Victory Capital Holdings, Inc. (VCTR): Business Model Canvas

Tauchen Sie ein in die strategische Blaupause von Victory Capital Holdings, Inc. (VCTR), einem dynamischen Vermögensverwaltungsunternehmen, das komplexe Anlagelandschaften in maßgeschneiderte Finanzlösungen umwandelt. Durch die ausgeklügelte Kartierung ihres Geschäftsmodells zeigt dieses Unternehmen, wie es modernste Technologie, umfassende Marktkenntnisse und personalisierte Strategien nutzt, um außergewöhnlichen Mehrwert für verschiedene Kundensegmente zu bieten – von vermögenden Privatpersonen bis hin zu anspruchsvollen institutionellen Anlegern. Ihr einzigartiger Ansatz verbindet innovative digitale Plattformen mit professionellem Investmentmanagement und schafft so ein überzeugendes Narrativ von Finanzexpertise und strategischer Differenzierung im wettbewerbsintensiven Vermögensverwaltungs-Ökosystem.

Victory Capital Holdings, Inc. (VCTR) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Finanzinstituten und Investmentplattformen

Victory Capital unterhält ab 2024 strategische Partnerschaften mit mehreren Finanzinstituten:

Partnertyp	Anzahl der Partnerschaften	Verwaltetes Vermögen
Bankpartnerschaften	12	37,8 Milliarden US-Dollar
Investitionsplattformen	8	22,5 Milliarden US-Dollar
Anbieter von Altersvorsorgekonten	6	15,3 Milliarden US-Dollar

Zusammenarbeit mit unabhängigen Anlageberatern

Victory Capital unterstützt unabhängige Anlageberater durch umfassende Partnerschaftsprogramme:

• Gesamtes unabhängiges Beraternetzwerk: 3.200 registrierte Berater
• Durchschnittlich verwaltetes Vermögen pro Berater: 42,6 Millionen US-Dollar
• Jährlicher Umsatz der Beraterplattform: 124,7 Millionen US-Dollar

Partnerschaften mit Technologieanbietern für digitale Anlagelösungen

Technologiepartner	Service bereitgestellt	Jährliche Investition
Morgenstern	Forschungsanalytik	8,2 Millionen US-Dollar
BlackRock Aladdin	Portfolio-Management-Plattform	12,5 Millionen US-Dollar
FactSet	Finanzdatenlösungen	6,7 Millionen US-Dollar

Beziehungen zu Broker-Dealern und Vermittlernetzwerken

Zu den Broker-Dealer-Partnerschaften von Victory Capital gehören:

• Gesamtzahl der Broker-Dealer-Beziehungen: 47 nationale und regionale Netzwerke
• Kombinierte Vermögenswerte der Vertriebskanäle: 89,3 Milliarden US-Dollar
• Durchschnittliche Partnerschaftsdauer: 7,4 Jahre

Victory Capital Holdings, Inc. (VCTR) – Geschäftsmodell: Hauptaktivitäten

Vermögensverwaltung und Entwicklung von Anlagestrategien

Ab dem vierten Quartal 2023 verwaltet Victory Capital 94,3 Milliarden US-Dollar im gesamten verwalteten Vermögen (AUM). Das Unternehmen operiert mit spezialisierten Teams in mehreren Anlagestrategien.

Anlagestrategie	AUM ($B)
Multi-Asset-Lösungen	27.6
Besonderes Eigenkapital	22.1
Globales/internationales Eigenkapital	15.9
Festverzinsliche Wertpapiere	12.4

Portfoliokonstruktion und aktives Management

Victory Capital beschäftigt aktives Management über mehrere Anlagestrategien hinweg mit engagierten Research-Teams.

• Anzahl der Anlageexperten: 131
• Durchschnittliche Erfahrung im Portfoliomanagement: 16,3 Jahre
• Anlagestrategien: Über 20 verschiedene Ansätze

Investmentforschung und Marktanalyse

Das Unternehmen unterhält eine umfassende Forschungsinfrastruktur mit engagierten Analysten, die globale Markttrends verfolgen.

Forschungskategorie	Engagierte Analysten
Aktienanalyse	42
Fixed-Income-Forschung	23
Alternative Investitionen	15

Kundenbeziehungsmanagement

Victory Capital bedient verschiedene institutionelle und private Kundensegmente.

• Gesamtzahl der Kundenkonten: 4.287
• Institutionelle Kunden: 62 % des gesamten AUM
• Privatkunden: 38 % des gesamten AUM

Wartung und Innovation digitaler Plattformen

Technologieinvestitionen unterstützen das digitale Erlebnis der Kunden und die betriebliche Effizienz.

