Victory Capital moving headquarters to San Antonio after USAA acquisition

Victory Capital Management will move its corporate headquarters to San Antonio midyear.

The move is in conjunction with the multimanager firm's acquisition of San Antonio-based USAA Asset Management Co., which is expected to close in the second quarter, a news release said.

The firm said in the news release that the move will give the firm "the opportunity to cost-effectively build out its operational infrastructure."

David C. Brown, Victory Capital's chairman and CEO, and other senior executives will relocate to the new headquarters but will "maintain a significant presence" in Cleveland.

"San Antonio will play an important role in the future growth of our organization," Mr. Brown said, noting "it will enhance our ability to access new pools of talent and further develop the technology and operational platforms that support our multiboutique model."

Victory Capital has nine affiliated boutique managers that managed a total of $52.8 billion as of Dec. 31. The boutiques will remain in their offices and will not be affected by the headquarters move.