Victory Capital Holdings, Inc. (NASDAQ: VCTR) (“Victory Capital”
or the “Company”) announced today that it has acquired, through a
wholly owned subsidiary, a 15% interest in Alderwood Partners LLP
(“Alderwood”). Financial terms were not disclosed.
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the full release here:
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Alderwood’s operating entity, Alderwood Capital, is a
London-based investment advisory firm focused on taking minority
stakes in specialist boutique asset management businesses. Founded
in 2020 by Jonathan Little, Alderwood is planning – subject to
regulatory approval – to raise a single fund to deploy its
strategy. Victory Capital will have board representation at the
general partner level and intends to participate as an investor in
the fund.
“This investment in a proven M&A capability provides Victory
Capital with a number of compelling strategic advantages,” said
David Brown, Chairman and CEO of Victory Capital. “It significantly
broadens our international scope for future growth, particularly in
the UK and on the European continent. In addition to expanding
opportunities for complementary distribution alliances and
strategic partnerships leveraging organizational and regulatory
platforms in non-US jurisdictions, it also provides attractive
return opportunity on our investment.”
“We are very pleased to welcome Victory Capital as partners in
our firm,” added Jonathan Little, Founder and Managing Partner at
Alderwood. “I’ve long been an admirer of David Brown and the
Victory Capital team. Victory Capital has an excellent record of
supporting businesses over the long term and providing wise counsel
to the management teams it backs. It is a hugely credible investor
and strategic partner, and we look forward to developing our
relationship over the long term. Our organisations have strong
cultural alignment, and we share the view that active management in
focused firms will continue to generate robust cash flow and
attractive risk-adjusted IRR.”
Prior to founding Alderwood, Jonathan Little was Founder and
Managing Partner of Northill Capital—a leading asset management
firm acquiring majority stakes in specialist asset management firms
around the world. Before that, Jonathan Little served as Global
Co-Head of Asset and Wealth Management at BNY Mellon, where he also
served as Vice Chairman of the Asset Management Business and
Chairman of the Dreyfus Corporation; and, was Chairman of Insight
Investment Management. Earlier in his career, he was Head of
International Funds and Sub-Advisory at JP Morgan Investment
Management and held key roles at Fidelity Investments
International.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements may include, without limitation, any
statements preceded by, followed by or including words such as
“target,” “believe,” “expect,” “aim,” “intend,” “may,”
“anticipate,” “assume,” “budget,” “continue,” “estimate,” “future,”
“objective,” “outlook,” “plan,” “potential,” “predict,” “project,”
“will,” “can have,” “likely,” “should,” “would,” “could” and other
words and terms of similar meaning or the negative thereof. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond Victory Capital’s
control such as the COVID-19 pandemic and its effect on our
business, operations and financial results going forward, as
discussed in Victory Capital’s filings with the SEC, that could
cause Victory Capital’s actual results, performance or achievements
to be materially different from the expected results, performance
or achievements expressed or implied by such forward-looking
statements.
Although it is not possible to identify all such risks and
factors, they include, among others, the following: reductions in
AUM based on investment performance, client withdrawals, difficult
market conditions and other factors such as a pandemic; the nature
of the Company’s contracts and investment advisory agreements; the
Company’s ability to maintain historical returns and sustain its
historical growth; the Company’s dependence on third parties to
market its strategies and provide products or services for the
operation of its business; the Company’s ability to retain key
investment professionals or members of its senior management team;
the Company’s reliance on the technology systems supporting its
operations; the Company’s ability to successfully acquire and
integrate new companies; the concentration of the Company’s
investments in long-only small- and mid-cap equity and U.S.
clients; risks and uncertainties associated with non-U.S.
investments; the Company’s efforts to establish and develop new
teams and strategies; the ability of the Company’s investment teams
to identify appropriate investment opportunities; the Company’s
ability to limit employee misconduct; the Company’s ability to meet
the guidelines set by its clients; the Company’s exposure to
potential litigation (including administrative or tax proceedings)
or regulatory actions; the Company’s ability to implement effective
information and cyber security policies, procedures and
capabilities; the Company’s substantial indebtedness; the potential
impairment of the Company’s goodwill and intangible assets;
disruption to the operations of third parties whose functions are
integral to the Company’s ETF platform; the Company’s determination
that Victory Capital is not required to register as an "investment
company" under the 1940 Act; the fluctuation of the Company’s
expenses; the Company’s ability to respond to recent trends in the
investment management industry; the level of regulation on
investment management firms and the Company’s ability to respond to
regulatory developments; the competitiveness of the investment
management industry; the dual class structure of the Company’s
common stock; the level of control over the Company retained by
Crestview GP; the Company’s status as an emerging growth company
and a controlled company; and other risks and factors listed under
"Risk Factors" and elsewhere in the Company’s filings with the
SEC.
Such forward-looking statements are based on numerous
assumptions regarding Victory Capital’s present and future business
strategies and the environment in which it will operate in the
future. Any forward-looking statement made in this press release
speaks only as of the date hereof. Except as required by law,
Victory Capital assumes no obligation to update these
forward-looking statements, or to update the reasons actual results
could differ materially from those anticipated in the
forward-looking statements, even if new information becomes
available in the future.
About Victory Capital
Victory Capital is a diversified global asset management firm
with $136.8 billion in assets under management as of August 31,
2020. The Company operates a next-generation business model
combining boutique investment qualities with the benefits of a
fully integrated, centralized operating and distribution
platform.
Victory Capital provides specialized investment strategies to
institutions, intermediaries, retirement platforms and individual
investors. With nine autonomous Investment Franchises and a
Solutions Platform, Victory Capital offers a wide array of
investment styles and investment vehicles including actively
managed mutual funds, separately managed accounts, rules-based and
active ETFs, multi-asset class strategies, custom-designed
solutions and a 529 College Savings Plan.
For more information, please visit www.vcm.com or follow us:
Twitter and LinkedIn.
About Alderwood Capital
Alderwood Capital was founded in 2020 by Jonathan Little.
Alderwood provides advice, consultancy and support services to
asset managers and regulated entities looking to make investments
in the global asset management sector.
Alderwood is currently seeking FCA authorisation to manage a
long-term closed end fund. For more information, please visit
https://alderwoodcap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200921005196/en/
Media (Alderwood) Montfort Communications Claire Lewis /
Toto Reissland +44 7825 588626 / +44 7976098139
alderwood@montfort.london
Investors: Matthew Dennis, CFA Chief of Staff Director,
Investor Relations 216-898-2412 mdennis@vcm.com
Media (Victory Capital): Tricia Ross 310-622-8226
tross@finprofiles.com
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