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 companies said that future payments may be based on "future business performance."
USAA Asset Management employed about 400 workers, according to USAA; about 300 of those workers are expected to continue with Victory…