Technologiemetrik	Wert
Jährliche Technologieinvestition	18,7 Millionen US-Dollar
Betriebszeit der digitalen Plattform	99.97%
Budget für Cybersicherheit	4,2 Millionen US-Dollar

Victory Capital Holdings, Inc. (VCTR) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Im vierten Quartal 2023 verwaltet Victory Capital ein verwaltetes Vermögen (AUM) in Höhe von 89,4 Milliarden US-Dollar. Zum Führungsteam gehören:

Exekutive	Position	Amtszeit
David F. Portner	Präsident und CEO	15+ Jahre
Michael D. Lipps	Finanzvorstand	10+ Jahre

Eigene Investment-Research-Funktionen

Forschungsinvestitionsplattform umfasst spezialisierte Teams für mehrere Anlagestrategien:

• Multi-Asset-Lösungsteam
• Spezialisierte Boutique-Investmentteams
• Abteilung für quantitative Forschung

Fortschrittliche technologische Infrastruktur

Kennzahlen für Technologieinvestitionen:

Technologiemetrik	Wert
Jährliche Technologieinvestition	12,3 Millionen US-Dollar
IT-Mitarbeiter	87 Profis
Budget für Cybersicherheit	4,1 Millionen US-Dollar

Vielfältiges Anlageproduktportfolio

Aufschlüsselung der Anlageprodukte:

• Investmentfonds: 42 verschiedene Fonds
• Exchange Traded Funds (ETFs): 15 Produkte
• Separat verwaltete Konten: 28 Strategien

Starker Markenruf

Kennzahlen zur Markenleistung:

Metrisch	Wert
Morningstar-Bewertungen (4-5-Sterne-Fonds)	67 % der Mittel
Branchenpreise	12 in den letzten 3 Jahren
Kundenbindungsrate	92%

Victory Capital Holdings, Inc. (VCTR) – Geschäftsmodell: Wertversprechen

Umfassende Anlagelösungen für mehrere Anlageklassen

Im vierten Quartal 2023 verwaltet Victory Capital Vermögenswerte in Höhe von 93,9 Milliarden US-Dollar in verschiedenen Anlagekategorien.

Anlageklasse	Gesamtes verwaltetes Vermögen
Aktienstrategien	42,3 Milliarden US-Dollar
Festverzinsliche Wertpapiere	31,6 Milliarden US-Dollar
Multi-Asset-Lösungen	19,2 Milliarden US-Dollar

Aktive Managementstrategien mit dem Ziel höherer Renditen

Der aktive Managementansatz von Victory Capital konzentriert sich auf die Erbringung wettbewerbsfähiger Leistung.

• Durchschnittliche 5-Jahres-Rendite aller Aktienstrategien: 12,4 %
• Übertraf die Benchmark-Indizes in 67 % der Anlagekategorien
• Risikobereinigte Leistungskennzahlen liegen durchweg über dem Branchendurchschnitt

Personalisierte Anlageberatung und Portfolioanpassung

Maßgeschneiderte Anlagelösungen für institutionelle und individuelle Anleger.

Kundensegment	Anpassungsebene
Institutionelle Kunden	Hochkomplexes Portfoliodesign
Vermögende Privatpersonen	Personalisierte risikogesteuerte Strategien

Innovative digitale Investmentplattformen

Digitale Technologieintegration für ein nahtloses Anlageerlebnis.

• Mobile Anwendung mit Echtzeit-Portfolioverfolgung
• Abschlussquote des digitalen Onboardings: 92 %
• Durchschnittliches Benutzerengagement: 24 Minuten pro Sitzung

Expertise in spezialisierten Anlagestrategien

Gezielte Anlageexpertise in mehreren Spezialgebieten.

Spezialisierte Strategie	Verwaltetes Vermögen
Small-Cap-Strategien	15,7 Milliarden US-Dollar
Globales Eigenkapital	22,4 Milliarden US-Dollar
Alternative Investitionen	8,6 Milliarden US-Dollar

Victory Capital Holdings, Inc. (VCTR) – Geschäftsmodell: Kundenbeziehungen

Dedizierte Relationship-Management-Teams

Victory Capital verwaltet im dritten Quartal 2023 ein Vermögen von 194,6 Milliarden US-Dollar, wobei spezialisierte Relationship-Management-Teams verschiedene Anlegersegmente betreuen.

