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In a display of its commitment to the growth of ETFs, Charles Schwab (NYSE:SCHW) is going to buy Boston-based Windward Investment Management for $150 million.

As of July 31, Windward managed about $3.9 billion in three portfolios made up mostly of ETFs. Once the deal is set, Windward’s ETF-based portfolios will be available to investors through Schwab’s brokerage platform. On its platform, Schwab also offers free trades of its own ETFs and an $8.95 commission applies to all other trades.

Stephen Cucchiaro, Windward’s founder and CIO, will remain at the firm, along with his investment team. Schwab CEO Walt Bettinger said that Windward’s emphasis on risk management is “an ideal approach in today’s world,” says Financial Advisor.

The deal is expected to close in the fourth quarter of this year. It’s a good move for Schwab and it shows the provider’s commitment to ETFs, as well as its commitment to giving investors a broad range of choices.

Source: Schwab Buys ETF Portfolio Manager With $3.9B in Assets for $150 Million