Charles Schwab has plans to acquire assets of USAA’s Investment Management Co., including brokerage and managed portfolio accounts, for $1.8 billion in cash.
The companies also have agreed to a long-term referral agreement, effective at closing of the acquisition, that would make Schwab the exclusive wealth management and brokerage provider for USAA members.
The transaction is expected to close in 2020.
USAA services more than 13 million current and former members of the U.S. military and their families.