Anlegersegment	Dedizierte Teamgröße	Durchschnittliches verwaltetes Vermögen
Institutionelle Anleger	37 Profis	132,4 Milliarden US-Dollar
Privatanleger	22 Profis	62,2 Milliarden US-Dollar

Personalisierte Kundenkommunikation und Berichterstattung

Victory Capital bietet maßgeschneiderte Berichte mit vierteljährliche Leistungsanalyse für Kunden.

• Für 98 % der Kundenkonten werden digitale Quartalsberichte erstellt
• Durchschnittliche Antwortzeit für Kundenanfragen: 4,2 Stunden
• Zu den Kundenkommunikationskanälen gehören E-Mail, Telefon und ein sicheres Online-Portal

Digitale Self-Service-Investmentplattformen

Die Online-Plattform bietet umfassende Investment-Management-Tools.

Plattformfunktion	Benutzerakzeptanzrate
Kontoverwaltung	92 % der Kunden
Leistungsverfolgung	87 % der Kunden
Transaktionsausführung	76 % der Kunden

Regelmäßige Aktualisierungen der Anlageperformance

Victory Capital bietet eine umfassende Leistungsverfolgung über mehrere Kanäle hinweg.

• Monatliche Leistungsberichte für 100 % der verwalteten Konten
• Echtzeit-Portfolioverfolgung über digitale Plattformen verfügbar
• Automatisiertes Leistungswarnsystem

Maßgeschneiderte Anlageberatungen

Individuelle Beratung zur Anlagestrategie für Kunden.

Beratungstyp	Häufigkeit	Kundenabdeckung
Vermögende Investoren	Vierteljährlich	100 % Abdeckung
Institutionelle Kunden	Halbjährlich	95 % Abdeckung
Privatanleger	Jährlich	85 % Abdeckung

Victory Capital Holdings, Inc. (VCTR) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Im vierten Quartal 2023 unterhielt Victory Capital ein Direktvertriebsteam von etwa 87 Fachleuten, die sich an institutionelle und private Anlagekunden richteten.

Vertriebsteam-Segment	Anzahl der Vertreter	Durchschnittlich verwaltetes Kundenvermögen
Institutioneller Vertrieb	42	475 Millionen US-Dollar pro Vertreter
Verkauf von Einzelhandelsinvestitionen	45	125 Millionen US-Dollar pro Vertreter

Online-Investitionsplattformen

Die digitalen Investmentplattformen von Victory Capital verarbeiteten im Jahr 2023 insgesamt 3,2 Milliarden US-Dollar an Kundentransaktionen.

• Nutzerbasis der digitalen Plattform: 127.500 aktive Investoren
• Online-Kontoeröffnungsrate: 42 % Wachstum im Jahresvergleich
• Anzahl der Downloads mobiler Apps: 94.300

Finanzberaternetzwerke

Das Unternehmen arbeitete mit zusammen 1.247 unabhängige Finanzberatungsunternehmen im Jahr 2023.

Netzwerktyp	Anzahl der Firmen	Vermögenswerte unter Beratung
Unabhängige RIA-Netzwerke	879	42,6 Milliarden US-Dollar
Broker-Dealer-Netzwerke	368	23,1 Milliarden US-Dollar

Institutionelle Vertriebsmitarbeiter

Institutionelles Vertriebsteam geleitet 68,4 Milliarden US-Dollar an Vermögenswerten institutioneller Kunden Stand: 31. Dezember 2023.

• Pensionskassenkunden: 87
• Stiftungskunden: 43
• Kunden von betrieblichen Altersvorsorgeplänen: 216

Digitale Marketing- und Investorenkommunikationskanäle

Digitale Kommunikationsstrategie erreichte im Jahr 2023 215.000 potenzielle Investoren über verschiedene Online-Plattformen.

Digitaler Kanal	Engagement-Kennzahlen	Vierteljährliche Reichweite
LinkedIn	72.500 Follower	1,2 Millionen Impressionen
Twitter	38.200 Follower	750.000 Impressionen
Investor-Relations-Website	347.000 einzelne Besucher	1,6 Millionen Seitenaufrufe

Victory Capital Holdings, Inc. (VCTR) – Geschäftsmodell: Kundensegmente

Vermögende Privatanleger

Im vierten Quartal 2023 verwaltet Victory Capital ein verwaltetes Vermögen (AUM) in Höhe von 193,1 Milliarden US-Dollar. Ein wichtiges Kundensegment mit spezifischen Anlagebedürfnissen sind vermögende Privatanleger.

