Victory Capital

Victory Capital Holdings, Inc

Formerly	Key Asset Management
Company type	Public
Traded as	Template:NASDAQ
Industry	Financial services
Predecessor	Cleveland Trust
Founded	1894 (1894)
Headquarters	San Antonio, Texas , United States
Key people	David Brown (chairman and CEO) Michael Policarpo (president)
Products	Mutual funds Exchange-traded funds Separately managed account 529 plan Individual retirement account
Services	Investment management Broker-dealer Fund administration
Revenue	US$854.80 million (2022)
Operating income	US$399.11 million (2022)
Net income	US$275.51 million (2022)
AUM	US$163.6 billion (April 2024)
Total assets	US$2.54 billion (2022)
Total equity	US$1.07 million (2022)
Number of employees	512 (2022)
Website	www.vcm.com

Victory Capital Holdings, Inc. is a United States-based firm in the financial services sector, with its main office situated in San Antonio, Texas. The company focuses on investment management and maintains a global presence through investment teams located in London, Hong Kong, and Singapore.

History

The origins of Victory Capital date back to Cleveland Trust, which was established in 1894 in Cleveland, Ohio. Over time, the company underwent various mergers and name changes, becoming AmeriTrust Corporation in 1979 and expanding its operations nationwide by 1983. After encountering financial difficulties during the 1980s, AmeriTrust was acquired by Society Corporation in 1991.

In 1993, Society Asset Management was formed as a registered investment adviser. Following the 1994 merger between Society Corporation and Keycorp, this asset management division was renamed Key Asset Management, managing assets totaling $72 billion by 1999. Its subsidiaries included Gradison McDonald Investments and Spears, Benzak, Salomon & Farrell.

In 2001, Key Asset Management adopted the Victory Capital name, consolidating its subsidiaries under the Victory brand while allowing them to maintain operational autonomy.

Victory Capital became independent in February 2013 after completing a $246 million management buyout from KeyCorp in partnership with Crestview Partners. At that time, it managed $22 billion in assets and included its broker-dealer affiliate, Victory Capital Advisers.

The firm grew through several acquisitions: Munder Capital Management and Integrity Asset Management were added in 2014; Compass EMP joined in 2015, marking Victory’s entry into the exchange-traded funds (ETFs) market; RS Investments was acquired in 2016, with its emerging markets team rebranded as Sophus Capital. The ETF business of Compass EMP was renamed VictoryShares in 2017.

Victory Capital went public on February 8, 2018, debuting on Nasdaq with an initial share price of $13.

In November 2018, the company announced the acquisition of USAA Asset Management Company for $850 million. This deal led to relocating Victory’s headquarters from Cleveland to San Antonio, Texas, a transition completed by 2019.

Additional expansion occurred through the acquisitions of THB Asset Management, New Energy Capital Partners, and WestEnd Advisors in 2021. In 2023, USAA Investments was rebranded as Victory Income Investors.