Monday, November 11, 2019

USAA Bank, San Antonio Texas

This morning,
I just tried to move investment funds into CD
in their bank operation, not the investment fund operation.

Computer would let me add money to investment funds
but not withdraw money!!!!! scam? crooks?
What a mess.

I had been looking to move all monies into USAA to prepare for a move to Texas.
I have been with USAA nearly 50 years.

Now looking to move all moneys out.
To local banks with walk-in service
I already use several.

All these
big banks have
big troubles.
Recent years I had a number of problems with them.
would be fun to recount that idiocy.

Local with walk-in service gives better interest rates and much easier to deal with.

USA needs to return to the ban on interstate banking.
Banks become dysfunctional when they get too big, idiots from nowhere trying to do stuff they cannot do.

Banking is not rocket science.
If they stay local and involved with savers and borrowers in their local area.
Like food, should be fresh and local.
Like back in the old days.

Banking used to be efficient and bankers were not so greedy and rich,
just another job.

1960s radicals took over, bill Clinton hippies, etc.
got rid of Glass Steagall many protections.

Now they just hope too big to fail will force taxpayers to pay for losses when the next big crash comes.

Looking bad now, huge debts everywhere.

Hi Joe;

I hope they are able to continue.

I have a Subscribers Account with them that I cannot withdraw unless I liquidate my policies,
which I don't want to do.

If they go belly up,
I lose that account which I have had for 60 years.

This latest bout of insurance devastation in California has hit them hard with fire insurance policies,

especially in Paradise where most of the population were retirees from the service carrying USAA.

That recovery plus their drop in the number of service personnel and ex-service members dying off has hit them hard.

I still believe their base and management is good, however, and they are adjusting, perhaps one reason to get out of the mutual fund business.

I hope they continue.

Rich


From: joe


USAA sold its mutual funds business to an minor unknown player?

derivatives traders?

I guess the insurance company and bank is still ok.

Could the investments business bring down the whole company?

Joe


https://riabiz.com/a/2018/11/7/victory-capital-to-pay-1-billion-of-mostly-other-peoples-money-for-usaa-mutual-funds-and-use-of-its-sweet-brand-victory-who

Victory Capital to pay $1 billion -- of mostly other people's money -- for USAA mutual funds and use of its sweet brand—

Victory who?

The Brooklyn, Ohio firm doubles its assets to $144 billion, adding USAA's $69 billion to Munder, RS Investments, Harvest and other assets -

-Brooklyn where?

November 7, 2018 — 3:27 PM by Brooke Southall

Brooke's Note: Here's a roll-up play operating under the radar. But no more.

A group of shrewd executives in a Cleveland 'burb has a plan, a pile of debt and now a marquee deal.

If this deal works out, the sky is the limit.

But if you listen to the 47-minute analyst call, you'll be struck by which questions didn't get answered as much as the ones that did.


Loaded to the gills with debt, Victory Capital is paying $1 billion -- $850 million guaranteed —

for USAA's mutual fund business with a bet based on a belief that USAA has a great brand but did a lousy job of marketing its funds on the investment side.

Stuart Parker, CEO USAA

Stuart Parker believes Victory Capital is well positioned to provide a broader selection of leading-edge investment solutions

The Brooklyn, Ohio roll-up firm, founded in 2013, is borrowing $1.4 billion to buy $69.2 billion in assets under management in 53 investment funds from the San Antonio, Texas insurer.

Less than half the assets in USAA Asset Management Company are active equity funds.

Excluded from the deal are $11 billion of "managed assets," which may be USAA's wealth manager.

The play hinges on Victory's ability to digest the USAA deal.

If it can pull that off, it can begin to run the table with the dozens of nervous mutual-fund firms with good brands and investing, but declining businesses.

"I think we're as well-positioned as anyone to be a consolidator in the business," says Victory CEO David Brown. "This shows the kind of quality (brand) we can attract to this platform."

Victory Capital's $1.4 billion in loans also covers its pending purchase of Harvest Volatility Management, which had $12 billion in assets under management as of July 31.

It manages derivatives from New York City.

Victory has already bought 11 other brands, including RS Investments and Munder Capital.

Peppered with questions

Multiple Wall Street analysts on a call today (Nov. 7) with Victory executives peppered them with questions about how fast they could pay down all that debt.

Victory execs bristled at the questions, declining to answer other than to say:

"We've operated at these levels [of debt being three times equity] before."

