FYI: (This is a follow-up article.)
Since November, USAA has sold USAA Asset Management Co. to Victory Capital Holdings Inc. and has agreed to sell USAA Investment Management Co. to Charles Schwab Corp. With the deals totaling $2.65 billion, the divestiture of two of USAA's largest investment subsidiaries represents a rare misstep for the San Antonio-based financial services company and a refocusing on its core strengths.
By acquiring USAA Investment Management in a deal expected to close next year, Schwab (NYSE: SCHW) will add about $90 billion to its $3.7 trillion in client assets and is expected to hire about 400 USAA employees. USAA is expected move 400 employees to other USAA operations, with an additional 350 employees needing to apply to USAA internally or leave. Meanwhile, Victory Capital (Nasdaq: VCTR), which closed on its acquisition July 1 and has moved to San Antonio from Cleveland, added $81.3 billion in assets to increase its total to $142.3 billion. It is expected to have 350 employees in the Alamo City initially, which includes some former USAA employees.
USAA believes the deals are in its members' best interests.
Regards,
Ted
https://www.bizjournals.com/sanantonio/news/2019/08/22/usaa-cuts-bait-on-wealth-management-companies.html?ana=yahoo&yptr=yahoo
