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Victory Capital Holdings, Inc. (VCTR) is a global asset management firm that provides specialized investment strategies to institutions, intermediaries, retirement platforms, and individual investors. The company offers a diverse range of investment products, including mutual funds, ETFs, separate accounts, and alternative investments. Victory Capital operates through a unique business model that combines boutique investment qualities with the efficiencies of an integrated operating and distribution platform.
- Investment Management Fees - Earned from managing mutual funds, ETFs, separate accounts, and other vehicles, including performance-based fees. Calculated as a percentage of assets under management (AUM).
- Fund Administration and Distribution Fees - Includes administration, distribution, and transfer agent fees, generally calculated as a percentage of AUM or based on the number of accounts in the fund.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
David C. Brown ExecutiveBoard | Chairman and Chief Executive Officer | Member of the President’s Advisory Council for Xavier University of Louisiana; Board of Trustees and Treasurer for the San Antonio Life Academy | David C. Brown has been the CEO of Victory Capital Holdings since August 2013 and has served as Chairman since April 2014. Previously, he held the roles of President and COO at Victory Capital starting in 2004. | View Report → |
Mannik S. Dhillon Executive | President, Investment Franchises & Solutions and Head of Product & Strategy | Mannik S. Dhillon has served as President, Investment Franchises & Solutions and Head of Product & Strategy at VCTR since December 2023, where he oversees product development and strategic advisory. Previously, he held key executive roles at Wilshire Associates and Hewitt Associates, contributing significant expertise in manager research and defined contribution consulting. | ||
Michael D. Policarpo Executive | President, Chief Financial Officer, and Chief Administrative Officer | Michael D. Policarpo serves as President, Chief Financial Officer, and Chief Administrative Officer at Victory Capital Holdings, Inc. since March 2019. He previously held roles as CFO from August 2013 to July 2017 and as COO from February 2016 to February 2019 at Victory Capital, contributing strategic financial leadership and operational excellence. | ||
Nina Gupta Executive | Chief Legal Officer and Head of Human Resources Administration | Nina Gupta has served as Chief Legal Officer at VCTR since July 2016, additionally taking on the role of Head of Human Resources Administration in November 2019, demonstrating extensive legal and HR leadership in the financial services industry. Prior to VCTR, she held senior legal roles at RS Investment Management Co. LLC, BlackRock Inc., and Shearman & Sterling LLP. | ||
Alan H. Rappaport Board | Director | Member, Council on Foreign Relations ; Board Member, PIMCO Multifund Complex | Alan H. Rappaport joined VCTR in August 2013 as an Independent Director. He serves on the Board, including as Chairperson of the Compensation Committee and as a member of the Audit Committee, and he brings extensive experience from previous leadership roles at Bank of America and Chase Global Private Bank. | |
Céline Boyer-Chammard Board | Class II director | Head of Sustainable Transformation and Organization at Amundi | Céline Boyer-Chammard joined VCTR as a Class II director on April 1, 2025, serving as a non-employee director with a term expiring at the 2026 Annual Meeting of Stockholders. She brings extensive experience from her current role as Head of Sustainable Transformation and Organization at Amundi and her past leadership as a Managing Director and Partner at BCG. | |
Dominique Carrel-Billiard Board | Class III Director | Head of Real and Alternative Assets at Amundi | Dominique Carrel-Billiard was appointed as a Class III Director at VCTR on April 1, 2025 with a term expiring at the 2027 Annual Meeting of Stockholders; he also holds a current role as Head of Real and Alternative Assets at Amundi (since September 2020). | |
Karin Hirtler-Garvey Board | Director and Chairperson of the Audit Committee | Director at PhenixFIN Corporation; Director at USAA Federal Savings Bank; Director on private company boards | Karin Hirtler-Garvey joined the Board of Directors at VCTR in October 2014 and currently serves as the Chairperson of the Audit Committee as an audit committee financial expert. She brings decades of experience in financial services and corporate governance, contributing her expertise in internal controls and compliance. | |
Lawrence Davanzo Board | Board of Directors Member | Lawrence Davanzo joined Victory Capital Holdings as a Board of Directors Member in October 2014 and brings over 40 years of asset management experience, having served as President at Wilshire Associates and as Managing Director at Asset Strategy Consulting. | ||
