Victory Capital Management, a value stock manager, is acquiring growth stock manager NewBridge Partners. The acquisition is structured as an asset purchase, with incentives to retain NewBridge staff, according to a statement from Victory. Further terms of the acquisition, expected to close June 30, were not disclosed.
NewBridge’s investment teams will continue to operate independently under the name of Victory NewBridge. The Manhattan investment offices of Victory and Victory NewBridge may be combined, said Ron Petrie, a spokesman for Victory. NewBridge’s marketing and administrative functions will be integrated with the rest of Victory’s operations, Mr. Petrie said, but no decisions have been made about laying off any NewBridge staff or closing sales offices.
Victory Capital has $60 billion in assets under management, and NewBridge, $2 billion.
