Charles Schwab has hired one of the eight gatekeepers from National Planning Holdings (NPH), who were left without a home after the LPL Financial acquisition, Citywire can reveal.
Schwab has recruited Tanner Diehl as a mutual fund analyst within Charles Schwab Investment Advisory, where he will focus on US equity mutual funds.
He reports to Michael Iachini, head of manager research at Charles Schwab Investment Advisory.
The research team of 11 is responsible for selecting and monitoring mutual funds, exchange-traded funds (ETF) and separately managed accounts for use by the firm’s financial advisors and direct investors.
It puts together concentrated recommended lists including the Schwab ETF Select List and Schwab Mutual Fund OneSource Select list.
To find out more about how the team picks funds, read our profile with gatekeeper Michael Iachini.
Prior to joining Schwab, Diehl was an analyst with the research team at NPH, which he joined in May 2013.
The NPH manager research team consisted of eight members, led by Dan Weiss, head of investment due diligence.
It was responsible for crafting a mutual fund and ETF focus list of 130 strategies, narrowed down from roughly 160 different fund families on its overall platform, which was available to 3,307 advisors between four broker-dealers.
At the end of August, it was announced that LPL Financial had a struck a deal to acquire the advisors and assets of NPH however, Citywire revealed that the latter’s research team would not be a part of the $325 million deal.