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Charles Schwab is buying USAA Investment Management Company assets for nearly $2 billion


SAN ANTONIO (KTSA News) – USAA members can now take their financial concerns and needs to Charles Schwab . USAA’s Investment Management Company is selling its assets to Charles Schwab for $1.8 billion.

“We are honored to be entrusted with serving the financial needs of USAA’s members,” said Charles Schwab President and CEO Walt Bettinger in a press release. “We have long admired USAA’s mission to enhance the financial security of our country’s military servicemen and women and their families.”

The deal, which has been okayed by the boards of USAA and Charles Schwab, is expected to close sometime next year.

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