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Friday, January 18, 2019

Texas Wins Over an Ohio Fund Firm

News summary by MFWire's editors

A Buckeye State fund firm is moving south as it buys a Lonestar State fund firm.

David C. Brown
Victory Capital Holdings, Inc.
Chairman, CEO
In mid-2019, publicly traded multi-boutique Victory Capital's [profile] headquarters will shift from Cleveland, Ohio to San Antonio, Texas, chairman and CEO David Brown confirmed last week. The move coincides with Victory's planned pending purchase of San Antonio-based USAA Asset Management Company [profile], a deal valued at up to $1 billion and expected to close in Q2.

It's not clear what the move means for the rest of Victory's team in Cleveland. According to a statement from Victory, Brown's team "plans to maintain a significant presence in Cleveland," but no numbers or position types are mentioned. Victory also has nine other U.S. offices and three international ones, none of which will be affected by the move.

Brown describes San Antonio as playing "an important role in the future growth" of Victory. Indeed, when the deal was unveiled last November, the Victory team expected to keep on more than 300 USAA employees after the deal closes. The San Antonio Express-News reports that Victory management expects to add 50 jobs in San Antonio, in addition to moving Brown and five other senior execs to the other.

"San Antonio offers our employees the opportunity to live in an innovative and culturally rich city with an exceptional climate and competitive cost of living," Brown states. "It will enhance our ability to access new pools of talent and further develop the technology and operational platforms that support our integrated multi-boutique business model."

According to the Express-News, San Antonio and Bexar County will give Victory $750,000 in tax incentives (assuming the city council and county commissioners agree), but they expect a $945-milllion economic boost (over the next 10 years) and a $460,000 tax boost. Victory's new San Antonio HQ location is still TBD.

Citywire and P&I also reported on the move.

Victory had $58.2 billion in AUM as of December 31. USAA Asset Management had $69.2 billion in AUM as of September 30. 

Edited by: Neil Anderson, Managing Editor


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