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Victory Capital to acquire USAA Asset Management
Victory Capital Holdings announced that it will acquire USAA Asset Management, a company managing $69.2 billion in AUM and 53 investment funds.
The purchase includes USAA Asset Management's mutual fund and ETF businesses, the firm said.
"The acquisition of USAA Asset Management Company is a strong diversifier for us with the addition of quality investment teams and products and provides us entry into a new distribution channel with a loyal member base made up of members of the military community and their families," said Victory Capital CEO David Brown.
Victory Capital expects the acquisition to expand and diversify its investment platform, particularly the fixed income and solutions asset class, as well as allow the company to offer its products to USAA members through a direct member-based channel.
Carlyle makes investment in iCapital
Carlyle Group has become a strategic partner in fintech company iCapital, according to iCapital.
Carlyle is partnering with the platform in order to leverage its proprietary technology and to help manage operations and administration of private equity vehicles targeting the wealth management marketplace.
"Using technology to improve operational processes and infrastructure, iCapital's platform is a potential game-changer for the industry," Norma Kuntz, managing director and global head of fund management at Carlyle, said in a statement.
Carlyle is the latest of companies to invest in the firm, following companies including BlackRock, Blackstone and BNY Mellon.
Hennessy Advisors acquires BP Capital's TwinLine Funds
Hennessy Advisors has acquired the BP Capital TwinLine Energy Fund and the BP Capital TwinLine MLP Fund.
The acquired funds represent $200 million in assets and will be reorganized into the Hennessy BP Energy Fund and the Hennessy BP Midstream Fund.
The...