Mary Jackson Board | Director | Mary Jackson has been serving as a Class II Director at Victory Capital Holdings, Inc. since January 26, 2023. She brings extensive strategic and governance expertise from a distinguished three-decade career in the United States Navy. | ||
Richard M. DeMartini Board | Lead Independent Director | Chairman of the Board of NASDAQ Stock Market; Vice Chairman of the Board of Directors of the National Association of Securities Dealers, Inc.; Director of Fidelis Insurance Holdings; Director of Protect My Car; Director of Partners Capital; Co-Chair of DHB; Trustee and Chairman of the Whitney Museum of American Art | Richard M. DeMartini is the Lead Independent Director at Victory Capital Holdings, Inc., having joined the Board in August 2013 and been appointed to his current role in January 2025. He has extensive experience in asset and wealth management with previous executive roles at Morgan Stanley, Bank of America, and Crestview Partners. | |
Robert V. Delaney Board | Board of Directors Member | Select Energy Services, Inc. (Lead Director and Chairman, Compensation Committee) ; Silver Creek Oil & Gas, LLC (Board Member) ; Silver Creek Permian, LLC (Board Member) ; Endurance Lift Holdings, LLC (Board Member) ; CP Energy Holdings, LLC (Board Member) ; W Energy Partners II LLC (Board Member) ; Upwell Water (Board Member) ; Hamilton College (Vice Chairman and Trustee; Chair of the Investment Committee) | Robert V. Delaney, Jr. joined the Board of Directors at VCTR in May 2022 and serves on both the Compensation and Nominating Committees, leveraging extensive experience in investment banking and private equity from previous leadership roles. |
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In light of your comments on the robust organic growth profile and Amundi integration, can you elaborate on the specific challenges you foresee in integrating Amundi’s U.S. business and how these might impact your target of achieving $100 million in cost synergies?
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Given the sizable one-not-yet-funded pipeline across multiple channels, what is the detailed product mix within this pipeline and how might changing market conditions risk diluting these anticipated flows?
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With the VictoryShares ETF platform driving significant assets growth and being a key organic growth engine, can you clarify which product lines are most susceptible to margin pressure as distribution investments increase?
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Considering the recent performance issues noted with WestEnd and your efforts to expand adviser relationships and product offerings, what targeted initiatives will you implement to ensure its turnaround and sustainable growth?
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As you balance a $200 million share repurchase program, dividend increases, and aggressive acquisition strategies, how do you plan to prioritize these capital allocation initiatives to best maximize long-term shareholder value?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Amundi Holdings US, Inc. | 2025 | Victory Capital completed its acquisition of Amundi Holdings US, Inc. on April 1, 2025, through a Contribution Agreement dated July 8, 2024, paying with 3,293,471 common shares (4.9% post-issuance) and 14,305,982 Series A non-voting convertible preferred shares, while also establishing 15-year reciprocal global distribution agreements and board nomination rights. |
Amundi Asset Management S.A.S's U.S. business (formerly Pioneer Investments) | 2024 | Victory Capital planned to combine Amundi’s U.S. business into its operations in exchange for a 26.1% economic stake (via 4.9% common stock and newly issued preferred shares), accompanied by dual board representation and 15-year reciprocal distribution agreements, with closing expected in late Q4 2024 or early 2025. |
WestEnd Advisors | 2021 | Victory Capital acquired WestEnd Advisors with an initial cash payment of $480 million and earn-out payments up to $320 million, funded with a $505 million senior secured loan facility, positioning the firm for leadership in the growing SMA market, subject to client consents and customary closing conditions. |
New Energy Capital Partners (NEC) | 2021 | Victory Capital completed its acquisition of NEC on November 1, 2021, for $65 million in cash with potential additional payments up to $35 million based on revenue growth, enhancing its Alternative Investments Platform through NEC’s focus on clean energy infrastructure investments. |
THB Asset Management | 2021 | Victory Capital finalized the asset acquisition of THB Asset Management on March 1, 2021, which managed $547 million in AUM, integrating its multi-cap U.S. and international strategies with ESG considerations and benefiting from nominal consideration and enhanced distribution support. |
Recent press releases and 8-K filings for VCTR.
