Schwab finalizes acquisition of assets of USAA’s Investment Management Company

Maria Nikolova

The transition of the underlying brokerage and managed portfolio accounts to Schwab has been completed.

The Charles Schwab Corporation has announced the completion of its acquisition of the assets of USAA’s Investment Management Company and has transitioned the underlying brokerage and managed portfolio accounts to Schwab.

Let’s recall that the deal was first announced in July 2019. Back then, Schwab said it entered into a definitive agreement to acquire assets of USAA’s Investment Management Company, including brokerage and managed portfolio accounts for $1.8 billion in cash.

As announced in July 2019, the companies have also entered into a long-term referral agreement that makes Schwab the exclusive provider of wealth management and investment brokerage services for USAA members.

Schwab’s commitment to putting clients first, serving their financial needs and seeing the world through their eyes now extends to USAA members.

To uphold a shared focus on integrity, relationships and service, both organizations have worked together to facilitate a smooth transition of USAA member accounts to Schwab. Nearly 400 former USAA employees have joined Schwab to support the one million plus new accounts with continued high-caliber service and to help transitioning members feel confident about their accounts moving to Schwab.

USAA members with accounts that transferred to Schwab have access to a new hub on Schwab.com to guide them through the features and services available with their Schwab account, including helpful FAQs, to-do lists and Schwab contact information.

For Schwab, the transaction adds scale through the addition of approximately $80 billion to its $3.8 trillion in total client assets.

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