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. NewBridges investment teams will continue to operate independently under the name of Victory NewBridge.
Victory Capital has $60 billion in assets under management, and NewBridge, $2 billion.