USAA to sell investment arm for $850M

USAA has agreed to sell its investment arm, USAA Asset Management Co., to Cleveland-based Victory Capital Holdings Inc. The San Antonio-based financial services and insurance giant is selling the subsidiary for $850 million in a deal expected to close during second quarter 2019. The portion of USAA Asset Management's portfolio being sold includes USAA's mutual funds and exchange-traded funds, in addition to its 529 College Savings Plan.
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