Charles Schwab, a New York-listed wealth manager and brokerage firm, has re-opened office in Sydney after exiting the Australian market in 2000.
The latest move follows the Charles Schwab’s acquisition of Chicago-based US broker dealer optionsXpress. The new Sydney office will give Australian investors access to the US markets offering them self-directed access to US-listed equities; offshore mutual funds; ETFs; fixed income; options and futures.
Charles Schwab Australia managing director JP Drysdale said: “Typically, access to US markets for self-directed investors, including SMSFs, is expensive compared to the costs of transacting in the Australian market. However, we believe there need not be trade-offs between price and customer service.
“Our ambition is to bring cost-effective access to US markets to all Australian investors – and with the popularity and ongoing growth of self-managed super funds in Australia we see a clear demand for that access,” Drysdale said.
“Australian investors are savvy investors who understand the need to diversify, however access to international markets, and especially US markets, has remained difficult for them,” Drysdale said.
“Simple, low-cost access to US markets means Australian investors can invest in global leading companies they engage with on almost a daily basis but until now have not had a simple, cost-effective way to make them part of their investment portfolios,” Drysdale added.