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Ohio company plans San Antonio presence after buying USAA investment business

Kristen Mosbrucker
Ohio company plans San Antonio presence after buying USAA investment business

After it completes its acquisition, a Cleveland, Ohio-based investment company plans to scoop up hundreds of USAA Asset Management Co. employees and open a significant office in San Antonio. Victory Capital Holdings Inc. has agreed to buy the company from USAA for $850 million with a potential additional cost, depending on sales, of $150 million in the next four years, according to USAA. The buyer will acquire $69 billion of USAA's assets under management, which consist of mutual funds, exchange-traded funds and its 529 college savings plan.