ALEXANDRIA, Va. – Pentagon FCU announced this morning it has returned its investment services program to CUSO Financial Services, L.P., after a year-and-a-half hiatus.
The $15 billion credit union, the nation’s third largest, had offered its investment program through San Diego-based CUSO Financial for eight years, but moved briefly to another broker dealer to support other business ventures.
The credit union’s investment program, called PenFed Invest, previously held almost $250 million in assets under management with CFS; the program's goal is to replenish those assets over the next 12-24 months.
PenFed Invest will become a managed program with CUSO Financial, meaning the program manager and investment advisors are employed and managed by CUSO Financial. They recently hired several advisors, with the goal to reach 10 advisors by year end.
PenFed Invest will be implementing two CUSO Financial online technology services for its members:
An online integrated account information platform that will allow members to view their PenFed banking and investment (brokerage and direct) account information through the credit unions' online banking Website via single sign-on access.
The Financial Management Center, an online referral tool, which will provide members the opportunity to generate a high level view of their progress toward a wide range of investment goals as well as make an online connection with PenFed Invest advisors.