Dan Seivert: I think it is a very smart move for USAA the seller to get out…especially while times are good

Victory's financial engineering includes an IPO completed in February, giving it a market capitalization of $664 million.

Described at the time as a multi-boutique asset management firm with $62 billion in AUM, Victory raised $152 million by offering 11.7 million shares at $13, well below the estimated range of $17 to $19.

Shares of Victory [VCTR] jumped 20

Wednesday (Nov. 7) after the USAA deal got reported, but the stock, weighted by its debt profile, remains in single digits at $9.78, up $1.63 from $8.15.

USAA also had a lackluster prior 12 months with neutral flows -- a trend expected to change because the USAA funds were mainly offered to USAA members.

Only 1.5 million insurance customers use the funds, with 11 million abstaining.

See: At mostly morose Morningstar conference, mutual fund wholesalers play cards face-up on perma-dislocation -- and the glimmers of hope that innovation provides

VICTORY CAPITAL TO MOVE HEADQUARTERS TO SAN ANTONIO, TEXAS

January 10, 2019

New Location Supports Future Growth and

Expands Pools of Talent

CLEVELAND, Jan. 10, 2019 (GLOBE NEWSWIRE) —

Victory Capital (NASDAQ: VCTR) today announced that it will move its corporate headquarters from Cleveland, Ohio, to San Antonio, Texas.

David Brown, Chairman and Chief Executive Officer for Victory Capital, will be relocating to San Antonio along with several other senior level executives.

Headquartering in San Antonio offers Victory Capital the opportunity to cost-effectively build out its operational infrastructure while also recruiting and maintaining top talent.

The decision follows Victory Capital's announcement of its planned acquisition of San Antonio-based USAA Asset Management Company.

"San Antonio will play an important role in the future growth of our organization.

It will enhance our ability to access new pools of talent and further develop the technology and operational platforms that support our integrated multi-boutique business model," said Mr. Brown.

San Antonio was recently ranked as the "fastest growing city in the nation" for population growth by the U.S. Census Bureau

and it ranks at the forefront of several key industries, including financial services,

according to the San Antonio Economic Development Foundation ("SAEDF").

Information from the SAEDF also cites the strong pool of talent in the city, which

includes 160,000 students at 20 different area colleges, universities and research institutions.

"Victory Capital's decision to make San Antonio its headquarters reinforces the benefits that our city and state have to offer major employers from both a business environment and quality-of-life perspective,"

said Jenna Saucedo-Herrera, CEO of the SAEDF.

"We are proud to be a city of choice for major employers such as Victory Capital."

"We believe that San Antonio offers our employees the opportunity to live in an innovative and culturally rich city with an exceptional climate and competitive cost of living,"

Mr. Brown added. "We are excited to join the community."

Victory Capital plans to maintain a significant presence in Cleveland. Additionally, it has nine other offices in the U.S. and three outside the U.S. that will not be impacted.

Victory Capital expects to open its San Antonio headquarters in mid-2019.

The acquisition of USAA Asset Management Company is expected to close in the second quarter of 2019, and is subject to regulatory and other customary approvals, conditions and consents, including approval by USAA mutual fund and ETF shareholders and Board of Trustees.

About Victory Capital

Victory Capital is a global investment management firm operating a next-generation, integrated multi-boutique business model with $52.8 billion in assets under management as of December 31, 2018.

Victory Capital's differentiated model is comprised of nine Investment Franchises, each with an independent culture and investment approach.

Additionally, the Company offers a rules-based Solutions Platform, featuring the VictoryShares ETF brand, as well as custom and multi-asset class solutions.

The Company's Investment Franchises and Solutions Platform are supported by a centralized distribution, marketing and operational environment, in which our investment professionals can focus on the pursuit of investment excellence.

Victory Capital provides institutions, financial advisors and retirement platforms with a variety of asset classes and investment vehicles, including separately managed accounts, collective trusts, mutual funds, ETFs, UCITs and UMA/SMA vehicles.

For more information, please visit www.vcm.com.

Go to www.victorysharesliterature.com for ETF prospectuses or www.victoryfundliterature.com for mutual fund prospectuses.

From: Ron\

Pursueing returns on behalf of clients' fiduciary interest is no longer a viable goal in today's world of swindles and scams.Probable accelerated in 2008-2009 when bank bailout money was used to enrich bankers instead of loaned out to consumers.

