After briefly moving to another broker-dealer, Pentagon Federal Credit Union has returned to CUSO Financial Services LP, according to the San Diego-based broker-dealer and investment adviser.

The $15 billion PenFed in Alexandria, Va., previously offered its investment program through CFS for eight years, but left to partner with another broker dealer to support other business ventures, the CUSO said. After one and a half years, the credit union chose to move back to CFS.

“We have had a great track record with CFS. Previously under their management, PenFed Invest grew 700% in revenue,” said Shashi Vohra, executive vice president for The PenFed Group.

PenFed Invest, the credit union's investment program, previously held nearly $250 million in assets under management with CFS, according to the CUSO. The program's goal is to replenish those assets over the next 12 to 24 months.

PenFed Invest will become a managed program with CFS, meaning the program manager and investment advisers are employed and managed by the CUSO. They recently hired several advisers, with the goal to reach 10 advisers by year end.

The investment program will also implement CFS' online integrated account information platform, which allows members to view their PenFed banking and brokerage and direct investment accounts through the credit unions' online banking website.

Members will also have access to the Financial Management Center, an online referral tool that provides the opportunity to track progress towards personal investment goals and make an online connection with PenFed Invest advisers.

“PenFed serves a wide array of members across the nation and overseas, and they need fast, responsive and real hands-on program support,” said Valorie Seyfert, CFS president/CEO. “We're glad to have them back on board.”

PenFed serves more than one million members in the Air Force, Army, Coast Guard, Department of Homeland Security, Department of Defense, Veterans of Foreign Wars, and related companies and organizations.

Instant Insights /

Pentagon Federal Credit Union Moves Back to CUSO Financial

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