USAA announced the sale of it’s Mutual Fund business (stocks, bonds,Ira ,529plan) to Victory Capital for 1 Billion dollars. A great deal for USAA. What happens to us investors? Victory Capital is so heavily in debt after several mutual fund purchases, they could not answer the question have they were going to pay these debt loans. Do you think that additional investment fees are in the future.
Additional info re: sale of USAA investment to Victory CAPITAL
USAA stated that net proceeds from the transaction will directly benefit it’s members rather than it’s bottom line.
USAA said it will distribute an “appropriate amount” as part of the annual member distribution process next year. It also said the move will improve the competitiveness of it’s banking and insurance products.