Michael Roth, the former CEO of USAA Investment Management, has joined Intercontinetal Asset Management, a San Antonio, Tex.-based investment firm where, as president, he will develop and run hedge funds for the U.S. market.

Intercontinental Asset Management, holds $500 million in assets. Nearly 90% of Intercontinental's client base is comprised of non-U.S. investors in Mexico and Peru, Roth said. His role will be to work on developing products for the U.S. market, he said. "The opportunity that we saw was to build the domestic part of this business."

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