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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
Admin:
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David Brown: There still is some drag on our flow profile from the sale of the USAA brokerage business to Schwab.

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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

Oisín's snippets: Charles Schwab brand goes up on Omaha's TD Ameritrade stadium, home of college baseball world series • Interactive Brokers lands an RIA custody insider, Charlie Latimer, to climb the custodian ladder

The TDA brand lives on until the techies figure out how to make two systems into one, but change is in the air in Omaha, while Interactive Brokers gets a leg up in the custody business with a new hire.

December 27, 2021 at 9:58 PM

Fidelity Investments is paying 2,000 employees to hasten their corporate exits, including high-profile RIA overseer, Sanjiv Mirchandani, as part of its shift to a digital future

The Boston giant offered voluntary buyout packages and the 4% of staff who accepted will leave by June 30 to give other staff room to grow careers and make room for hires.

June 24, 2021 at 5:39 PM

Charles Schwab prunes another 200 or so staff but assures Wall Street analysts the Jenga piece of TD Ameritrade RIA services is still part of the puzzle post-merger

The Westlake, Tex., broker deemed John Tovar 'best talent,' hence a keeper, and ex-TD staffers affirm Schwab's good instincts.

February 11, 2021 at 12:08 AM

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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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