09:28 AM EDT, 05/14/2024 (MT Newswires) -- Charles Schwab ( SCHW ) said Tuesday that its total client assets reached $8.85 trillion in April, up 16% from a year earlier, and down 3% from a month earlier.

Core net new assets brought to the company by new and existing clients were $1 billion last month, the company said.

Transactional sweep cash at the end of April was $387.7 billion, down 3% from the previous month. The company said this month-over-month drawdown was driven by client tax disbursements and seasonal advisory fee payments.

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