Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Victory IPOs On a Rough Day Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, February 09, 2018

Victory IPOs On a Rough Day

News summary by MFWire's editors

An acquisitive, multi-boutique asset manager in Ohio just IPOed on what turned out be another rough day in the markets, and its shares took a hit.

David C. Brown
Victory Capital
Chairman and CEO
Shares of Cleveland-based Victory Capital Holdings [profile] debuted yesterday on the Nasdaq under the ticker VCTR, and Victory chairman and CEO David Brown and his team went to the Nasdaq in New York to ring the opening bell. The IPO was priced at $13 per share for 11.7 million shares, below the $17 to $19 range estimated earlier this week in an SEC filing.

Victory's shares fell 10.77 percent yesterday (to $11.6). Yet the broader market fell, too, though not as much; the Dow fell 4.15 percent, the S&P 500 fell 3.75 percent, and the Nasdaq fell 3.9 percent. As for publicly traded asset managers, most saw their stocks slip between three and six percent yesterday.

Victory had $61.8 billion in AUM as of December 31, 2017, and Renaissance Capital estimates that Victory raised $152 million from the IPO, up from the $100 million Victory estimated a month ago in its S-1. In the S-1, Victory also revealed that private equity firm Crestview Partners would continue to control a majority of the voting rights post-IPO. As of September 30, 2017, 70 percent of Victory's employees owned a combined 29 percent of the company.

Bank of America Merrill Lynch, J.P. Morgan, Morgan Stanley were the lead underwriters for the IPO. Other underwrites involved included: Barclays, Goldman Sachs, Keefe Bruyette & Woods (part of Stifel), RBC, Sandler O'Neill, and William Blair

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2021: Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


  1. MFDF Director Discussion Series - Open Forum via Zoom (Midwest), March 10
  2. FinReg Outlook 2021, March 10
  3. Irish Funds North American Digital Seminar, March 11
  4. MFDF webinar - Municipal and Taxable Fixed Income — A Multi-Speed Recovery, March 12
  5. 2021 Virtual Mutual Funds and Investment Management Conference, Mar 15-19
  6. Women for Impact - A Call to Action, March 16
  7. SEC & DOL Standard of Conduct Rulemakings — Present & Future Considerations, March 23
  8. Expect Miracles Foundation's Virtual Mystery Game Night, March 24
  9. MFDF Director Discussion Series - Open Forum via Zoom, March 24
  10. ETFGI Global ETFs Insights Summit - ESG & Active ETF Trends, Mar 24-25
  11. MFDF webinar - Asset Management M&A for Fund Directors — Recent Trends and Governance Issues, March 31
  12. MFDF Director Discussion Series - Open Forum via Zoom, April 7
  13. MFDF In Focus: Board Oversight of Sub-advisers, April 15
  14. ETF.com Awards 2020, April 20
  15. The 31st Sub-Advised Funds Forum, Apr 20-21
  16. MFDF Director Discussion Series - Open Forum via Zoom (Northeast), April 21
  17. FIASI virtual event - ESG in Fixed Income: Shining a Light on Transparency, Apr 22-23
  18. 44th Annual AIMSE Marketing & Sales Conference, May 2-4
  19. MFDF Director Discussion Series - Open Forum via Zoom (Southeast), May 5
  20. ICI 2021 General Membership Meeting - Day 1, May 6
  21. ICI 2021 General Membership Meeting - Day 2, May 13
  22. 2021 FINRA Annual Conference, May 18-20
  23. MFDF Director Discussion Series - Open Forum via Zoom, May 19
  24. 2nd annual ETFGI Global ETFs Insights Summit - USA, May 19-20
  25. Irish Funds Online Annual Global Funds Conference 2021, May 19-20
  26. MFDF webinar - Fund Director Compensation: MPI Annual Survey (2021), May 20




©All rights reserved to InvestmentWires, Inc. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use