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 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.

Read this next

Digital Assets

Coinbase launches perpetual futures trading for Dogwifhat memecoin

Coinbase International Exchange (CIE) will introduce perpetual futures trading for Solana-based memecoin dogwifhat ($WIF), starting April 25. These open-ended futures contracts can be traded using the USDC stablecoin.

Digital Assets

Kraken acquires TradeStation’s cryptocurrency business

Kraken, the second-largest U.S.-based cryptocurrency exchange, has acquired the cryptocurrency arm of online brokerage TradeStation.

Retail FX

The Funded Trader is back? Traders report account closures

Prop trading firm The Funded Trader has updated its website with a few banners, nearly three weeks after it ceased all operations, with claims for a relaunch in the near future. However, there was no official statement on the relaunch on its website, Discord channel, or social media accounts yet.

Executive Moves

NAGA lures former Tickmill compliance exec Loukia Matsia

NAGA Group, a provider of brokerage services, cryptocurrency platform NAGAX and neo-banking app NAGA Pay, appointed Loukia Matsia as their new Head of Compliance and Anti-Money Laundering (AML).


Explore 2024’s Top Cryptocurrencies: BlockDAG Leads With 30,000x ROI Potential, Among Surge Predictions For Bitcoin And Ethereum

Navigating the vast ocean of cryptocurrencies might feel overwhelming for many investors, whether seasoned or newbies.

Tech and Fundamental, Technical Analysis

EURUSD Technical Analysis Report 18 April, 2024

EURUSD currency pair can be expected to fall further toward the next support level 1.0600 (which reversed the price earlier this month).

Digital Assets

Binance ordered to remove Changpeng Zhao to get Dubai license

Binance, the world’s largest cryptocurrency exchange, has obtained a Virtual Asset Service Provider (VASP) license in Dubai.

Crypto Insider

Evolution and current state of global crypto adoption

Every four years, the crypto world gets hyped for the Bitcoin halving. Past halvings, like the one of May 2020, saw a massive increase in BTC transactions, which was driven by growing adoption and community involvement.

Digital Assets

Binance set to re-enter India with $2 million fine settlement

Binance, the world’s largest cryptocurrency exchange, is preparing to re-enter the Indian market after agreeing to pay a $2 million fine, according to a report by the Economic Times.