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US Asset Manager Makes Hedge Fund Acquisition

Stephen Harris

19 January 2006

Victory Capital Management, the Cleveland, Ohio-based investment management subsidiary of KeyCorp, has acquired Austin Capital Management, a Texas-based funds of hedge funds investment firm. Terms of the transaction were not disclosed. “Austin’s management team will continue to manage its investment process from its offices in Austin, Texas,” said Victory chief executive Robert Wagner in a statement. He added: “For Victory, this transaction will add a hedge fund of funds capability. For Austin, it increases distribution and enables further investment in infrastructure, human capital and administration.” Founded in 1993, Austin Capital Management has approximately $900 million in assets under management. Victory has $56 billion of assets under management.