US financial services group Charles Schwab is planning to launch a private client business to tap into the UK’s wealth management sector as ...

US financial services group Charles Schwab is planning to launch a private client business to tap into the UK’s wealth management sector as part of its international expansion strategy. In August, Chalres Schwab launched its private client services in Hong Kong, which are also available to customers in mainland China. Last year, it expanded into Latin America. The UK private client business will target high net worth individuals and will be dependent on regulatory approval. "The overall strategy is to make available to international clients as much as possible of what's on offer to US clients," said a spokesman for Charles Schwab. Schwab attempted to use the UK as a way into Europe during the late 1990s when Charles Schwab Europe was the UK's second-biggest discount stockbroker. The business was sold to Barclays in 2003 after volumes crashed.