Victory Capital Holdings has announced its agreement to acquire First Eagle Investments for $7 billion in a cash-and-stock deal. This acquisition is poised to create a substantial asset manager with over $1 trillion in combined assets under management, highlighting the ongoing trend of consolidation within the financial sector as firms seek scale and diversified offerings.
First Eagle, which was recently acquired by Genstar Capital in August 2025 and later acquired Diamond Hill Investment Group in April 2026, has seen its assets under management grow significantly. As of March 31, 2026, First Eagle's assets under management and advisement were approximately $213 billion pro forma for the Diamond Hill acquisition, an increase from $161 billion as of June 30, 2025. This rapid growth and expansion likely made First Eagle an attractive target for Victory Capital.
The acquisition follows Victory Capital's previous attempt to acquire Janus Henderson Group for $57.04 per share, totaling an $8.6 billion offer, in February 2026. That bid, which would have created a money manager with over $800 billion in assets, topped an earlier $7.4 billion offer from Trian Fund Management and General Catalyst. The shift from pursuing Janus Henderson to acquiring First Eagle indicates Victory Capital's continued aggressive strategy for expansion and market share in the asset management space. This acquisition will significantly enhance Victory Capital's capabilities and footprint.
