Charles Schwab Corp. will acquire asset management firm ThomasPartners Inc. for $85 million in cash.

Wellesley, Mass.-based ThomasPartners is a dividend income-focused company with about $2.3 billion in assets under management.

After the deal, San Francisco-based Charles Schwab will offer its clients ThomasPartners’ portfolios as part of its selection of advisory services.

In addition to the $85 million cash payment, Charles Schwab could make additional payments contingent on ThomasPartners’ future growth.

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