PenFed'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 to 24 months, CFS said.
CFS will implement two online technology services for PenFed Invest members, including an integrated account information platform that will allow users to view their banking and investment account information through the credit union's online banking website. It will also provide members with an online referral tool that will connect members online with PenFed Invest advisors.
CFS implemented a managed program for PenFed, meaning the program manager and investment advisors are employed and managed by CFS. PenFed recently hired several advisors with the goal of having 10 advisors by year-end, according to CFS.
"Previously under their management, PenFed Invest grew 700% in revenue. They have the right mix of knowledgeable management and staff, a variety of quality products, and the technology that makes us efficient," Shashi Vohra, executive vice president of The PenFed Group, said in a statement.
PenFed is headquartered in Virginia and has 1.1 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.