Crestview Spends $246M For KeyCorp Asset Manager

Law360, New York (February 21, 2013, 2:36 PM EST) -- Crestview Partners said Thursday it had bought asset manager Victory Capital Partners for $246 million from KeyCorp, becoming the latest private equity firm to use such dealmaking to boost assets under management.

Victory, which oversees about $22.1 billion in stocks and fixed-income investments on behalf of clients, will remain a standalone company headquartered in Cleveland, with a “significant amount” of its equity owned by senior management and other employees, Crestview said. Further details were not disclosed.

The new board of directors will include co-CEOs David Brown...
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