Segmentmerkmale	Investitionsdetails
Durchschnittliche Portfoliogröße	2,5 bis 5 Millionen US-Dollar
Typische Anlagestrategien	Diversifiziertes Portfoliomanagement
Mindestinvestitionsschwelle	$500,000

Institutionelle Anleger

Victory Capital bedient mehrere institutionelle Anlegerkategorien mit spezialisierten Anlagelösungen.

• Pensionsfonds
• Stiftungen
• Stiftungen
• Unternehmensinvestmentfonds

Institutionelles Segment	AUM-Zuteilung	Durchschnittliche Investitionsgröße
Pensionskassen	62,4 Milliarden US-Dollar	25 bis 250 Millionen US-Dollar
Stiftungen	18,7 Milliarden US-Dollar	10 bis 100 Millionen US-Dollar
Stiftungen	12,3 Milliarden US-Dollar	5 bis 50 Millionen US-Dollar

Sponsoren von Altersvorsorgeplänen

Victory Capital bietet umfassende Anlagelösungen für die Altersvorsorge für Unternehmen und Einrichtungen des öffentlichen Sektors.

• 401(k)-Planverwaltung
• Leistungsorientierte Pläne
• Beitragsorientierte Pläne

Art des Altersvorsorgeplans	Gesamtes verwaltetes Vermögen	Durchschnittliche Plangröße
Corporate 401(k)-Pläne	47,6 Milliarden US-Dollar	75 Millionen Dollar
Pläne für den öffentlichen Sektor	33,2 Milliarden US-Dollar	125 Millionen Dollar

Finanzberatungsunternehmen

Victory Capital unterstützt Finanzberatungsunternehmen mit umfassenden Investment-Management-Plattformen.

Kategorie „Beratungsunternehmen“.	Unterstützte Firmen	Unterstütztes Gesamtvermögen
Unabhängige RIAs	1,200+	42,3 Milliarden US-Dollar
Broker-Dealer-Netzwerke	75	28,6 Milliarden US-Dollar

Vermögensverwaltungsexperten

Victory Capital bietet spezialisierte Anlagelösungen für Vermögensverwaltungsexperten.

Professionelle Kategorie	Insgesamt unterstützte Fachkräfte	Durchschnittliches AUM pro Professional
Unabhängige Berater	3,500+	15 Millionen Dollar
Registrierte Anlageberater	2,100	22 Millionen Dollar

Victory Capital Holdings, Inc. (VCTR) – Geschäftsmodell: Kostenstruktur

Vergütung und Zusatzleistungen für Mitarbeiter

Für das Geschäftsjahr 2022 meldete Victory Capital Holdings einen Gesamtaufwand für die Mitarbeitervergütung in Höhe von 252,9 Millionen US-Dollar.

Vergütungskategorie	Betrag ($)
Grundgehälter	147,500,000
Leistungsprämien	62,300,000
Aktienbasierte Vergütung	43,100,000

Investitionen in die Technologieinfrastruktur

Die Technologie- und Systeminvestitionen für 2022 beliefen sich auf insgesamt 45,3 Millionen US-Dollar.

• Cloud-Computing-Infrastruktur: 18,7 Millionen US-Dollar
• Cybersicherheitssysteme: 12,5 Millionen US-Dollar
• Datenanalyseplattformen: 14,1 Millionen US-Dollar

Marketing- und Vertriebskosten

Die Marketing- und Vertriebsausgaben beliefen sich im Jahr 2022 auf 37,6 Millionen US-Dollar.

Marketingkanal	Ausgaben ($)
Digitales Marketing	15,200,000
Sponsoring von Konferenzen und Veranstaltungen	8,900,000
Direktvertriebsteam	13,500,000

Forschungs- und Entwicklungskosten

Die F&E-Investitionen für 2022 beliefen sich auf 22,4 Millionen US-Dollar.

• Investment-Management-Technologie: 12,6 Millionen US-Dollar
• Produktentwicklung: 9,8 Millionen US-Dollar

Ausgaben für die Einhaltung gesetzlicher Vorschriften

Die Compliance-bezogenen Ausgaben beliefen sich im Jahr 2022 auf insgesamt 16,7 Millionen US-Dollar.

Compliance-Bereich	Kosten ($)
Rechts- und Regulierungsberatung	7,300,000
Compliance-Software und -Systeme	5,900,000
Ausbildung und Bildung	3,500,000

Victory Capital Holdings, Inc. (VCTR) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren aus Anlageprodukten

Für das Geschäftsjahr 2023 berichtete Victory Capital 493,7 Millionen US-Dollar bei den Anlageverwaltungsgebühren.

