Victory Capital Holdings, Inc.

Overview

Victory Capital Holdings, Inc. is a diversified asset management company that combines specialized investment franchises with a centralized operating and distribution platform. It offers investment strategies and products—including mutual funds, ETFs, separate accounts, and alternative investments—to individual, institutional, intermediary, and retirement clients.[1][2]

The company serves clients in the United States and internationally; international clients accounted for 17% of client assets at the end of 2025. Its stated aim is to offer independent investment approaches and innovative solutions designed to drive better investment outcomes.[3][4]

As scale indicators, Victory reported $356.5 billion in assets under management and $360.2 billion in total client assets as of August 31, 2026. Revenue was $435.4 million in the second quarter of 2026; it had 699 full-time employees as of December 31, 2025.[5]+2 [1]+6

Products & services

Victory Capital offers active investment strategies through open-end mutual funds, VictoryShares ETFs, institutional separate accounts, collective investment trusts, wrap programs, UCITS, private funds, variable-insurance products and a 529 education savings plan. Its strategies are also distributed through third-party funds and ETF models, retail separately managed accounts and unified managed accounts. In 2025, eight investment franchises and the Solutions Platform offered 187 strategies; U.S. equities, fixed income, global and non-U.S. equities, model portfolios and solutions accounted for 98% of total AUM and 99% of long-term AUM.[8]+2

Named offerings span a range of approaches: Pioneer Investments manages active U.S. and global equity, multi-asset and fixed-income strategies; Integrity Asset Management focuses on value-oriented U.S. small- and mid-cap stocks; New Energy Capital offers private clean-energy and infrastructure funds using debt, equity and hybrid financing; RS Investments offers RS Value, RS Growth and RS Global; Sycamore Capital follows a quality-value approach to U.S. small- and mid-cap equities; Trivalent Investments uses quantitative approaches in international and emerging-markets equities; Victory Income Investors manages taxable and tax-exempt bond strategies; and WestEnd Advisors provides turnkey ETF model portfolios.[11]+7

The Solutions Platform develops multi-asset and multi-manager portfolios, including quantitative, rules-based, factor-based, customized, values-based and thematic strategies. These are available through separate accounts, mutual funds, unified managed accounts and active or rules-based VictoryShares ETFs; the platform had $55.8 billion in AUM at year-end 2025.[19] VictoryShares ETFs include products such as Core Intermediate Bond ETF, Dividend Accelerator ETF, Emerging Markets Value Momentum ETF, Free Cash Flow ETF, Free Cash Flow Growth ETF and Pioneer Asset-Based Income ETF.[20] Wealth Advisory offers managed model portfolios, tax-efficient strategies and Wealth Specialist support.[21][22] [8]+16

Geographic presence

Victory Capital’s assets under management are concentrated in the United States: at June 30, 2026, U.S. AUM was $279.9 billion (82% of total), compared with $62.6 billion (18%) outside the U.S. These figures describe the location of managed assets, not revenue by geography.[23]

The company’s listed U.S. offices include its headquarters in San Antonio, Texas, and locations in Brooklyn and Rocky River, Ohio; Birmingham, Michigan; Boston; Cincinnati; Charlotte and Durham, North Carolina; Miami; Denver; Clive, Iowa; Hanover, New Hampshire; Bozeman, Montana; and San Francisco.[24] Its international distribution reach includes Australia, Asia, EMEA, Latin America, and Canada.[25] [23]+2

Business segments

Victory Capital reports one operating and reportable segment: its consolidated investment-management business. Management does not report separate segment revenue or profit for its franchises, brands, or distribution channels; the sole reportable segment therefore represents 100% of consolidated results. In Q2 2026, consolidated revenue was $435.4 million and AUM was $342.45 billion at June 30, 2026.[26][6]

Management also describes eight autonomous Investment Franchises and a Solutions Platform as a non-reportable view of the business. At December 31, 2025, disclosed AUM was approximately $132.3 billion for Pioneer Investments (active U.S. and global equities, multi-asset, and fixed income; about 42% of company AUM); $35.6 billion for Victory Income Investors (primarily U.S. fixed income; 11%); $28.4 billion for Sycamore Capital (quality/value U.S. mid- and small-cap equities; 9%); $19.8 billion for RS Investments (value, growth, and quantitative global/international equities; 6%); $8.5 billion for Trivalent Investments (quantitative international and emerging-market equities; 3%); and $6.0 billion for Integrity Asset Management (value-oriented U.S. mid- and small-cap equities; 2%). New Energy Capital focuses on private clean-energy and infrastructure alternatives and had less than $1 billion of AUM.[11]+6

The Solutions Platform manages multi-asset, multi-manager, quantitative, rules- or factor-based, and customized portfolios, including VictoryShares ETFs; its $55.8 billion of year-end 2025 AUM was about 18% of company AUM. WestEnd Advisors, another franchise, provides ETF model-allocation strategies and reported $26.9 billion of combined assets under advisement and management, a mixed measure not directly comparable with AUM-only figures. These franchise/platform figures are not a complete revenue allocation or a set of reportable segments.[19]+2 [26]+11

Company history

Victory Capital traces its investment-management lineage to Cleveland Trust, established in 1894, and says its predecessor began managing tax-exempt assets in 1912. The modern company became independent on August 1, 2013, when a management-led group backed by Crestview Partners acquired Victory Capital Management and an affiliate from KeyCorp.[28]+2

The company expanded through acquisitions, completing the Munder Capital Management and Integrity Asset Management transaction in 2014 and acquiring RS Investments in 2016. It went public in February 2018, with shares listed on Nasdaq under the ticker VCTR.[31]+2

In 2019, Victory completed its acquisition of USAA Asset Management Company, adding its mutual-fund, ETF and 529 college-savings businesses. In 2021, it added THB Asset Management, New Energy Capital Partners and WestEnd Advisors. On April 1, 2025, Victory completed its acquisition of Amundi’s U.S. business and reintroduced the Pioneer Investments brand for the acquired business and products.[34]+4 [28]+10

Sources

• Victory Capital Holdings, Inc. — Full financial report (2026 Q 2)
  5 citations

  [1][2][6][23][26]
• Victory Capital Holdings, Inc. — Full financial report (2025 Y)
  16 citations

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• www.vcm.com[4]
• ir.vcm.com[5]
• www.sec.gov[7]
• advisor.vcm.com[20]
• investor.vcm.com[22]
• Victory Capital Holdings, Inc. — Press release (2025 Y)[27]
• investor.vcm.com[28]
• investor.key.com[29]
• www.crestview.com[30]
• ir.vcm.com[31]
• ir.vcm.com[32]
• ir.vcm.com[33]
• ir.vcm.com[34]
• ir.vcm.com[35]
• ir.vcm.com[36]
• ir.vcm.com[37]
• ir.vcm.com[38]