The Firm is representing USAA in connection with its sale of USAA Asset Management Company (which includes its mutual fund and ETF businesses and USAA 529 College Savings Plan) to Victory Capital Holdings, Inc. (NASDAQ: VCTR) (“Victory Capital”) for $850 million plus the opportunity for additional contingent payments based on future business performance. The transaction is expected to close in the second quarter of 2019, subject to regulatory approvals and other customary conditions.
The USAA family of companies provides insurance, banking, investments, retirement products and advice to more than 12.7 million current and former members of the U.S. military and their families. As of September 30, 2018, USAA Asset Management Company had $69.2 billion in AUM (excluding the Managed Money product offered for customers of USAA’s brokerage business).
Victory Capital is a global investment management firm operating a next-generation, integrated multi-boutique business model with $63.6 billion in AUM as of September 30, 2018.
The Simpson Thacher team includes Gary Horowitz, Elizabeth Cooper, Jonathan Stradling, Zachary Gennett, Jason Fixelle and Eduardo Camara (M&A); David Blass and Lucie Enns (Registered Funds); David Rubinsky, Patricia Adams and Eric Wolf (Executive Compensation and Employee Benefits); Marcela Robledo (Intellectual Property); Jonathan Goldstein and Nicole Humphrey (Tax); and J. Alden Millard (Banking and Credit).