Davis Polk is advising The Charles Schwab Corporation on its $1.8 billion acquisition of assets of USAA’s Investment Management Company, including brokerage and managed portfolio accounts. The transaction is expected to close during 2020, subject to regulatory approvals and other customary closing conditions.

Schwab is a leading provider of financial services, with more than 365 offices and 12 million active brokerage accounts, 1.7 million corporate retirement plan participants, 1.3 million banking accounts and $3.7 trillion in client assets. The USAA family of companies provides insurance, banking, investments, retirement products and advice to more than 13 million current and former members of the U.S. military and their families.

The Davis Polk corporate team includes partners William L. Taylor and Lee Hochbaum and associates Sarah M. Weissman and Malik M. Khalil. The investment management team includes partner Gregory S. Rowland. Partner Jeffrey P. Crandall is providing executive compensation advice. Partner Randall D. Guynn and counsel Christopher M. Paridon and Zachary J. Zweihorn are providing financial institutions advice. The tax team includes partner David H. Schnabel. Members of the Davis Polk team are located in the New York and Washington DC offices.