At some point the equities market will rise in spite of scams.Money is moving away from broke governments issuing
near zero and negative interest rate debt.

Liquidity problem currently with banks and corporations.$126 billion per night injected into the overnight repo mkt. in addition to monthly monetizing of government debt.

No trust between bank regarding collateral for loans.

Maintain some cash and liquid assets in your own custody and control.

Ron

On Sun, Nov 10, 2019, 10:30 AM joe wrote:

Watch out for all companies you deal with, especially investment companies.

USAA sold its mutual funds business to an minor unknown player?
derivatives traders?

I guess the insurance company and bank is still ok.

Could the investments business bring down the whole company?


https://riabiz.com/a/2018/11/7/victory-capital-to-pay-1-billion-of-mostly-other-peoples-money-for-usaa-mutual-funds-and-use-of-its-sweet-brand-victory-who

Victory Capital to pay $1 billion -- of mostly other people's money -- for USAA mutual funds and use of its sweet brand—

Victory who?

The Brooklyn, Ohio firm doubles its assets to $144 billion, adding USAA's $69 billion to Munder, RS Investments, Harvest and other assets -

-Brooklyn where?

November 7, 2018 — 3:27 PM by Brooke Southall

Brooke's Note: Here's a roll-up play operating under the radar. But no more.

A group of shrewd executives in a Cleveland 'burb has a plan, a pile of debt and now a marquee deal.

If this deal works out, the sky is the limit.

But if you listen to the 47-minute analyst call, you'll be struck by which questions didn't get answered as much as the ones that did.


Loaded to the gills with debt, Victory Capital is paying $1 billion -- $850 million guaranteed —

for USAA's mutual fund business with a bet based on a belief that USAA has a great brand but did a lousy job of marketing its funds on the investment side.

Stuart Parker, CEO USAA

Stuart Parker believes Victory Capital is well positioned to provide a broader selection of leading-edge investment solutions

The Brooklyn, Ohio roll-up firm, founded in 2013, is borrowing $1.4 billion to buy $69.2 billion in assets under management in 53 investment funds from the San Antonio, Texas insurer.

Less than half the assets in USAA Asset Management Company are active equity funds.

Excluded from the deal are $11 billion of "managed assets," which may be USAA's wealth manager.

The play hinges on Victory's ability to digest the USAA deal.

If it can pull that off, it can begin to run the table with the dozens of nervous mutual-fund firms with good brands and investing, but declining businesses.

"I think we're as well-positioned as anyone to be a consolidator in the business," says Victory CEO David Brown. "This shows the kind of quality (brand) we can attract to this platform."

Victory Capital's $1.4 billion in loans also covers its pending purchase of Harvest Volatility Management, which had $12 billion in assets under management as of July 31.

It manages derivatives from New York City.

Victory has already bought 11 other brands, including RS Investments and Munder Capital.

Peppered with questions

Multiple Wall Street analysts on a call today (Nov. 7) with Victory executives peppered them with questions about how fast they could pay down all that debt.

Victory execs bristled at the questions, declining to answer other than to say:

"We've operated at these levels [of debt being three times equity] before."

Dan Seivert: I think it is a very smart move for USAA the seller to get out…especially while times are good

Victory's financial engineering includes an IPO completed in February, giving it a market capitalization of $664 million.

Described at the time as a multi-boutique asset management firm with $62 billion in AUM, Victory raised $152 million by offering 11.7 million shares at $13, well below the estimated range of $17 to $19.

Shares of Victory [VCTR] jumped 20

Wednesday (Nov. 7) after the USAA deal got reported, but the stock, weighted by its debt profile, remains in single digits at $9.78, up $1.63 from $8.15.

USAA also had a lackluster prior 12 months with neutral flows -- a trend expected to change because the USAA funds were mainly offered to USAA members.

Only 1.5 million insurance customers use the funds, with 11 million abstaining.

See: At mostly morose Morningstar conference, mutual fund wholesalers play cards face-up on perma-dislocation -- and the glimmers of hope that innovation provides

VICTORY CAPITAL TO MOVE HEADQUARTERS TO SAN ANTONIO, TEXAS

January 10, 2019

New Location Supports Future Growth and

Expands Pools of Talent

CLEVELAND, Jan. 10, 2019 (GLOBE NEWSWIRE) —

Victory Capital (NASDAQ: VCTR) today announced that it will move its corporate headquarters from Cleveland, Ohio, to San Antonio, Texas.

