Victory Capital is an investment management firm operating a next-generation, integrated multi-boutique business model with $132.5 billion in assets under management as of July 31, 2020. Victory Capital serves both institutional and retail investors.
Crestview is effective operationally and a value-add partner. The focus is always on growth and value creation.Dave Brown, Chairman & CEO
Seeing Through the Noise
Victory was a bank-owned captive asset management business that was undergoing a transformation to an independently operated multi-boutique. In addition, Victory faced additional headwinds as a result of outflows in one of its flagship products. Crestview was able to see through the noise to the long-term potential of the company’s diverse product offering, scalable investment platform and strong management team.
Gaining Scale to Enhance Value
Victory acquired Munder Capital Management in 2014. Both Victory and Munder have the same multi-boutique models, and the acquisition added four new platforms to Victory, creating a broader, more scalable business. Victory also acquired Compass EMP and RS Investments in 2015 to further enhance its scale, product diversification and distribution capabilities. In 2019, Victory completed the transformational acquisition of USAA Asset Management Company, representing a substantial expansion and diversification of its investment platform.
Value of the Multi-Boutique Model
Victory’s growth reflects the value of its multi-boutique model. Management has been able to attract best-in-class investment talent who value the ability to focus solely on investment management while leveraging the support of a robust distribution and operational platform.
Venerable Holdings is a leading consolidator of closed variable annuity blocks and operates the legacy variable annuity business of Voya Financial, Inc.
Prior to the acquisition by Beacon Health in December 2014, ValueOptions was the nation's third largest managed behavioral healthcare services company. It designed and operated behavioral healthcare services, including mental health and substance abuse.
FBR provides investment banking, merger and acquisition advisory, institutional brokerage and research services. It focuses on the consumer, energy & natural resources, financial institutions, healthcare, industrials, insurance, real estate and TMT sectors.
Arxis was an electronic trading firm specializing in the automated market-making of global securities. Its goal was to develop and utilize technological innovations that intelligently analyze data in order to deliver liquidity across asset classes.
AutoLenders is a vertically integrated car leasing, dealership and online automotive sales and purchasing company with a unique data driven business model.
Munder is an investment advisory firm offering actively managed investment products to institutional and retail clients. It offers a broad array of equity, fixed income and balanced investment disciplines and was acquired by Victory Capital in October 2014.
DARAG is a Continental Europe-based privately held property and casualty run-off insurance specialist, with a growing presence in the United States and Bermuda.
Upwell Water is a specialty finance company focused on providing capital markets solutions to small & medium sized water infrastructure assets. The firm partners with providers and end users of water solutions with tailored financing alternatives.
PartnerRe is a global multi-line reinsurer specializing in property and casualty, life and health and alternative risk products. Crestview initially invested in Paris Re (formerly AXA Re) in 2006, which subsequently merged with PartnerRe in 2009.
Fidelis is a global provider of specialty insurance and reinsurance products. The company has offices in Bermuda and London.
Protect My Car is a vertically integrated seller and administrator of vehicle service contracts and maintenance products that protect used vehicle owners against unexpected costs of servicing, repairs and replacement.
Capital Bank Financial Corporation was established by Crestview and management in 2009 and grew to $10.1 billion in assets through eight bank acquisitions. Capital Bank completed its $2.2 billion merger with First Horizon National Corporation in November 2017.
Lancashire is a global provider of specialty insurance and reinsurance, focusing on short-tail risks in property, energy, marine, aviation and Lloyd’s. The company was established in 2005.
Martin Currie is a specialist active equity manager. It manages assets for financial institutions, charities, foundations, pensions, trusts, banking and insurance companies, family offices and offshore funds. It was acquired by Legg Mason in October 2014.