Victory Capital Management, the asset management division of KeyCorp, will acquire NewBridge Partners, a growth equity investment management firm with $2 billion in assets.

Victory will merge NewBridge's marketing and administrative departments into its own, while leaving its investment management division intact, with NewBridge CEO James B. Cowperthwait remaining at the helm.

"NewBridge is a great fit for us, because our products are different, but our people and processes are very similar," said Rick Buoncore, president and CEO of Victory Capital. "NewBridge's growth style is a perfect fit for Victory's value style of equity investing." Cowperthwait said his firm was interested in the pairing to access "the commitment, investment resources and stability of a larger firm with a long history of success."

Terms of the deal were not disclosed except to say it is being structured as an asset purchase and is expected to close June 30.

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