David Brown, Chairman and Chief Executive Officer for Victory Capital, will be relocating to San Antonio along with several other senior level executives.

Headquartering in San Antonio offers Victory Capital the opportunity to cost-effectively build out its operational infrastructure while also recruiting and maintaining top talent.

The decision follows Victory Capital's announcement of its planned acquisition of San Antonio-based USAA Asset Management Company.

"San Antonio will play an important role in the future growth of our organization.

It will enhance our ability to access new pools of talent and further develop the technology and operational platforms that support our integrated multi-boutique business model," said Mr. Brown.

San Antonio was recently ranked as the "fastest growing city in the nation" for population growth by the U.S. Census Bureau

and it ranks at the forefront of several key industries, including financial services,

according to the San Antonio Economic Development Foundation ("SAEDF").

Information from the SAEDF also cites the strong pool of talent in the city, which

includes 160,000 students at 20 different area colleges, universities and research institutions.

"Victory Capital's decision to make San Antonio its headquarters reinforces the benefits that our city and state have to offer major employers from both a business environment and quality-of-life perspective,"

said Jenna Saucedo-Herrera, CEO of the SAEDF.

"We are proud to be a city of choice for major employers such as Victory Capital."

"We believe that San Antonio offers our employees the opportunity to live in an innovative and culturally rich city with an exceptional climate and competitive cost of living,"

Mr. Brown added. "We are excited to join the community."

Victory Capital plans to maintain a significant presence in Cleveland. Additionally, it has nine other offices in the U.S. and three outside the U.S. that will not be impacted.

Victory Capital expects to open its San Antonio headquarters in mid-2019.

The acquisition of USAA Asset Management Company is expected to close in the second quarter of 2019, and is subject to regulatory and other customary approvals, conditions and consents, including approval by USAA mutual fund and ETF shareholders and Board of Trustees.

About Victory Capital

Victory Capital is a global investment management firm operating a next-generation, integrated multi-boutique business model with $52.8 billion in assets under management as of December 31, 2018.

Victory Capital's differentiated model is comprised of nine Investment Franchises, each with an independent culture and investment approach.

Additionally, the Company offers a rules-based Solutions Platform, featuring the VictoryShares ETF brand, as well as custom and multi-asset class solutions.

The Company's Investment Franchises and Solutions Platform are supported by a centralized distribution, marketing and operational environment, in which our investment professionals can focus on the pursuit of investment excellence.

Victory Capital provides institutions, financial advisors and retirement platforms with a variety of asset classes and investment vehicles, including separately managed accounts, collective trusts, mutual funds, ETFs, UCITs and UMA/SMA vehicles.

For more information, please visit www.vcm.com.

Go to www.victorysharesliterature.com for ETF prospectuses or www.victoryfundliterature.com for mutual fund prospectuses.



They are not affiliated with Foreside Fund Services, LLC.


Investing involves risk including loss of principal.

Victory Mutual Funds and USAA Mutual Funds are distributed by Victory Capital Advisers, Inc. (VCA).

VictoryShares ETFs and VictoryShares USAA ETFs are distributed by Foreside Fund Services, LLC (Foreside). VCA and Foreside are members of FINRA and SIPC.

Victory Capital Management Inc. (VCM) is the investment adviser to the Victory Mutual Funds, USAA Mutual Funds, VictoryShares ETFs and VictoryShares USAA ETFs. VCA and VCM are not affiliated with Foreside.

USAA is not affiliated with Foreside, VCM, or VCA. USAA and the USAA logos are registered trademarks and the USAA Mut




USAA member for 64 years and voted with my feet to leave USAA brokerage.

The whole deal stinks! Why Victory Capital?

Are the sale proceeds going to be distributed to USAA members of the mutual association, after all we elect the BOD.

USAA has lost the original reason for its existence, getting bigger but not getting better.

Still a good company but not as good as it once was.

Michael W Williams said:
February 26, 2019 — 3:37 PM

USAA has lost its way during my 40+years of membership.

Growth in many areas but has not stuck to its original purpose of insurance - low cost and reliable.

USAA investments have been lackluster or worse. I will pull my funds out of the brokerage/management business.

Manuel C. Alejandro said:
February 28, 2019 — 1:31 PM

Voted against VC with my proxy.
D Reich said:
March 5, 2019 — 9:19 AM

Agree with Michael, USAA has lost it's way and we need to really look at who on the Board of Directors is betraying the trust of members who have invested their entire life's savings. Vote no. USAA member 35 years.

