Charles Schwab completed the acquisition of assets of USAA’s Investment Management Company for $1.8bn.

Charles Schwab, a bank and stockbroker, completed the acquisition of assets of USAA’s Investment Management Company, a Texas-based Fortune 500 diversified financial services group, for $1.8bn. The companies have also agreed to enter into a long-term referral agreement that would make Schwab the exclusive wealth management and brokerage provider for USAA members. "We could not be more enthusiastic that Mr. Davidson and Mr. Wolff are introducing long-term, generational capital to our partnership, as we embark on this exciting new chapter and challenge ourselves to realize our full potential as an independent, world-class investment manager. While I am pleased to share the news of the company’s restructure, given the state of crisis across the globe, our current focus remains balanced between the health and safety of our employees, tenants and partners and the important work of preserving value for our investors," Len O’Donnell, USAA Real Estate President and CEO.