Charles Schwab is trying to purchase USAA’s brokerage and wealth management business, according to a report Monday in the Wall Street Journal. Schwab is said to be offering about $2 billion for the unit, which includes some $100 billion of assets.
The news comes on the heels of USAA’s sale of its asset-management business, including mutual funds, ETF operations and 529 plans, to Victory Capital. These activities encompassed about $81 billion of assets.
Schwab does “not to comment on market rumors or speculation,” according to a spokesperson. USAA’s press office said it “is not commenting on the WSJ story.”
The development also emerges just a few months after Schwab rolled out a subscription-based advice service that attracted $1 billion in new assets under management since its introduction.