Victory Capital

Last updated

Victory Capital Holdings, Inc
FormerlyKey Asset Management
Company type Public
Nasdaq:  VCTR
Industry Financial services
PredecessorCleveland Trust
Founded1894;130 years ago (1894)
Headquarters
San Antonio, Texas
,
United States
Key people
Products
Services
RevenueDecrease2.svg US$854.80 million (2022)
Increase2.svg US$399.11 million (2022)
Decrease2.svg US$275.51 million (2022)
AUM US$163.6 billion
(April 2024)
Total assets Decrease2.svg US$2.54 billion (2022)
Total equity Increase2.svg US$1.07 million (2022)
Number of employees
Increase2.svg 512 (2022)
Website www.vcm.com
Footnotes /references
[1]

Victory Capital Holdings, Inc. is an American financial services company headquartered in San Antonio, Texas that focuses on investment management. Outside the US, it also has investment professionals in London, Hong Kong and Singapore.

Contents

History

The origins of Victory Capital are traced back to Cleveland Trust, a bank that was established in 1894 in Cleveland, Ohio with $500,000 in capital. In 1903, it merged with the Western Reserve Trust Company. [2] [3]

In the early 1970, it formed a holding company for itself named CleveTrust which was not subject to the same limitations of individual banks and was able establish to affiliates throughout the state. By 1977, the trust company of it managed $7 billion in trust funds for its client. In 1979, CleveTrust was renamed to AmeriTrust Corporation and in 1983, it changed to a national charter allowing it to expand outside the state of Ohio. [2] [3]

In the 1980s, AmeriTrust Corporation was weakened by the real estate market collapse and in September 1991, was acquired by Society Corporation. [2] [3] [4]

In 1993, the trust company under Society Corporation was established as its own registered investment adviser under the name Society Asset Management. [5]

In March 1994, Society Corporation merged with Keycorp and Society Asset Management was renamed to Key Asset Management. Gradison McDonald Investments and Spears, Benzak, Salomon & Farrell, both investment firms also acquired by KeyCorp were subsidiaries of Key Asset Management. William G. Spears was the chairman and CEO of Key Asset management from 1996 to 1999. In 1999, Key Asset Management had managed $72 billion in total assets. [5] [6] [7] [8] [9]

In 2001, Key Asset Management was renamed to Victory Capital. Its subsidiaries Gradison McDonald and Spears, Benzak, Salomon & Farrell also took the Victory Capital brand name although their operations would remain independent. [9]

In February 2013, Victory Capital partnered with Crestview Partners to complete a management buyout from KeyCorp for $246 million to become an independent firm. The sale included its broker-dealer affiliate, Victory Capital Advisers. At the time it had $22 billion in assets under management. [10] [11]

In October 2014, Victory Capital acquired Munder Capital Management and its subsidiary Integrity Asset Management. [12]

In May 2015, Victory Capital completed its acquisition of Compass EMP and started offering exchange-traded funds (ETFs). [13]

In July 2016, Victory Capital acquired RS investments from The Guardian Life Insurance Company of America and its emerging markets team was rebranded as Sophus Capital. [14]

In January 2017, Victory Capital rebranded its Compass EMP ETF business as VictoryShares. [15]

On February 8, 2018, Victory Capital held its initial public offering and became a listed company on the Nasdaq with an offering price at $13 per share. [16] [17]

In November 2018, Victory Capital announced it would acquire USAA Asset Management Company for $850 million. [18] As a result, in January 2019, Victory Capital announced it would move its headquarters from Cleveland, Ohio to San Antonio, Texas. [19] Both actions were completed in 2019. [20]

In 2021, Victory Capital made a series of acquisitions where it acquired THB Asset Management, New Energy Capital Partners and WestEnd Advisors. [21]

In 2023, it rebranded USAA Investments as Victory Income Investors. [21]

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References

  1. ↑ "2022 Annual Report" (PDF). Victory Capital.
  2. 1 2 3 Toledo, Charlotte Nicole; Roy, Chris. "Cleveland Trust Company". Cleveland Historical. Retrieved August 24, 2023.
  3. 1 2 3 "AMERITRUST | Encyclopedia of Cleveland History | Case Western Reserve University". case.edu. May 31, 2019. Retrieved August 24, 2023.
  4. ↑ Quint, Michael (September 14, 1991). "Society Corp. in Ohio to Acquire Ameritrust". The New York Times. ISSN   0362-4331 . Retrieved August 24, 2023.
  5. 1 2 "Response of the office of chief counsel division of investment management" (PDF). SEC. February 7, 1995.
  6. ↑ "COMPANY NEWS; SHAREHOLDERS APPROVE KEYCORP-SOCIETY DEAL". The New York Times. Associated Press. February 17, 1994. ISSN   0362-4331 . Retrieved August 24, 2023.
  7. ↑ "TARGETS SIGHTED: KEY ASSET TAKES ITS INVESTMENTS SHOW ON THE ROAD". Pensions & Investments. December 13, 2006. Retrieved August 24, 2023.
  8. ↑ Communications, Emmis (October 1999). Cincinnati Magazine. Emmis Communications.
  9. 1 2 "KeyCorp Asset Management is changing its name to Victory Capital..." Pensions & Investments. December 14, 2006. Retrieved August 24, 2023.
  10. ↑ Teresa Dixon Murray, The Plain Dealer (February 22, 2013). "KeyCorp sells Victory Capital to management, employees in $246 million deal". cleveland. Retrieved August 24, 2023.
  11. ↑ "Victory Capital Management being sold to management, Crestview Partners". Pensions & Investments. February 21, 2013. Retrieved August 24, 2023.
  12. ↑ Or, Amy (April 17, 2014). "Crestview, Reverence Back Victory Capital's Purchase of Munder". Wall Street Journal. ISSN   0099-9660 . Retrieved August 24, 2023.
  13. ↑ "Victory Capital completes acquisition of Compass EMP - ETF Express". May 5, 2015. Retrieved August 24, 2023.
  14. ↑ "Victory Capital Announces Close of Acquisition of RS Investments". www.businesswire.com. July 29, 2016. Retrieved August 24, 2023.
  15. ↑ Lydon, Tom (January 23, 2017). "Victory Capital Unveils VictoryShares Platform, Plans New ETFs". ETF Trends. Retrieved August 24, 2023.
  16. ↑ "Victory Capital Gears Up for IPO". Yahoo Finance. February 6, 2018. Retrieved August 24, 2023.
  17. ↑ "U.S. IPOs start scraping through despite market jitters". Reuters. February 8, 2018. Retrieved August 24, 2023.
  18. ↑ Piper, Nicole (January 11, 2019). "Victory Capital moving HQ to Texas following USAA deal". citywire.com. Retrieved August 24, 2023.
  19. ↑ "Victory Capital Buys USAA Asset Management For $850 Million". Institutional Investor. November 7, 2018. Retrieved August 24, 2023.
  20. ↑ Mendoza-Moyers, Diego (February 13, 2020). "Victory Capital, following relocation to S.A., reports strong 2019". San Antonio Express-News.
  21. 1 2 "Victory Capital - Asset Management Company | Morningstar". August 24, 2023. Archived from the original on August 24, 2023. Retrieved August 24, 2023.
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