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Victory Touts Benefits of USAA Acquisition

Victory Capital Holdings plans to purchase USAA Asset Management Company, including its mutual fund and ETF businesses and USAA 529 College Savings Plan, in an $850 million deal, the companies announced. Victory, which has acquired several firms in recent years, said the combination will significantly diversify its asset base, enhance its investment capabilities, increase scale and provide entry into a new distribution channel with a loyal member base. Based on assets as of September 30, 2018, Victory would have approximately $144.4 billion in firmwide assets under management at the close of the transaction and would be among the top 50 money management firms and top 25 U.S. mutual fund providers, Victory’s chief executive David Brown said in media reports. The deal is expected to close within the next six to seven months.