{{Short description|American asset management company}} {{Use mdy dates|date=December 2023}} {{Infobox company | name = Victory Capital Holdings, Inc | logo = Victory Capital.svg | former_name = Key Asset Management | type = Public | traded_as = {{unbulleted list|{{NASDAQ|VCTR}}|S&P 600 component}} | industry = Financial services | predecessor = Cleveland Trust | founded = {{Start date and age|1894}} | founders = | hq_location_city = San Antonio, Texas | hq_location_country = United States | key_people = {{ubl | David Brown (chairman and CEO) | Michael Policarpo (president) }} | products = {{ubl|Mutual funds|Exchange-traded funds|Separately managed account|529 plan|Individual retirement account}} | services = {{ubl|Investment management|Broker-dealer|Fund administration}} | revenue = {{decrease}} US$854.80 million (2022) | operating_income = {{increase}} US$399.11 million (2022) | net_income = {{decrease}} US$275.51 million (2022) | aum = US$163.6 billion<br>(April 2024) | assets = {{decrease}} US$2.54 billion (2022) | equity = {{increase}} US$1.07 million (2022) | num_employees = {{increase}} 512 (2022) | website = {{URL|www.vcm.com}} | footnotes = <ref name="FY22">{{cite web |title=2022 Annual Report |url=https://s26.q4cdn.com/410981916/files/doc_financials/2022/ar/2022-vctr-annual-report.pdf |website=Victory Capital}}</ref> }}
'''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.
== 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.<ref name=":0">{{Cite web |last1=Toledo |first1=Charlotte Nicole |last2=Roy |first2=Chris |title=Cleveland Trust Company |url=https://clevelandhistorical.org/items/show/761 |access-date=August 24, 2023 |website=Cleveland Historical |language=en-US}}</ref><ref name=":1">{{Cite web |date=May 31, 2019 |title=AMERITRUST {{!}} Encyclopedia of Cleveland History {{!}} Case Western Reserve University |url=https://case.edu/ech/articles/a/ameritrust |access-date=August 24, 2023 |website=case.edu |language=en}}</ref>
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.<ref name=":0" /><ref name=":1" />
In the 1980s, AmeriTrust Corporation was weakened by the real estate market collapse and in September 1991, was acquired by Society Corporation.<ref name=":0" /><ref name=":1" /><ref>{{Cite news |last=Quint |first=Michael |date=September 14, 1991 |title=Society Corp. in Ohio to Acquire Ameritrust |language=en-US |work=The New York Times |url=https://www.nytimes.com/1991/09/14/business/society-corp-in-ohio-to-acquire-ameritrust.html |access-date=August 24, 2023 |issn=0362-4331}}</ref>
In 1993, the trust company under Society Corporation was established as its own registered investment adviser under the name Society Asset Management.<ref name=":2">{{Cite web |date=February 7, 1995 |title=Response of the office of chief counsel division of investment management |url=https://www.sec.gov/divisions/investment/noaction/1995/victorystockfund020795.pdf |website=SEC}}</ref>
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.<ref name=":2" /><ref>{{Cite news |agency=Associated Press |date=February 17, 1994 |title=COMPANY NEWS; SHAREHOLDERS APPROVE KEYCORP-SOCIETY DEAL |language=en-US |work=The New York Times |url=https://www.nytimes.com/1994/02/17/business/company-news-shareholders-approve-keycorp-society-deal.html |access-date=August 24, 2023 |issn=0362-4331}}</ref><ref>{{Cite web |date=December 13, 2006 |title=TARGETS SIGHTED: KEY ASSET TAKES ITS INVESTMENTS SHOW ON THE ROAD |url=https://www.pionline.com/article/19990322/PRINT/903220742/targets-sighted-key-asset-takes-its-investments-show-on-the-road |access-date=August 24, 2023 |website=Pensions & Investments |language=en}}</ref><ref name=":3">{{Cite web |date=December 14, 2006 |title=KeyCorp Asset Management is changing its name to Victory Capital... |url=https://www.pionline.com/article/20010409/ONLINE/104090701/keycorp-asset-management-is-changing-its-name-to-victory-capital |access-date=August 24, 2023 |website=Pensions & Investments |language=en}}</ref>
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.<ref name=":3" />
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.<ref>{{Cite web |last=Teresa Dixon Murray |first=The Plain Dealer |date=February 22, 2013 |title=KeyCorp sells Victory Capital to management, employees in $246 million deal |url=https://www.cleveland.com/business/2013/02/keycorp_sells_victory_capital.html |access-date=August 24, 2023 |website=cleveland |language=en}}</ref><ref>{{Cite web |date=February 21, 2013 |title=Victory Capital Management being sold to management, Crestview Partners |url=https://www.pionline.com/article/20130221/ONLINE/130229973/victory-capital-management-being-sold-to-management-crestview-partners |access-date=August 24, 2023 |website=Pensions & Investments |language=en}}</ref>
In October 2014, Victory Capital acquired Munder Capital Management and its subsidiary Integrity Asset Management.<ref>{{Cite news |last=Or |first=Amy |date=April 17, 2014 |title=Crestview, Reverence Back Victory Capital's Purchase of Munder |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/DJFLBO0020140417ea4hit4sv |access-date=August 24, 2023 |issn=0099-9660}}</ref>
