USAA sells Wealth-Management business to Charles Schwab for 1.8 Billion.

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San Antonio-based USAA announced that it’s selling its investment management business to Ohio-based Victory Capital Holdings Inc. for at least $850 million.

Charles Schwab became next in line for part of the San Antonio-headquarted company. Specifically, Schwab, based in San Francisco, agreed to buy USAA Investment Management Co. for $1.8 billion. It is uncertain how this transaction will impact Victory Capital’s efforts.

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