Victory Capital Holdings is acquiring Munder Capital Management for an undisclosed amount, said Victory spokeswoman Jacqueline Condie.
The deal, which is expected to close by the end of the third quarter, will result in the formation of a new Cleveland-based money management firm with more than $37 billion in assets under management. The name of the new company has not yet been determined.
Victory Capital Holdings is the parent company of Victory Capital Management.
David Brown, chairman and CEO of Victory Capital Management, will be appointed chairman and CEO of the new company. Christopher Ohmacht, current president of Victory Capital Management, will serve as president and employee director for the board. Jim FitzGerald, current president of Munder, will become vice chairman of the new company.
The new company's board of directors will be management-led. Other board appointments will be made and announced at a later date.
Victory, Munder and Munder subsidiary Integrity Asset Management's investment teams and other personnel will continue to operate from their respective locations. Victory is based in Cleveland and has offices in New York, Denver, Tampa Bay, Fla. and Cincinnati. Munder Capital is based in Birmingham, Mich., and has an office in Boston; Integrity is in Rocky River, Ohio.
The investment teams will remain in their current office locations once the deal closes. There are no current plans to relocate any offices or investment teams.
