Victory will merge NewBridges 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. "NewBridges growth style is a perfect fit for Victorys 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.