E*TRADE’s 2.3 million brokerage investors can now buy 18 mutual funds from USAA, thanks to an agreement announced Friday.
“Investors want easier access to our mutual funds, and our strategy is to give them that access through any channel,” said Dan McNamara, president of USAA Investment Management Company in San Antonio, in a press release. “We’re excited about joining the E*TRADE network and look forward to expanding through additional platforms in the near future.”
E*TRADE investors have about $102 billion in security holdings, up 13% from a year ago, and some 2.7 million brokerage accounts. It has more than 8,000 mutual funds on its trading platform.
The USAA funds now available through the Adviser Share class on E*TRADE include: the USAA Precious Metals and Minerals Fund (USAGX) , USAA Intermediate-Term Bond Fund (USIBX), USAA Short-Term Bond Fund (USSBX), USAA Growth & Income Fund (USGRX) and the USAA Income Fund (USAIX).
According to Lipper, USAGX was the No. 1 performing mutual fund over the 10-year period ended June 30, 2010.