In May 2015, Victory Capital completed its acquisition of Compass EMP and started offering exchange-traded funds (ETFs).<ref>{{Cite web |date=May 5, 2015 |title=Victory Capital completes acquisition of Compass EMP - ETF Express |url=https://etfexpress.com/2015/05/05/victory-capital-completes-acquisition-compass-emp/ |access-date=August 24, 2023 |language=en-US}}</ref>
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.<ref>{{Cite web |date=July 29, 2016 |title=Victory Capital Announces Close of Acquisition of RS Investments |url=https://www.businesswire.com/news/home/20160729005592/en/Victory-Capital-Announces-Close-of-Acquisition-of-RS-Investments |access-date=August 24, 2023 |website=www.businesswire.com |language=en}}</ref>
In January 2017, Victory Capital rebranded its Compass EMP ETF business as VictoryShares.<ref>{{Cite web |last=Lydon |first=Tom |date=January 23, 2017 |title=Victory Capital Unveils VictoryShares Platform, Plans New ETFs |url=https://www.etftrends.com/2017/01/victory-capital-unveils-victoryshares-platform-plans-new-etfs/ |access-date=August 24, 2023 |website=ETF Trends |language=en-US}}</ref>
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.<ref>{{Cite web |date=February 6, 2018 |title=Victory Capital Gears Up for IPO |url=https://finance.yahoo.com/news/victory-capital-gears-ipo-144529154.html |access-date=August 24, 2023 |website=Yahoo Finance |language=en-US}}</ref><ref>{{Cite news |date=February 8, 2018 |title=U.S. IPOs start scraping through despite market jitters |language=en |work=Reuters |url=https://www.reuters.com/article/us-usa-stocks-volatility-ipos-idUKKBN1FS0ET |access-date=August 24, 2023}}</ref>
In November 2018, Victory Capital announced it would acquire USAA Asset Management Company for $850 million.<ref>{{Cite web |last=Piper |first=Nicole |date=January 11, 2019 |title=Victory Capital moving HQ to Texas following USAA deal |url=https://citywire.com/pro-buyer/news/victory-capital-moving-hq-to-texas-following-usaa-deal/a1190131 |access-date=August 24, 2023 |website=citywire.com}}</ref> As a result, in January 2019, Victory Capital announced it would move its headquarters from Cleveland, Ohio to San Antonio, Texas.<ref>{{Cite web |date=November 7, 2018 |title=Victory Capital Buys USAA Asset Management For $850 Million |url=https://www.institutionalinvestor.com/article/2bsxpo4w12mue4samtibk/corner-office/victory-capital-buys-usaa-asset-management-for-850-million |access-date=August 24, 2023 |website=Institutional Investor |language=en}}</ref> Both actions were completed in 2019.<ref>{{Cite web |last=Mendoza-Moyers |first=Diego |date=February 13, 2020 |title=Victory Capital, following relocation to S.A., reports strong 2019 |url=https://www.expressnews.com/business/article/Victory-Capital-following-relocation-to-S-A-15054848.php |website=San Antonio Express-News}}</ref>
In 2021, Victory Capital made a series of acquisitions where it acquired THB Asset Management, New Energy Capital Partners and WestEnd Advisors.<ref name=":4">{{Cite web |date=August 24, 2023 |title=Victory Capital - Asset Management Company {{!}} Morningstar |url=https://www.morningstar.com/asset-management-companies/victory-capital-BN00000MDZ |access-date=August 24, 2023 |archive-url=https://web.archive.org/web/20230824143652/https://www.morningstar.com/asset-management-companies/victory-capital-BN00000MDZ |archive-date=August 24, 2023 }}</ref>
In 2023, the company rebranded USAA Investments as Victory Income Investors.<ref name=":4" />
In April 2024, Victory Capital agreed to acquire the U.S. business of global asset manager Amundi.<ref>{{Cite web |last=Abou Ghalioum |first=Ramzi |date=2025-04-02 |title=Victory Capital completes acquisition of Amundi US |url=https://www.bizjournals.com/sanantonio/news/2025/04/02/victory-capital-deal-amundi-assets-acquisition.html |access-date=2026-01-23 |website=San Antonio Business Journal |language=en-US}}</ref> The business manages $104 billion in assets and has 480 employees. In exchange, Amundi would receive a 26.1% stake in Victory and access to its U.S. products and clientele.<ref name=reuters>{{cite web|url=https://www.reuters.com/markets/deals/amundi-get-26-stake-victory-exchange-us-business-2024-04-16/|title=Amundi makes biggest foray into US with Victory tie-up | first1=Mathieu|last1=Rosemain | first2=Sudip|last2=Kar-Gupta|work=Reuters|date=April 16, 2024|access-date=August 4, 2025}}</ref>
== References == {{reflist}}
== External links == * {{Official website|https://www.vcm.com}} {{authority control}}
Category:1894 establishments in Ohio Category:2018 initial public offerings Category:American companies established in 1894 Category:Companies based in San Antonio Category:Companies formed by management buyout Category:Companies in the Nasdaq Financial-100 Category:Companies listed on the Nasdaq Category:Financial services companies established in 1894 Category:Investment companies of the United States Category:Asset management companies