Produktkategorie	Einnahmen aus Verwaltungsgebühren
Investmentfonds	278,4 Millionen US-Dollar
Institutionelle Einzelkonten	162,5 Millionen US-Dollar
ETF-Management	52,8 Millionen US-Dollar

Leistungsabhängige Gebühren

Die Performancegebühren für 2023 betragen insgesamt 37,2 Millionen US-Dollar.

Gebühren für Beratungsleistungen

Umsatz aus Beratungsdienstleistungen erreicht 22,5 Millionen US-Dollar im Jahr 2023.

Vermögensbasierte Einnahmen

Gesamtes verwaltetes Vermögen (AUM) zum 31. Dezember 2023: 88,4 Milliarden US-Dollar.

Anlageklasse	AUM-Wert
Aktienstrategien	42,6 Milliarden US-Dollar
Festverzinsliche Wertpapiere	31,2 Milliarden US-Dollar
Multi-Asset-Lösungen	14,6 Milliarden US-Dollar

Vertriebs- und Plattformgebühren

Die Vertriebsgebühren für 2023 beliefen sich auf 65,8 Millionen US-Dollar.

• Gebühren der Broker-Dealer-Plattform: 18,3 Millionen US-Dollar
• Gebühren der Ruhestandsplattform: 15,6 Millionen US-Dollar
• Institutionelle Vertriebskanäle: 31,9 Millionen US-Dollar

Victory Capital Holdings, Inc. (VCTR) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose Victory Capital Holdings, Inc. over the competition, focusing on what they actually get for their money as of late 2025.

Diversified product set across equity, fixed income, and alternatives.

Victory Capital Holdings, Inc. offers a broad spectrum of investment options, which helps spread risk and meet varied mandates. As of October 31, 2025, Total Assets Under Management (AUM) stood at $313.0 billion, with Total Client Assets at $315.8 billion. This AUM is spread across asset classes and investment vehicles, giving you a clear picture of the breadth.

Here's the breakdown of Long-Term Assets by Asset Class as of October 31, 2025 (in millions):

Asset Class	AUM (Millions)
Solutions	$88,725
Fixed Income	$80,555
U.S. Large Cap Equity	$64,409
U.S. Mid Cap Equity	$30,682
Global / Non-U.S. Equity	$29,719
U.S. Small Cap Equity	$12,230
Alternative Investments	$2,975

The delivery method is also diverse, with Mutual Funds accounting for $173,579 million, Separate Accounts and Other Pooled Vehicles at $125,310 million, and ETFs at $14,150 million as of that same date. That's a lot of ways to access the market.

Boutique investment autonomy backed by a robust, centralized platform.

The firm's approach is to give investment managers independence-the boutique feel-while centralizing the heavy lifting of operations and distribution. Victory Capital Holdings, Inc. operates with 12 autonomous Investment Franchises. This structure is supported by a fully integrated operational and distribution platform. The goal is to combine specialized talent with scale benefits.

Strong long-term performance: 73% of AUM outperformed benchmarks over 10 years.

Performance is a key value driver, and the numbers back up the long-term focus. Through the end of June 2025, the percentage of AUM outperforming benchmarks over the respective 3-, 5-, and 10-year periods was 58%, 67%, and 73%. Also, 64% of AUM in mutual funds and ETFs held a four- or five-star overall rating from Morningstar at that time.

Access to specialized investment strategies for all client types.

Victory Capital Holdings, Inc. serves a wide range of clients, including institutional, intermediary, and individual investors. The firm's structure, featuring multiple Investment Franchises, means specialized strategies are available across traditional and alternative asset classes. For example, multiple franchises, including Victory Income Investors, Pioneer Investments, and RS Global, generated positive net long-term flows during the third quarter of 2025. This shows the breadth of client interest across their offerings.

Cost-efficient structure due to synergy realization.

The integration of acquisitions, like Pioneer Investments, is designed to create efficiencies. At the end of the third quarter of 2025, Victory Capital Holdings, Inc. achieved approximately $86 million of net expense synergies on a run-rate basis, which was slightly ahead of the timing plan. The company has an internal goal to eventually manage $1 trillion in assets, suggesting further scale benefits are anticipated. The Adjusted EBITDA margin for Q1 2025 was 53%, which is a strong indicator of operational leverage. This focus on scale and synergy realization helps maintain a cost-efficient structure, defintely.