- Victory Capital Holdings, Inc. reported Total Client Assets of $171.4 billion and AUM of $167.5 billion as of March 31, 2025.
- The press release noted an average AUM of $170.9 billion in March and first-quarter long-term AUM net flows of -$1.2 billion.
- The Company scheduled a first-quarter financial results conference call for May 9, 2025.
- Strategic Partnership: Victory Capital closed its transaction with Amundi, establishing a 15-year reciprocal global distribution agreement that expands its international footprint.
- Equity Issuance: As part of the deal, Amundi received 17.6 million shares at closing (representing 21.2% of fully diluted equity), with further share issuances expected to increase its stake to 26.1%.
- Expense Synergies: The company increased its net expense synergy target to $110 million, having achieved approximately $50 million at closing with an additional $30 million expected to be realized within six months.
- Victory Capital finalized its strategic partnership with Amundi, with Amundi acquiring an initial 21.2% equity stake (approximately 17.6 million shares) expected to rise to 26.1% over six months and securing two board appointments .
- The deal features reciprocal 15-year distribution agreements, establishing a long-term collaborative framework .
- Enhanced net expense synergy guidance was raised from $100 million to $110 million, with $50 million achieved at closing and an additional $30 million expected in six months, driving targeted double-digit run rate accretion .
- The transaction also marks the relaunch of the Pioneer Investments brand, bolstered by strong AUM growth and positive net flows, contributing to a diversified portfolio .
- Victory Capital Holdings, Inc. reported total client assets of $179.5 billion as of February 28, 2025, with $175.5 billion in AUM and $4.1 billion in Other Assets.
- The press release also noted that the February averages were $176.4 billion in AUM and $180.4 billion in total client assets, indicating a slight difference between period-end and average values.
- Victory Capital reported as of January 31, 2025 a Total Assets Under Management of $176.5 billion and Total Client Assets of $180.5 billion.
- The press release provided detailed asset breakdowns—including average January figures—and was issued as part of an 8-K filing to update on the firm's asset management performance.
- Record revenue & earnings: Q4 revenue reached $232.4MM with full-year revenue of $893MM, and GAAP operating income in Q4 increased by 29% compared to the previous year .
- Robust operational performance: Adjusted EPS reached $1.45 per share, with a GAAP operating income of $111.7MM, an operating margin of 48.1%, and Adjusted EBITDA of $125.5MM (54% margin) .
- Aggressive capital returns: Initiated a new $200MM share repurchase program, returned $132.4MM to shareholders through repurchases and dividends, and announced a 7% dividend increase .
- ETF platform growth: VictoryShares ETF platform’s AUM surged to nearly $12 billion driven by organic growth and new product launches .
- Strategic acquisition progress: The planned Amundi transaction is on track for completion by quarter end, with anticipated $100MM in cost synergies and positive net flows from the Amundi U.S. business .
- Client assets strength: Total client assets stood at $176.1bn .
- Record Performance: Q4 2024 results achieved a GAAP net income per diluted share of $1.17 and record adjusted EPS with tax benefit of $1.45, along with a GAAP operating margin of 48.1% and adjusted EBITDA margin of 54.0%.
- Strategic Expansion: The firm entered a strategic relationship with Amundi Asset Management to acquire its U.S. business, broadening its investment capabilities and global distribution reach, with the acquisition expected to close in Q1 2025 and expense synergies of $100 million reaffirmed.
- Capital Returns: The board approved a 7% dividend increase to $0.47 per share and initiated a new $200 million share repurchase plan to enhance shareholder value.