July 29, 2019
Less than a month after Victory Capital acquired USAA’s Asset Management Co., Charles Schwab became next in line for part of the San Antonio-headquarted company. Specifically, Schwab, based in San Francisco, agreed to buy USAA Investment Management Co. for $1.8 billion. It is uncertain how this transaction will impact Victory Capital’s efforts.
The deal includes brokerage and managed portfolio accounts, making Schwab the exclusive wealth management provider and brokerage for USAA members. The relationship is expected to benefit USAA members through Schwab’s sale.
USAA is continuing to sell off its wealth management businesses. According to Victory Capital, USAA might have peaked in its ability to grow its wealth-management offerings on its own.
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