SAN DIEGO -- CUSO Financial Services LP has entered into an agreement with Navy Federal Brokerage Services LLC and Navy Federal Asset Management to provide back office investment support services.
CFS said it will provide NFBS, a broker-dealer, and NFAM, a registered investment adviser, with back office efficiencies, including operations administration, trading services, and dataVISION, a proprietary Web-based, online support platform developed by CFS. Both firms are subsidiaries of $35 billion Navy Federal Credit Union.
"At CFS, we believe in having the flexibility to provide customized program offerings that meet the needs of all types and sizes of credit unions," said Valorie Seyfert, president/CEO of CFS. "In our relationship with Navy Federal Credit Union, these flexible strategies will bring them much greater efficiencies and the ability to focus on doing what they do best, while we do what we do best. It's a great partnership for both of us."
A broker-dealer and registered investment adviser, CFS serves more than 120 credit unions.
In May, Navy Federal announced it was expanding its field of membership to all Navy, Marine Corps, Army, Air Force active duty, reserve and guard personnel and all civilians working in the Department of Defense.