Charles Schwab is in talks to buy USAA's brokerage and wealth-management operations for about $2bn, the Wall Street Journal reported. The two sides may reach a deal this month, the sources tell the WSJ. A deal could bring Schwab about $100bn of assets to add to the more than $3.5trn of client assets it already has. Since 2015, the number of new retail clients opening managed investment accounts at Schwab has increased by 63%, and new accounts receiving advice now average around $600,000, the Journal notes. Texas-based USAA offers banking, investing and insurance to people and their...
To continue reading this article...
Join International Investment
Signup and gain exclusive members-only insights
Join International Investment today
Unlock members-only benefits:
- Unlimited access to real-time news, industry insights, video features and market intelligence
- Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
- Receive breaking news stories straight to your inbox in the daily newsletters
- Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
- Members-only access to the Editor’s weekly news roundup newsletter
- Members-only access to analysis via our exclusive industry polls
- Be the first to hear about our events and awards programmes
