What is the specific meaning of "Net new Assets" at brokerages?
I read this paragraph in an article and I don't understand what they are referring to as 'net new assets.' In this example, does bringing in net new assets means 1) Their stock value went up because people bought a lot 2) People bought a lot of their CD's or 3) People transferred their accounts to Schwab?
"This week, reports note Charles Schwab brought in $16.5 billion in net new assets. With 34 million account holders, it was clear that most of them didn’t especially care about the trouble surrounding the bank, including the massive sell-off. While certainly, the troubles at other banks hit Schwab hard, it was still regarded as a “safe haven” among financial institutions. In fact, Credit Suisse—itself no stranger to trouble this week—considered Charles Schwab enough of a safe haven to upgrade it to “outperform.”
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