BlueLithium said:
March 6, 2019 — 8:48 PM

Nearly the entire deal is being financed and that will be paid for by USAA customers who are currently seeing middle of the road performance.

No employee guarantees for current employees and zero info on how Victory can use the USAA name nor mention if they will be able to market USAA labeled products to non members.

I don't don't see this ending well for anyone. Even USAA will ultimately get dragged down for this.
Lima Delta said:
March 7, 2019 — 4:44 PM

The board is betraying the USAA members. I can see no advantage to this deal. The members are bailing out little known company, and getting no return on investment.
Eric J Felt said:
March 11, 2019 — 8:21 PM

The USAA Board must indeed have lost their way. I don't see any way this deal will benefit USAA members or USAA fund investors. I've read through the entire packet of proxy materials and saw no discussion of benefit to current fund shareholders other than that economies of scale could maybe someday decrease management fees.

Unlikely. The USAA 500 Index fund currently pays 0.10% to the fund manager. Victory's 500 Index fund pays 0.20%.

Victory will be motivated to maximize revenue to pay off the $1B of debt they assumed to buy the USAA funds; how likely will they be to cut their management fees by more than 50%? I'm a USAA member for 30 years and I voted no.


Glenn said:
March 23, 2019 — 10:47 AM

I left USAA investment back in 2017 and glad I did. Was with them for 35+yrs and wasn't impressed by any of their products or fees.

This might be good for Victory Capital and Stuart Parker but not for USAA members. I too voted with my feet and left for Vanguard and Schwab.

Edward said:
April 8, 2019 — 9:30 AM

Also voted "no". All the wasted money on advertising and continuing decline in customer/ members service.

Chris said:
April 12, 2019 — 11:36 AM

I voted "against" Victory and "withhold" on the shyster David C. Brown.

If you have already voted, you can go back to proxyvote (the link in the USAA emails) and change your vote until 17 April.

Please do so. Let USAA know they aren't taking care of their members anymore.

Laura said:
April 18, 2019 — 7:01 AM

After years of watching my mutual funds being stagnate invested in companies that I now realize do not have the same morals and values that I have, I have opted for a change.

I hope to see tremendous growth and new aspiring jobs for other young professionals.

The biography of the Victory leaders are outstanding each holding accredited degrees from remarkable universities.

Go for it! Putting my risk here.

JoeFriday6 said:
June 27, 2019 — 11:46 AM

Few have any information about what is to occur July 1, 2019.

Marti said:
July 1, 2019 — 3:04 PM

I just learned about this when I called to check on balances of multiple accounts; the research I've done (while on hold for over 30 minutes with Victory Capital)

I will be transferring my $$$ from these mutual funds to my USAA Managed Portfolio!

GJP said:
July 10, 2019 — 12:05 PM

I also voted no.

The USAA Board of Directors have an obligation to make decisions in the best interest of their members/investors, but it seems they have chosen to ignore us while pushing out carefully worded rhetoric as to why this sell off was a good decision.

I'm in the process of transferring assets out of USAA to other institutions.

The reasons I joined USAA are no longer. USAA member 30 years.

JoeFriday6 said:
July 10, 2019 — 2:05 PM

I too voted No on the buy by Victory Capital.

I am sick that the deal went through.

Couldn't USAA have simply got rid of Parker and hired another?

I am holding temporarily on my USAA/VC mutual funds, the dividend of which I transfer to my bank account every months.

If VC tries to stop that or I see dividends going down to pay VC indebtedness then I'm gone.

I talked to a lot of military friends prior to the transfer date and almost all of them were against VC taking over the MFs.

It is a really scary time. Good luck to all of you. Out--

Don said:
July 13, 2019 — 5:11 PM

Finally got a person on phone with VC.

I just wanted to know the address to send my transfer paperwork to move my IRA to another firm.

I got a full court press on why I should leave the money with VC.

We had a long discussion. I had no idea this transaction was in the works.

We moved this money to USAA in march and no one ever mentioned this sale was happening.

We feel betrayed.

They have lost their way.

Not the same company I joined 35 years ago. Don

Don said:
July 15, 2019 — 7:55 PM

News broke today that USAA is in talks with Schwab to sell their brokerage and wealth management business.

That is it, I am done with USAA with my Roth and Regular IRA.

Taking it to TD Ameritrade. Been there several years with a regular brokerage acct. no complaints.

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