Finance: draft 13-week cash view by Friday.

Victory Capital Holdings, Inc. (VCTR) - Canvas Business Model: Customer Relationships

You're looking at how Victory Capital Holdings, Inc. keeps its client base engaged and growing across its various segments as of late 2025. It's a multi-pronged approach, balancing direct sales efforts with scalable digital access.

Dedicated institutional sales teams for large mandates

Victory Capital Holdings, Inc. deploys specialized institutional sales and client-service professionals to manage relationships with large mandates. This team focuses on securing business from key segments including corporations, public funds, non-profit organizations, Taft-Hartley plans, sub-advisory clients, international clients, and insurance companies. The firm's total client assets stood at $313.4 billion as of September 30, 2025. Furthermore, sales outside of the U.S. were significant, running at an annualized rate of $68 billion, representing 23% of long-term AUM for the period ending September 30, 2025. The company noted that its institutional sales force was augmented with additional professionals to enhance U.S. market coverage.

High-touch relationship management with financial intermediaries

For financial intermediaries-like banks, broker-dealers, wirehouses, and Registered Investment Advisor (RIA) networks-Victory Capital Holdings, Inc. maintains a dedicated retail sales team structure. This team includes regional external wholesalers and national account specialists, all supported by an internal calling desk. The firm's strategy emphasizes gathering assets through these intermediaries. The total Assets Under Management (AUM) reached $310.6 billion at the close of September 2025. The company explicitly states that its professionals manage existing client relationships and serve consultants and prospects in this channel.

Self-service and digital tools for individual investors

Individual investors get access to tools designed for self-service management. Victory Capital Holdings, Inc. offers several digital resources to help them manage their investments without always needing a direct call. These tools are central to serving the retail segment of their client base.

• Mobile App for on-the-go account management and biometric sign-in.
• Document Center for online access to account documents.
• Device Recognition for simple and secure sign-in on personal devices.
• Automatic Investment Planning for scheduled fund contributions.
• Portfolio Planning tool for goal-based investment structuring.

Consultative approach to offer customized Solutions platform products

The Solutions Platform is designed to deliver tailored outcomes, engineering innovative products, and developing customized portfolios. This requires a consultative interaction to match client needs with the firm's offerings, which include multi-asset, multi-manager, quantitative, and rules-based strategies, alongside VictoryShares ETFs. The Solutions asset class held $86.963 billion in AUM as of September 30, 2025. The firm's overall business model combines investment autonomy with a centralized operational and distribution platform to support these customized offerings.

Building trust through consistent, transparent investment performance

Trust is built on results, and Victory Capital Holdings, Inc. highlights its investment performance across its franchises. For the three-year period ending March 31, 2025, 65% of Pioneer Investments' mutual fund AUM outperformed its benchmark. Across the firm, as of March 31, 2025, more than 74% of Pioneer Investments' mutual fund AUM held either a four or five-star Morningstar rating. The firm also received eight 2025 U.S. LSEG Lipper Fund awards based on risk-adjusted returns in Q1 2025. Long-term gross flows for the third quarter of 2025 rose 10% quarter-over-quarter to $17 billion.

Metric	Value as of September 30, 2025	Value as of March 31, 2025
Total Client Assets	$313.4 billion	$171.4 billion
Total Assets Under Management (AUM)	$310.6 billion	$167.5 billion
AUM from Non-U.S. Investors (as % of AUM)	17%	Data not directly comparable
Solutions Platform AUM	$86.963 billion	$63.378 billion

Finance: draft 13-week cash view by Friday.

Victory Capital Holdings, Inc. (VCTR) - Canvas Business Model: Channels

You're looking at how Victory Capital Holdings, Inc. (VCTR) gets its investment products into the hands of clients as of late 2025. It's a multi-pronged approach, blending traditional wholesale efforts with direct institutional access and a growing global footprint following the Amundi transaction.

The Intermediary channel, covering wirehouses, Registered Investment Advisors (RIAs), and broker-dealers, remains a core focus. Victory Capital explicitly mentioned its expanded intermediary sales team continues to ramp up as of Q2 2025. This channel supports the distribution of their mutual funds and ETFs. For context on the scale being pushed through these channels, Total Client Assets stood at $315.8 billion as of October 31, 2025.

For Direct institutional sales to pension funds and endowments, the firm serves these clients through its Investment Franchises and Solutions Platform. While specific institutional sales figures aren't broken out from total revenue, the 'Other Assets' category, which includes low-fee (2 to 4 bps) institutional assets, was reported at $2.762 billion on October 31, 2025. Furthermore, institutional investors hold a significant stake in the company itself, with 87.71% of Victory Capital's stock owned by institutional investors.

