Keith Sloane just hired an executive to lead USAA's [profile] mutual fund team into a new channel.

Keith Sloane USAA Head of Third Party Distribution

On Wednesday our sister publication, 401kWire, broke the news that Brian Bouchard has joined San Antonio, Texas-based USAA Investment Management Company as head of investment-only and subadvisory business. Bouchard reports to Sloane, head of third-party distribution.

News broke over the summer that Sloane was searching for a defined contribution investment-only chief to guide USAA into the 401(k) marketplace .

Brian Bouchard USAA Head of Investment Only

Sloane lauds Bouchard's "really multi-faceted background." An alumnus of the Catholic University of America, Bouchard most recently served as a DC I-O wholesaler covering the Northeast for Wells Fargo's mutual fund business. Prior to that he worked in DC I-O sales at Thornburg, and he also worked at two wirehouses, Merrill Lynch and Morgan Stanley.

Ron Cohen, head of DC I-O and RIA sales at Wells Fargo Asset Management, confirms that he's "doing a search right now" for someone to fill Bouchard's shoes.

Ron Cohen Wells Fargo Head of DCIO & RIA Sales

Sloane puts hiring Bouchard and expanding into DC I-O in the context of USAA's broader "channel of choice" approach to expanding its mutual fund distribution. The 45-year-old mutual fund shop is part of a broader insurance giant (also called USAA) that focuses on members and veterans of the U.S. military, as well as their families. Sloane joined USAA Investment Management three years ago to broaden the firm's mutual fund distribution. By summer 2015, USAA had $68 billion in mutual fund AUM, including $3.8 billion in third-party assets sold outside of its traditional membership base. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE