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SAN FRANCISCO, CA, February 2, 2008 — Covington & Burling LLP advised Schwab Performance Technologies in its acquisition of RIA back office outsourcing provider Etelligent Consulting, Inc. Financial terms of the transaction have not been disclosed.
Founded in 1985, Schwab Performance Technologies is a subsidiary of The Charles Schwab Corporation and a leading provider of portfolio management systems and accounting solutions to more than 3,000 independent investment advisory firms. Schwab Performance Technologies develops powerful portfolio management solutions to help advisors manage their practice and service their clients.
Covington’s Ken Ebanks, a transactional partner in the firm’s corporate and media practices, served as lead counsel on the transaction for Schwab Performance Technologies. Other members of the Covington team include San Francisco associate Ingrid Rechtin, Washington partner Mike Francese (benefits), New York partner Robert Heller (tax), and San Francisco partner Anita Stork (antitrust).