STOCKS | Charles Schwab Raises Asset Threshold to $10 Million for Tax-Aware Long-Short Accounts

Charles Schwab is imposing stricter limits on customers seeking to open tax-aware long-short accounts, according to a notice sent to clients. According to Sina Finance, the retail broker said clients must now have at least $10 million in assets to invest in certain separately managed accounts using long-short strategies, up from a previous threshold of $1 million. The company also said it will no longer solicit new clients or accept new money into portfolio margin accounts with higher leverage. The new policy will take effect on September 16.