July 8, 2019
Victory Capital Holdings closed on its acquisition of San Antonio-based USAA Asset Management Co., paying $850 million. This means that the Midwest-headquartered Victory Capital, a global investment management firm, can offer products and services under the USAA brand, including mutual fund and exchange-traded fund businesses and 529 college savings plans.
Victory Capital announced that it would relocate its global investment management business from Ohio to San Antonio later in 2019, though the specific location wasn’t revealed. Victory Capital has already hired 230 USAA employees; approximately 60 were laid off or separated from the company.
In January 2019, when the acquisition was first announced, the San Antonio City Council and Bexar County Commissioners approved incentive packages totaling $750,000 to Victory Capital, which included relocation of six executive team members, retention of 300 existing jobs, creation of 51 new jobs, and investment of at least $500,000 in real estate property.
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