Charles Schwab (SCHW) shares jumped Wednesday after the provider of brokerage, banking and other financial services reported strong gains in client assets and new brokerage accounts in July.

The stock was among the top gainers in the S&P 500 on Wednesday, rising 4.6% to close at $65.36.

Monthly growth trends

A highlight of the firm’s performance last month was an acceleration in asset growth. According to Schwab’s most recent monthly activity report, net new money added to the firm reached $29.0 billion in July, more than double the same month last year. These figures include assets from both new and existing Schwab clients.

The increase in new investments also helped Schwab increase total client assets, which reached $9.57 trillion at the end of July, up 16% year over year and 2% month over month.

The monthly update also included positive signals regarding client growth, as Schwab added 327,000 new brokerage accounts in July. The number of new accounts added increased 8% year over year and 5% month over month.

ETF innovation and leadership developments

In addition to the solid monthly growth numbers, Schwab celebrated a milestone this week with the launch of its first actively managed fixed income exchange-traded fund (ETF). The Schwab Ultra-Short Income ETF (SCUS), which began trading on Tuesday, invests in short-term, investment-grade debt securities with the goal of generating income and preserving capital without compromising liquidity.

Measured by assets under management (AUM), Charles Schwab is the fifth largest ETF issuer.

The company is also preparing for the arrival of a new chief financial officer. Michael Verdeschi, a former Citigroup executive (center), is set to take on the role on October 1, following the retirement of Peter Crawford, who has held the post since 2017.

Share price development

Schwab shares hit a 52-week high of just under $80 in mid-May, but have come under pressure in recent months. Including the gains posted on Wednesday in the latest monthly update, Schwab shares are still down 3.9 percent for the year as a whole.