Schwab hits $1.2 trillion in managed funds and projects $2 trillion in about five years by ‘distributing’ Schwab funds to Schwab investors — but will it squeeze out third-party asset managers?

The $9.2 trillion, Westlake, Texas, giant told Bloomberg that it’ll grow its $1.2 trillion base as much as 20% over the next five to seven years — countering the wirehouse trend of establishing distance between distribution and investment management channels.