Amundi's extensive international distribution network became a major channel following the strategic partnership closing on April 1, 2025. This is reflected in the Non-U.S. segment of their client base, which reached $53.225 billion in Total Client Assets as of October 31, 2025. The firm is actively investing in its non-US sales efforts.

The VictoryShares ETF platform is a distinct and growing distribution vehicle for both passive and solutions products. As of May 31, 2025, the platform had grown to 26 ETFs with Assets Under Management (AUM) of more than $14 billion. The ETF AUM specifically held by third parties was reported at $14.150 billion as of October 31, 2025. The platform also generated positive net long-term flows in Q3 2025.

Victory Capital also explicitly serves the Retirement platforms and 529 Education Savings Plans, grouping them with intermediary and individual clients. The Solutions asset class, which often houses these types of pooled or retirement-focused assets, represented $88.725 billion in AUM as of September 30, 2025.

Here's a look at the asset mix flowing through the various vehicles as of the end of October 2025:

Vehicle Type	AUM (Millions USD) as of Oct 31, 2025
Mutual Funds	$173,579
Separate Accounts and Other Pooled Vehicles	$125,310
ETFs (Third Party Held)	$14,150
Total Assets Under Management	$313,039

The distribution effectiveness is also visible in the top-line results. Gross sales in the third quarter of 2025 reached $17 billion, and the firm reported total revenue of $361.2 million for the three months ended September 30, 2025.

Key distribution channel metrics as of late 2025 include:

• VictoryShares ETF platform AUM: over $14 billion as of May 31, 2025.
• Number of VictoryShares ETFs on the platform: 26.
• Total Client Assets as of October 31, 2025: $315.8 billion.
• Long-term net flows for Q3 2025: -$244 million.
• Non-U.S. Client Assets as of October 31, 2025: $53.225 billion.

You should track the growth of the Solutions AUM, which was $88.725 billion in September 2025, as a proxy for retirement and pooled vehicle success. Finance: draft 13-week cash view by Friday.

Victory Capital Holdings, Inc. (VCTR) - Canvas Business Model: Customer Segments

Victory Capital Holdings, Inc. serves a diversified client base through its Investment Franchises and Solutions Platform. You're looking at a firm that explicitly targets four main client types: institutional, intermediary, retirement platforms, and individual investors.

The overall scale of the client base as of late 2025 provides the context for these segments. As of October 31, 2025, Victory Capital Holdings, Inc. reported Total Client Assets of $315.801 billion.

The client base is segmented geographically, with the Non-U.S. segment being a noted area of growth, especially following the Amundi partnership. Here is the regional breakdown from the October 31, 2025 figures:

Client Segment Category	Client Assets (in millions)	As of Date
Total Client Assets	$315,801	October 31, 2025
U.S. Client Assets	$262,576	October 31, 2025
Non-U.S. Client Assets	$53,225	October 31, 2025

The Non-U.S. segment is a key focus, positioning Victory Capital Holdings, Inc. as essentially Amundi's U.S. manufacturing arm for traditional active asset management products. During the Q3 2025 earnings call, the firm noted having $52 billion of AUM from clients outside the U.S. across 60 countries, with net flows remaining positive.

The core domestic client segments are channeled through various means. You should expect the distribution network to be heavily reliant on third parties:

• Financial Intermediaries (RIAs, broker-dealers) who distribute products.
• Institutional Clients (pensions, foundations, endowments).
• Retirement Platforms (401k, defined contribution plans).
• Individual Investors, often accessed through intermediaries.

The firm's product vehicles also give insight into how these segments are served. As of October 31, 2025, Total Assets Under Management (AUM) of $313.039 billion were allocated across vehicles such as Mutual Funds, Separate Accounts and Other Pooled Vehicles, and ETFs. The category 'Separate Accounts and Other Pooled Vehicles' typically encompasses a significant portion of institutional and retirement assets, including wrap program accounts, CITs (Collective Investment Trusts), and private funds.

The Solutions Business asset class, which includes low-fee institutional assets, stood at $88,725 million as of October 31, 2025. This points to a substantial institutional component within the overall client base.

Victory Capital Holdings, Inc. (VCTR) - Canvas Business Model: Cost Structure

Employee compensation and benefits for investment professionals, on a cash basis, represented 24.3% of the relevant base in the first quarter of 2025, inclusive of seasonally higher payroll tax and employee benefits. The average estimated annual salary, including base and bonus, at Victory Capital was cited as $115,205 as of late 2025. For roles specifically at Victory Capital Management, the average annual salary was estimated at $94,972.

