USAA may have found a buyer for its brokerage and wealth management operations, according to a recent report.
Charles Schwab Corp. is in talks to buy the businesses from USAA for about $2 billion, according to a Monday report from the Wall Street Journal.
The report cited “people familiar with the matter” who said that the deal may be reached as soon as this month.
The acquisition could bring $100 billion in assets from USAA to Schwab, according to the Journal article.
The acquisition would add 3 percent to Schwab’s $3.6 trillion in client assets, according to Bloomberg News..
Earlier this month, USAA sold its asset management business to Victory Capital Holdings. The Journal noted that Schwab moved its digital advice services to a subscription-based pricing service in hopes of attracting more wealth management clients.
A deal would provide a further boost to Schwab’s retail and wealth management services while leaving USAA as more of a “pure play” insurer.