Crestview Partners, a private equity firm based in New York, and employees of Victory Capital Management announced on Thursday that they already acquired the asset management firm from KeyCorp for US $246 million.

David Brown, Chief Executive Officer of Victory, said that they are happy to partner with Crestview to finally realize what has been announced since February of this year. They were finally convinced to push through with the deal beacuse it will preserve "our successful multi-boutique operating model and provides our employees real equity ownership."

Aside from that, the agreement will also make parallel the company's interests with its clients. "We find this to be a compelling and motivating proposition for success going forward," he said.

By mid-2013, Victory was already managing and advising portfolios with a total US $20 billion in assets.

"We believe this transaction and our new independence will enable our firm to flourish and will drive future growth," Brown added. "The entire firm is energized by the opportunities and potential we see as we look confidently to our future."