Index Fund Advisors has set up shop in Austin and made a senior hire from USAA Wealth Management to lead the new office.

Index Fund Advisors, an Irvine, CA-based RIA, has brought in Derick Kann to manage its new office in Austin, TX, serving clients in the Lone Star state and across the Southwest.

Kann, who was most recently a senior wealth manager at USAA Wealth Management Services, has been named as a senior vice president and wealth advisor.

Index Fund Advisors has around 2,200 clients and $2.74 billion in AuM as of December 31, 2015.

As the firm's name suggests, it is a proponent of investing in portfolios of index funds.