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Here are 1-3 brief analogies for Victory Capital (VCTR):

• Like a smaller BlackRock, managing a diverse range of investment strategies for institutional and individual clients.
• Similar to Fidelity's asset management division, providing a wide array of investment funds and advisory services.

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• Investment Advisory Services: Providing expert advice and management for various investment strategies across different client types.
• Fund Administration Services: Managing the operational and accounting functions for investment funds.
• Fund Compliance Services: Ensuring investment funds adhere to all regulatory and legal requirements.
• Fund Transfer Agent Services: Handling record-keeping and shareholder transaction processing for investment funds.
• Fund Distribution Services: Marketing and selling investment funds to institutions, intermediaries, retirement platforms, and individual investors.

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Victory Capital (VCTR) serves a diverse client base that includes both other companies (B2B) and individual investors (B2C). Based on the company description, specific names of major customer companies are not publicly disclosed, which is common for asset management firms due to the nature of their client relationships. However, the company clearly identifies its major customer categories.

The up to three major categories of customers that Victory Capital serves are:

1. Institutional and Intermediary Clients: This category includes entities such as endowments, foundations, corporate and public pension plans, as well as financial intermediaries like broker-dealers, independent financial advisors, and wealth management firms who offer VCTR's investment strategies to their own clients.
2. Retirement Platforms: These are providers of various retirement plans (e.g., 401(k)s, 403(b)s, IRAs) through which VCTR's investment strategies are made available to plan participants.
3. Individual Investors: This segment encompasses direct investors and other retail clients who invest in Victory Capital's strategies.

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State Street Corporation (STT)

SS&C Technologies Holdings, Inc. (SSNC)

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David C. Brown, Chairman and Chief Executive Officer

David C. Brown has served as Chief Executive Officer of Victory Capital Holdings, Inc. since August 2013 and Chairman of the Board of Directors since April 2014. He joined the firm in 2004 and held multiple senior-level positions, including President and Chief Operating Officer, prior to his current role. Before joining Victory Capital, Mr. Brown spent five years at Gartmore Global Investments, Inc., where he held several senior management positions, including Chief Financial Officer and Chief Operating Officer of Gartmore Emerging Managers, LLC. Prior to Gartmore, he worked as a Manager in the Assurance & Advisory Business Services unit at Ernst & Young LLP, focusing on investment management businesses. Victory Capital partnered with Crestview Partners, a private equity firm, in 2013 to complete a management buyout from KeyCorp, establishing the company as an independent entity under Mr. Brown's leadership.

Michael D. Policarpo, President, Chief Financial Officer and Chief Administrative Officer

Michael D. Policarpo is the President, Chief Financial Officer, and Chief Administrative Officer for Victory Capital, responsible for the firm's financial operations, accounting, treasury management, and day-to-day business platform operations. He joined Victory Capital in 2005 and has held various senior-level roles, including Chief Operating Officer (2016-2019) and Chief Financial Officer (2013-2017 and again since 2019). Before joining Victory Capital, Mr. Policarpo served as Vice President of Finance for Gartmore Global Investments, Inc., where he was responsible for strategic planning and held positions such as Chief Financial Officer of Advisor Services and corporate controller. Earlier in his career, he worked as a senior accountant at Ernst & Young LLP, specializing in investment management companies.

Mannik S. Dhillon, President, Investment Franchises & Solutions and Head of ETFs

Mannik S. Dhillon serves as President, Investment Franchises & Solutions and Head of ETFs at Victory Capital. In this role, he leads the firm's investment franchises and solutions platform, including the VictoryShares ETF brand.

Nina Gupta, Chief Legal Officer and Head of Human Resource Administration

Nina Gupta is the Chief Legal Officer and Head of Human Resource Administration for Victory Capital.

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The key risks to Victory Capital (VCTR) include its susceptibility to market and investment performance, the inherent regulatory and compliance demands of the asset management industry, and the significant risks associated with its ongoing bid to acquire Janus Henderson.

