Victory Capital to Acquire USAA Asset Management Company

November 7, 2018

Willkie represented Victory Capital Holdings, Inc. in its deal to acquire USAA Asset Management Company.

On November 6, Willkie client Victory Capital Holdings, Inc. (NASDAQ:VCTR) and USAA announced that Victory Capital has entered into a definitive purchase agreement to acquire investment firm USAA Asset Management Company.

As of September 30, 2018, USAA Asset Management Company had $69.2 billion in assets under management (AUM) in 53 investment funds. Based on AUM as of September 30, 2018, Victory Capital would have approximately $144.4 billion in firmwide AUM at the close of the transaction.

Based in San Antonio, TX, USAA Asset Management Company was formed to serve the investment needs of the military community and their families. Today, it is a leading investment firm with a full suite of investment capabilities, a strong investment performance track record and a distinguished reputation for service to its members. USAA Asset Management Company will become Victory Capital’s 11th Investment Franchise and it will have the rights to offer products and services using the USAA brand.

Victory Capital is a global investment management firm operating an integrated multi-boutique business model with $63.6 billion in AUM as of September 30, 2018.

Earlier in 2018, Willkie advised Victory Capital on its acquisition of Harvest Volatility Management and its initial public offering. The firm also previously advised Victory Capital on its acquisitions of RS Investments, Compass EMP and Munder Capital Management.

The Willkie deal team on the current transaction was led by partner David Boston and counsel Daniel Mun and included partners Jeffrey Goldfarb, Geri Anne McEvoy and James Silk.