USAA Potential ETF Debut Puts a Dent in Goldman's Plans

Similarly, USAA should also have an easier time attracting assets since it already has a built-in trusting clientele.

“Our investment products are available to all investors,” Humphrey said. “But our core focus is serving our membership.”

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USAA manages over $150 billion in assets, with half in its own mutual funds. It could also tap into the $5.5 billion it holds in third-party ETFs, about a third of which are smart beta offerings. Furthermore, USAA’s custom-tailored portfolios use ETFs as well, which include Goldman’s multi-factor ETFs.

“Whether you’re GSAM or USAA, the ETF party is still going strong. It’s just more of a BYOA party: Bring Your Own Assets,” Eric Balchunas, an analyst at Bloomberg Intelligence, said. “Having a brand and having customers who trust you is a huge deal.”

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