7/15, 6:37 PM (Source: TeleTrader)
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Schwab may purchase USAA's assets – report

The wealth management portfolio of the United Services Automobile Association, or USAA, is eyed by Charles Schwab Corp., according to the Wall Street Journal's anonymous sources. The report published on Monday indicated the $100 billion in assets could be bought for $2 billion by the bank and investment advisory based in San Francisco.

The financial services entity from San Antonio, Texas, focuses on military personnel and is active in banking, insurance and investment. Established almost a century ago, it is highly rated and privately owned. The article said a deal could be reached before the end of the month. USAA recently agreed to divest of its asset management division together with college savings plan, mutual funds and exchange-traded funds in a deal with Victory Capital.

Breaking the News / IT