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Victory Capital admits to 'leaking' AUM after Schwab acquires USAA wealth managers, whose sales efforts let air out of Victory's USAA funds purchase

The mutual fund rollup shed $14.8 billion in fund assets in six months thanks largely to Schwab, but Victory CEO maintains the leak is being patched.

Author Oisin Breen December 1, 2020 at 2:52 AM
Admin:
no description available
David Brown: There still is some drag on our flow profile from the sale of the USAA brokerage business to Schwab.

Related Moves

Biz Briefs: The sorry scene at my local First Republic branch • Schwab launches new (smaller) lay-off round • Schwab hoovers pennies passing FINRA fee to clients • Gensler pleas for funds • Fidelity owner's private equity pres. retires • an Orion-Envestnet staff switcheroo • LPL dumps FutureAdvisor

Range Rovers screeched in and drivers joined a grim queue to get their cash, and cookie • The Schwab-TDA deal cull count now stands at roughly 3.5% of its staff • FMR's hockey star president has stepped down • SEC chief wants more enforcers • An Envestnet executive proves joining a rival is good business • LPL now has an in-house robot.

April 29, 2023 at 1:36 AM

Another RIA whisperer, Julian Lopez, has left Schwab Advisor Services after 24 years to join LPL, which he sees as more advisor-focused and 'entrepreneurial'

The Houston executive, like Kelly Smith in Chicago, was considered a key service talent for RIAs though Lopez says his circumstances differ.

February 23, 2023 at 8:14 AM

Biz Briefs: Schwab puts checks for $52 million in mail to robo-RIA customers allegedly misled about cash allocations • BlackRock blacklisted (again) • iShares beats NZAM-exiter Vanguard • Fidelity makes first acquisition in eight years • CFP board realizes Moms don't like CFPs

BlackRock gets Kentucky coal in stocking, and Vanguard keeps skating; iShares inches above -- by 2.8% -- Vanguard's annual net new ETF asset haul; Fidelity takes "natural next step" for stock plan business; new CFP chair outlines plans and the DOJ is set to become a major Robinhood shareholder..

January 13, 2023 at 3:01 AM

Robinhood gets 'brilliant' upper manager -- and a spare CEO -- by nabbing TD Ameritrade's ex-thinkorswim top exec, hopefully to throw a lifesaver to Robinhood's sinking stock

The Menlo Park, Calif., firm nabbed Steve Quirk as first-ever chief brokerage officer to 'bridge the gap between academia and reality.'

January 6, 2022 at 10:33 PM

See more related moves


Smb

Smb

December 2, 2020 — 5:22 AM
On some of the military-retiree-specific message boards, people are livid about VC's customer service. Especially members assigned overseas who are having trouble getting access to their accounts. Sure, only the unhappy ones post on these sites, but it sure sounds awful. Glad I jumped to Fidelity after the VC deal but before Schwab took over wealth management. Mostly happy so far.

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