@Moni779, Thank you for reaching out. Victory Capital acquired the USAA Asset Management Company (AMCO) and Charles Schwab acquired USAA Investment Management Company (IMCO).
We feel both Charles Schwab and Victory Capital will be great for our members. Today’s environment is changing the way we deliver on our mission to facilitate members’ financial security through highly competitive products and service. Fierce competition, regulatory demands, industry consolidation and increasing consumer expectations for low-to-no fee products means the right path forward is to form strategic relationships with trusted investment companies to best serve members.
THE WAY I UNDERSTOOD IT IF YOUR INVESTMENTS WERE IN USAA FUNDS (E.G. USGRX) THEN THEY WERE SOLD/TRANSFERRED TO VICTORY CAPITAL. IF YOUR ACCOUNTS WERE INVESTED IN OTHER ITEMS THEY WENT TO CHARLES SCHWAB. I HAD IRAS IN USAA TARGET RETIREMENT FUNDS (E.G. URTRX) AND THEY GOT SOLD/TRANSFERRED TO VICTORY. I'VE SUBSEQUENTLY TRANSFERRED MY IRAS ELSEWHERE. MY MUTUAL FUND INVESTMENT ACCOUNT AND ANOTHER IRA WERE INVESTED IN OTHER FUNDS (TMCTX, AMONG OTHERS) AND IT GOT SOLD/TRANSFERRED TO CHARLES SCHWAB.
Miss SPero - Good question. I understand the seriousness of the situation. I have located your information and will engage a specialist to review the details. Thank you for speaking up today. - Jason