1. Market and Investment Performance Risks: As an asset management company, Victory Capital's financial performance is intrinsically linked to market volatility and the performance of its investment strategies. Poor market conditions, geopolitical conflicts, or underperforming investment strategies can lead to client redemptions and a decline in Assets Under Management (AUM), which directly impacts the company's revenue and profitability.
2. Regulatory and Compliance Risks: The investment management industry operates under a complex and extensive regulatory framework. Victory Capital must continuously navigate these regulations, and any failure to comply with investment guidelines or regulatory requirements could result in significant legal liabilities, loss of AUM, and damage to its reputation.
3. Acquisition Risk (Janus Henderson Bid): Victory Capital is currently engaged in a high-stakes bid to acquire Janus Henderson Group. This acquisition introduces significant risks, including the potential for overextending its balance sheet, integration challenges between the two entities, and the possibility of client attrition. The increased financial leverage and operational complexities associated with such a large acquisition pose substantial balance-sheet risk and could impact future financial performance if not managed effectively.

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• The accelerating shift of investor capital towards lower-cost passive investment strategies and exchange-traded funds (ETFs) directly threatens the traditional active management revenue model by exerting significant pressure on management fees and potentially diverting assets under management away from Victory Capital's actively managed strategies.
• The increasing adoption of digital wealth management platforms and robo-advisors presents an emerging threat, particularly for Victory Capital's individual investor and retirement platform segments, by offering automated, low-cost investment advisory alternatives that can compete with and potentially displace traditional human advisory services.

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Victory Capital Holdings, Inc. (VCTR) operates within substantial addressable markets across its main products and services, including asset management, investment advisory, fund administration, and services for retirement platforms.

Overall Asset Management Market

The global assets under management (AUM), representing the total value of assets managed by firms like Victory Capital, are projected to increase significantly. Global AUM is expected to climb from US $139 trillion in 2024 to $200 trillion by 2030, growing at a compound annual growth rate (CAGR) of 6.2%. The total investable wealth worldwide is also expected to exceed $481 trillion by 2030.

In terms of revenue generated by asset management services, the global asset management market was valued at USD 432.77 billion in 2025 and is projected to grow to USD 1,122.04 billion by 2034, exhibiting a CAGR of 12.6% during the forecast period. North America held a dominant share of this market, accounting for 47.00% in 2025. The U.S. asset management market (revenue) is estimated to reach USD 184.89 billion in 2025 and is projected to grow to USD 211.48 billion by 2026.

Victory Capital serves a diverse client base, including institutional, intermediary, retirement platforms, and individual investors. The retail segment is expected to represent a significant portion of the asset management market, projected to account for 71.57% of the market share in 2026 globally. Retail channels are also anticipated to account for 67% of global AUM by 2030, up from 45% in 2014. Institutional clients held a 64.72% share in the U.S. asset management market in 2025.

Financial Advisory Services Market (including Investment Advisory)

The global financial advisory services market, which encompasses investment advisory, was valued at USD 103.01 billion in 2024 and is estimated to grow to USD 174.33 billion by 2033, at a CAGR of 6.02% during the forecast period (2025–2033). Another report indicates a global market size of USD 107.89 billion in 2025, expected to reach USD 169.22 billion by 2033, growing at a CAGR of 5.79%. In the U.S., the financial advisory services market size was USD 28.81 billion in 2025 and is expected to reach USD 40.08 billion by 2033, growing at a CAGR of 4.21%.

Fund Administration Services Market

The global fund administration services market was valued at approximately USD 12.9 billion in 2024. This market is projected to reach USD 25.8 billion by 2033, growing at a CAGR of 8.2%. North America continues to dominate the fund administration services market, accounting for approximately 38% of the global market share. The U.S., in particular, is a major driver for this market due to the presence of numerous asset managers, hedge funds, and private equity firms.

Retirement Planning Market

The global retirement planning market was valued at $127.8 billion in 2025 and is expected to reach $198.6 billion by 2032, growing at a CAGR of 6.5% during the forecast period. The global Personal Pension Products Market is estimated to be valued at approximately USD 6.36 billion in 2026 and is projected to reach USD 13.13 billion by 2035, expanding at a CAGR of 8.3%.

