Victory Capital Management has hired Cheryl King to spearhead delivery of its investment management services to non-profit institutions. Also, Victory has added four professionals to its institutional sales force at a time when many investment management firms are cutting back.

"The protracted bear market gave us an opportunity to re-engineer and expand our sales force," said Victory Capital Management CEO Rick Buoncore.

Victory currently manages or advises more than $61 billion, as of December 31, 2002, including the Victory family of 23 mutual funds, according to the firm. Victory Capital Management is a subsidiary of Cleveland-based KeyCorp.

"Cheryl King rounds out our institutional sales management lineup," said J.J. Jenkins, Victory's senior managing director of institutional sales. "Although Victory has longstanding relationships with several not-for-profits, such as the Cleveland Clinic Foundation, previously we did not have a focused strategy and operating team to serve the not-for-profit community on a nationwide basis."

Prior to joining Victory, King headed the foundation, endowment and healthcare practice of Dresdner RCM Global Investors.

In the meantime, four other professionals have joined Victory's institutional sales force as well. Horace Fritz, based in Irvine, California, and Emilio Maffucci, based in Albany, have joined the corporate segment team. Paul Gurewitz, based in Irvine, and David Wagner, based in Las Vegas, have joined the labor union segment team. 

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