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Charles Schwab agrees to buy smaller money manager

The Charles Schwab Corp. has agreed to acquire dividend income specialist ThomasPartners Inc. for an upfront payment of $85 million.

By Associated Press | Updated on October 15, 2012

SAN FRANCISCO (AP) — The Charles Schwab Corp. has agreed to acquire dividend income specialist ThomasPartners Inc. for an upfront payment of $85 million, plus additional payments if the smaller company can attract more investors.

Schwab, an investment services giant based in San Francisco, said Monday that the acquisition is unlikely to affect its earnings in the first 12 months after it closes. Schwab expects a minor boost to its earnings per share in the following year.

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