Charles Schwab has agreed to purchase the brokerage and managed portfolio belongings of USAA’s Funding Administration Firm, the agency introduced, for $1.eight billion in money.
Schwab and USAA will even enter an unique long-term referral settlement that will make Schwab the “unique wealth administration and brokerage supplier” for USAA members. USAA offers insurance coverage, banking, investments and retirement accounts to greater than 13 million present and former members of the U.S. army.
Schwab will add over 1 million new accounts and a few $90 billion in consumer belongings by means of the acquisition, the agency stated, serving to it “add scale” to its $1.9 trillion investor companies enterprise; Schwab holds some $three.5 trillion in consumer belongings total.
The transaction will shut in 2020, with the conversion of USAA’s brokerage companies and managed portfolios to Schwab’s platform.
USAA earlier this month offered its $81.three billion asset administration enterprise, mutual funds and ETFs, in addition to its 529 school financial savings plan, to Victory Capital.
Post a Comment