Foley Reps Schwab In $85M ThomasPartners Buy

Law360, New York (October 15, 2012, 5:11 PM EDT) -- Charles Schwab Corp. will pay $85 million and possible performance bonuses to acquire Massachusetts-based wealth manager ThomasPartners Inc., the brokerage said Monday, making a long-term bet on retiring baby boomers' appetite for stable income investments.

The deal, expected to close before the end of the year, includes the possibility of additional payments if ThomasPartners continues to grow its assets under management, which stand at $2.3 billion.

The tie-up formalizes a decade-old relationship between Wellesley, Mass-based ThomasPartners and San Francisco-headquartered Schwab. The two have worked together since...
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