Schwab Will Purchase Investment Analyst

Charles Schwab Corp. said it would buy closely held Chicago Investment Analytics Inc., as the No. 1 discount brokerage beefs up its investment advising services to attract wealthy clients.

Chicago Investment Analytics uses quantitative analysis based on computer models to make stock recommendations. Terms of the purchase weren’t disclosed.

Brokerage firms are racing to attract and retain wealthy clients, and they’re adding services to make their firms more attractive. So-called high net worth investors often have fee-based brokerage accounts, where they pay a fixed percentage of their assets, rather than commissions, on each transaction.

Schwab said Chicago Investment’s services will help its individual and financial planner clients.