ベイビュー・アセット・マネジメント株式会社（以下、「当社」）は、当社が包括的な運用業務提携契約を締結するVictory Capital Management Inc.（以下、「VCM社」）の持ち株会社Victory Capital Holdings, Inc.（以下、「VCH社」）が、USAA Asset Management Company（以下、「USAA社」）を約8.5億米ドルで買収することを2018年11月6日に発表しましたので、ここにご案内申し上げます。当買収は、規制当局による承認等のプロセスを経て、2019年第2四半期中に完了する予定です。尚、VCH社のプレスリリース（英文）は、下記をご参照下さい。

USAA社は、テキサス州サンアントニオに本拠を置き、米国軍関係者向けに投資サービスを提供する目的で1971年に設立された資産運用会社で、ミューチュアル・ファンド、ETF、及び529 College Savings Plan(米国の大学学資貯蓄制度)等、計53本のファンドを運用しています。2017年のバロンズ誌「全米運用会社ランキング」では第23位にランクされ（VCM社は同ランキングで第10位）、運用総資産残高は約692億米ドル（2018年9月末現在）を誇ります。

VCM社は、USAA社を11番目の運用フランチャイズとして傘下に収めることで、運用ソリューション･プラットフォームを大幅に拡張します。具体的には、株式及び債券プロダクトのラインナップを拡充できる他、ターゲット・リスク戦略（許容リスク水準に応じて資産配分を決定）やマネージド・ボラティリティ戦略を用いたミューチュアル・ファンド、債券のアクティブ運用ETFなど、従来VCM社で取扱ってこなかった戦略の提供が可能になります。また、新たにVCM社の運用プロダクトをUSAA社の顧客に提供する機会も得ることになります。尚、当買収により、VCM社の運用総資産残高は、約636億米ドルから約1,444億米ドル（2018年9月末基準※）へ倍増するとともに、優秀な人材確保や運用インフラの更なる整備を含め様々なメリットが期待できます。

当買収後も、USAA社の運用業務における独立性、運用哲学、運用プロセス、及びブランドは全く変更ありません。USAA社の運用チームにとっては、VCM社が一元管理するオペレーションと販売プラットフォームを利用することで、運用規模及びリソースの拡充が期待できます。

VCM社の運用フランチャイズにUSAA社が加わることで、今後当社が日本の投資家の皆様にご紹介できるソリューションも一層拡大するものと期待しております。当社は引き続き、投資家の皆様にとって魅力的な運用商品の提供に努めて参ります。

以上

• ※2019年第1四半期に買収が完了予定のHarvest Volatility Management, LLCの運用資産残高等を含みます。

“当リリースは、下記のVCH社のプレスリリース（以下、「原文」）の抄訳に加え、VCH社並びにVCM社より入手した情報等に基づき、当社が作成したものです。また原文と抄訳に齟齬がある場合は、原文が優先されます。”

I am pleased to announce that Victory Capital has agreed to acquire USAA Asset Management Company, which includes its Mutual Fund and ETF businesses and 529 College Savings Plan. Formed to serve the investment needs of the military community and their families, USAA Asset Management Company is a leading investment firm with a full suite of capabilities, a strong performance track record and a distinguished reputation for service to its members.

As of September 30, 2018, USAA Asset Management Company, based in San Antonio, Texas, had $69.2 billion in assets under management (AUM) and 53 investment funds. Based on AUM as of September 30, 2018, Victory Capital would have approximately $144.4 billion in firmwide AUM at the close of the transaction.*

The acquisition of USAA Asset Management Company significantly diversifies Victory Capital’s AUM, enhances our product platform and increases our size and scale. As a larger organization, we will have an enhanced ability to attract and retain top talent and to leverage our investments in critical components of our business, such as technology, operations, investment support and client service, across a broader base of assets.

The transaction represents a substantial expansion of our investment capabilities to include:

• A more comprehensive offering of fixed income solutions, including an expanded lineup of taxable and tax-exempt strategies managed by long-tenured teams who follow an institutional process
• An expansion of our Solutions Platform to include strategies not previously available through Victory Capital, such as target date, target risk and managed volatility mutual funds as well as active fixed income ETFs. Our Solutions Platform will also include a broader selection of asset allocation portfolios and smart beta equity ETFs
• An expanded selection of equity funds, including sub-advised and multi-manager strategies

USAA Asset Management will become Victory Capital’s 11th Investment Franchise and it will have the rights to offer products and services using the USAA brand. As with all our Franchises, the teams will maintain their investment independence and their disciplined investment processes will remain in place.

This transaction will have no impact on our existing Investment Franchises. As we have demonstrated through previous acquisitions, Victory Capital’s business model is designed to insulate our Investment Franchises from any disruptions by enabling them to focus solely on the management of their respective strategies.

Victory Capital and USAA share similar core values as well as a commitment to investment excellence and client service, providing a strong foundation for a productive and cohesive future relationship that we believe will benefit our clients.

We look forward to sharing updates with you as we move toward close of the acquisition, which is expected to take place in the second quarter of 2019. In the meantime, please do not hesitate to reach out to your Victory Capital relationship manager with any questions.

Sincerely,

David Brown
Chairman and Chief Executive Officer

• * Based on AUM as of September 30, 2018, for Victory Capital, USAA Asset Management Company, and Harvest Volatility Management, LLC. Excludes $11.8 billion of AUM in the USAA mutual funds as of September 30, 2018 that are invested through the Managed Money product offered for customers of USAA’s brokerage business. Victory Capital is not acquiring the USAA brokerage business. Pro forma revenue and pro forma EBITDA do not include any revenue from AUM invested through the Managed Money product or related expenses.