On July 25, 2019, The Charles Schwab Corporation announced it had entered into an agreement to acquire the assets of the United Services Automobile Association’s Investment Management Company.
Under the terms of the transaction, The Charles Schwab Corporation (“Charles Schwab”) will acquire the assets of the United Services Automobile Association’s (“USAA”) Investment Management Company, including its brokerage and managed portfolio accounts for $1.8 billion in cash. This transaction will add 1 million new client accounts and $90 billion in client assets for Charles Schwab. The deal has since been approved by the boards of directors of both companies and is expected to close in 2020, subject to customary regulatory approvals and closing conditions.
Charles Schwab (NYSE: SCHW) is a San Francisco-based bank and stockbroker that provides a variety of financial services. It had $3.7 trillion in client assets as of June 30, 2019.
USAA is a San Antonio-based diversified financial services group of companies that provides insurance, banking, investments, retirement products and advice.
To read the press release: please click here.