San Antonio City Council today approved a $500,000 incentive for Cleveland based Victory Capital, a major publicly traded investment firm, to move its headquarters to San Antonio, News Radio 1200 WOAI reports.
City Economic Development Director Renee Dominguez says the city began its attempt to lure Victory Capital after the Cleveland firm purchased USAA Asset Management, the wealth management division of the locally based financial giant. He says that purchase left the 300 local professionals who work for the division in a position to have to leave the city.
"The retention of those 300 employees, the relocation of a corporate headquarters, publicly traded, very exciting, we haven't seen one of those for a while."
Dominquez says not only will this move keep those jobs in San Antonio, but Victory Capital is committed to creating 51 additional highly paid jobs in San Antonio, about half of which will pay in excess of $100,000.
Dominguez says the city's investment in attracting Victory Capitol will pay off handsomely in the long run.
"In ten years, we anticipate this project to create $945 million in economic activity over that term," he said.
Bexar County Commissioners are considering a $250,000 economic incentive for Victory.