Victory Capital

About Victory Capital

The story of Victory Capital doesn't start in a garage. Its roots trace back to 1894 with Cleveland Trust in Ohio, whose trust and asset management operations would eventually evolve through a series of bank mergers. After Cleveland Trust became part of KeyCorp in the 1990s, its investment division operated as Key Asset Management.

In 2001, KeyCorp rebranded the unit as Victory Capital, establishing the name used today. For over a decade, Victory remained a subsidiary of the regional bank.

The modern chapter began in 2013 when CEO David C. Brown and the management team partnered with private equity firm Crestview Partners to buy the business from KeyCorp. The transaction created Victory Capital Holdings as an independent asset management company and set the stage for its multi-boutique strategy: acquiring specialized investment firms while allowing them to retain investment autonomy, supported by a centralized distribution and operations platform.

Then, on February 8, 2018, Victory Capital held its initial public offering, listing on the Nasdaq under the ticker VCTR. A landmark deal followed in 2019 with the acquisition of USAA's Asset Management Company for $850 million, a move that significantly expanded its scale and reach. This journey of strategic acquisitions and integrated independence has transformed a regional bank's asset manager into a global, publicly traded powerhouse.