquisition spree lately.

In November 2019, the firm signed an agreement to acquire smaller rival TD Ameritrade for nearly $26bn.

The combined group will be a brokerage giant with over $5trn in assets.

Earlier last year, Charles Schwab announced the purchase of certain assets of USAA Investment Management Company in a $1.8bn deal.