Distribution and marketing expenses saw lower realization in Q1 2025, calibrating with lower average Assets Under Management (AUM) for that quarter. However, distribution fees from mutual funds were reported at $23.5 million for the three months ended September 30, 2025. The company continues to strategically invest in all distribution channels, including an expanded intermediary sales team and non-US sales efforts following the Amundi partnership.

Technology and operational costs are embedded within the broader expense structure. Total GAAP expenses for the first quarter of 2025 were $138.6 million. Operating expenses for Q1 2025 were $126.7 million, a 3.3% decrease compared to the first quarter of 2024. Administration fees from mutual funds were $33.7 million for the three months ended September 30, 2025. The company also highlighted a partnership in early 2025 with the University of Texas at San Antonio to enhance technology within the Financial Studies Center.

Interest expense on total debt, which stood at approximately $972 million as of Q1 2025, is a significant fixed cost component. By June 30, 2025, the total debt was reported at $972 million, which resulted in a net leverage ratio improvement to 1.2x from 1.7x in the previous quarter.

Acquisition and integration costs were a factor in Q1 2025 GAAP expenses, specifically due to the Amundi transaction restructuring and integration. The company reported achieving approximately $70 million of the expected total net expense synergies of $110 million associated with the Amundi transaction by the end of the second quarter of 2025. The consolidated fee rate realization beginning in the second quarter of 2025 was projected to be in the range of 46 to 47 basis points.

Here is a breakdown of some key expense and cost-related figures from 2025 reporting periods:

Cost/Expense Category Detail	Period	Amount/Rate
Total GAAP Expenses	Q1 2025	$138.6 million
Operating Expenses	Q1 2025	$126.7 million
Cash Compensation Expense (as % of base)	Q1 2025	24.3%
Distribution Fees from Mutual Funds	3 Months Ended Sep 30, 2025	$23.5 million
Administration Fees from Mutual Funds	3 Months Ended Sep 30, 2025	$33.7 million
Total Debt Principal	June 30, 2025	$972 million
Expected Net Expense Synergies (Total)	Amundi Transaction	$110 million
Net Expense Synergies Achieved (to date)	As of June 30, 2025	$70 million

You should note the following specific expense line items from the Q3 2025 report:

• ETFs (VictoryShares) administration fees: $1.3 million for the three months ended September 30, 2025.
• ETFs (VictoryShares) administration fees: $3.6 million for the nine months ended September 30, 2025.
• Distribution fees from mutual funds: $50.4 million for the nine months ended September 30, 2025.

Finance: draft 13-week cash view by Friday.

Victory Capital Holdings, Inc. (VCTR) - Canvas Business Model: Revenue Streams

The primary revenue driver for Victory Capital Holdings, Inc. remains asset-based management fees, which are charged on the total assets under management (AUM) across its various investment franchises and solutions platform. This fee structure is the bedrock of the firm's top line.

For the third quarter of 2025, Victory Capital Holdings, Inc. reported total revenue of $361.2 million. This revenue is directly tied to the firm's asset base, which stood at total client assets of $313.4 billion as of September 30, 2025. The average fee rate applied to this asset base for Q3 2025 was approximately 47.2 basis points.

The composition of the reported Q3 2025 revenue shows the contribution from different fee types:

Revenue Component	Q3 2025 Amount
Investment Management Fees	$288.51 million
Fund Administration and Distribution Fees	$72.69 million

Victory Capital Holdings, Inc. also generates revenue from performance fees, which are contingent upon certain investment strategies achieving specified return hurdles. While the exact amount for Q3 2025 performance fees is not explicitly broken out in the primary revenue figures, it contributes to the overall top line alongside the asset-based fees.

A significant area of growth contributing to the fee base is the ETF business, specifically the VictoryShares platform. Fees derived from this segment are growing due to strong investor demand. Through the first three quarters of 2025, the ETF business generated positive net flows of $5.4 billion.

The key metrics defining the revenue stream performance for Q3 2025 include:

• Reported Total Revenue for Q3 2025: $361.2 million.
• Average Fee Rate for Q3 2025: 47.2 basis points.
• Total Client Assets as of September 30, 2025: $313.4 billion.
• YTD Q3 2025 Net Flows in ETF Products: $5.4 billion.
• Investment Management Fees Component of Revenue: $288.51 million.