Victory Capital Management has announced that it will be acquiring Austin Capital Management, a Texas-based firm that will be bringing a new product line and a team of investment professionals to Victory.
Austin Capital has launched four hedge funds-of-funds that offer investors the benefits of diversification across various hedge fund investment styles, as well as access to top management, professional selection and monitoring of investments, lower investment minimums and lower volatility.
The financial terms of the agreement have not been disclosed as of yet, and the deal is expected to close by the end of the first quarter of 2006.
"Austin's management team will continue to manage its investment process from its offices in Austin, Texas," said Victory CEO Robert Wagner. "For Victory, this transaction will add a hedge funds-of-funds capability. "For Austin, it increases distribution and enables further investment in infrastructure, human capital and administration."