Victory Capital to Acquire USAA Asset Management

Victory Capital Holdings Inc. and USAA have announced an agreement for the former to acquire USAA Asset Management Co., which includes its mutual fund and ETF businesses and USAA 529 College Savings Plan, for $850 million plus the opportunity for additional contingent payments based on future business performance.

As of Sept. 30, USAA Asset Management had $69.2 billion in assets under management in 53 investment funds. Based on AUM as of the same date, Victory Capital would have approximately $144.4 billion in firmwide AUM at the close of the transaction.

USAA Asset Management is based in San Antonio, Texas; it was formed to serve the investment needs of the military and their families. It offers a full suite of investment capabilities.

In addition, Barron’s named USAA Asset Management the 12^th Best Fund Family of 2016 and the 23^rd Best Fund Family of 2017. It was also ranked 3^rd in the taxable bond category for 2016 and 5^th for 2017.