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1. Expanded Global Distribution and Scale from Amundi/Pioneer Acquisition: The strategic partnership with Amundi, including the acquisition of its U.S. business (rebranded as Pioneer Investments), has significantly enhanced Victory Capital's scale, diversified its investment capabilities, and broadened its global footprint. The company has been actively integrating this acquisition and realizing substantial expense synergies, with approximately $97 million of the expected $110 million in net expense synergies achieved by year-end 2025. This integration and the 15-year global distribution agreement with Amundi are expected to drive significant revenue growth by expanding Victory Capital's reach to international clients and increasing its assets under management (AUM) from non-U.S. sources.
2. Growth of the Exchange-Traded Fund (ETF) Platform and Product Innovation: Victory Capital's ETF platform has been a significant growth engine, with assets increasing by 85% year-over-year and achieving a compound annual growth rate of 28% since 2017. The platform recorded net flows of $6.4 billion in 2025, representing 63% annual organic growth. The company continues to launch new products, including active ETFs such as the VictoryShares Pioneer Asset-Based Income ETF (ABI) in June 2025, and is developing digital investing platforms for model portfolios. This focus on expanding its ETF offerings and introducing innovative products is anticipated to attract new assets and drive revenue growth.
3. Strategic Mergers & Acquisitions (M&A): Victory Capital has a proven track record of strategic acquisitions aimed at enhancing and diversifying its investment capabilities, and broadening and deepening its distribution channels. The company explicitly states its growth strategy aligns with balancing organic product innovation and targeted acquisitions to improve its future prospects and diversify revenue. Management remains focused on disciplined M&A execution to sustain growth, including "bolt-on" acquisitions to fill distribution or capability gaps.
4. Enhanced U.S. Distribution and Direct Investor Engagement: The company is investing in and leveraging an enlarged U.S. salesforce and making investments in key distribution partners. Additionally, Victory Capital is expanding its direct investor business, which has incorporated brokerage capabilities since early 2023, and is developing a digital investing platform for model portfolios. These initiatives are designed to improve client engagement, increase cross-sell conversion, and ultimately drive domestic organic growth.
5. Sustained Strong Investment Performance: Consistently strong investment performance is a critical factor in attracting and retaining client assets, which directly impacts revenue for asset management firms. Victory Capital has emphasized its commitment to delivering strong investment performance, with 65% of its AUM in funds rated 4 or 5 stars by Morningstar and 63% of AUM outperforming benchmarks over one-year periods, with 78% outperforming over 10-year periods. Maintaining this strong performance is essential for client confidence and asset gathering, thereby contributing to future revenue growth.

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Share Repurchases

• Victory Capital authorized a new $200 million share repurchase program in December 2024, set to run through December 31, 2026, marking it as the largest in the company's history.
• In December 2023, the company authorized a $100 million share repurchase plan through December 31, 2025, which was completed ahead of its deadline.
• During the fourth quarter of 2025, Victory Capital repurchased 814,000 shares for $51.6 million. For the full year 2025, capital returned to shareholders through buybacks and dividends totaled $366 million.

Share Issuance

• On April 1, 2025, Victory Capital issued 3,293,471 shares of Common Stock and 19,742,300 shares of Preferred Stock to Amundi as part of the acquisition of Amundi Asset Management's U.S. business. These shares constituted 26.1% of the company's fully diluted shares after the issuance.

Inbound Investments

• As part of a strategic transaction in 2025, Amundi became a strategic shareholder of Victory Capital, acquiring 26.1% of its fully diluted shares, following the combination of Amundi's U.S. operations with Victory Capital.

Outbound Investments

• On April 1, 2025, Victory Capital completed the acquisition of Amundi Asset Management's U.S. business, which was subsequently rebranded as Pioneer Investments. This acquisition aimed to diversify investment capabilities and globalize the company through a 15-year exclusive distribution agreement.
• In November 2021, the company acquired WestEnd Advisors, a diversified investment management firm.
• Victory Capital also completed the acquisitions of THB and NEC in March and November 2021, respectively, which increased its assets under management by approximately $547 million and $795 million at closing.

Capital Expenditures

• In the fourth quarter of 2025, Victory Capital's capital expenditures amounted to $599K.
• The company has strategically invested in AI, data analytics, and technology to enhance its operational platform, focusing on streamlining distribution channels, improving marketing efforts, and fostering new product development.