Victory Capital Holdings, Inc. (VCTR): Lienzo del Modelo de Negocios [Actualizado en Ene-2025]

Sumérgete en el modelo estratégico de Victory Capital Holdings, Inc. (VCTR), una potencia dinámica de gestión de activos que transforma los paisajes de inversión complejos en soluciones financieras personalizadas. Al mapear ingeniosamente su lienzo de modelo de negocio, esta empresa revela cómo aprovechan la tecnología de vanguardia, las profundas ideas del mercado y las estrategias personalizadas para ofrecer un valor excepcional en diversos segmentos de clientes, desde individuos de alto nivel de reducción hasta inversores institucionales sofisticados. Su enfoque único combina plataformas digitales innovadoras con gestión de inversiones expertas, creando una narración convincente de experiencia financiera y diferenciación estratégica en el ecosistema competitivo de gestión de patrimonio.

Victory Capital Holdings, Inc. (VCTR) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con instituciones financieras y plataformas de inversión

Victory Capital mantiene asociaciones estratégicas con múltiples instituciones financieras a partir de 2024:

Tipo de socio	Número de asociaciones	Activos bajo administración
Asociaciones bancarias	12	$ 37.8 mil millones
Plataformas de inversión	8	$ 22.5 mil millones
Proveedores de cuentas de jubilación	6	$ 15.3 mil millones

Colaboración con Independent Investment Advisors

Victory Capital apoya asesores de inversiones independientes a través de programas de asociación integral:

• Total Independent Advisor Red: 3.200 asesores registrados
• Activos promedio administrados por asesor: $ 42.6 millones
• Ingresos anuales de la plataforma de asesores: $ 124.7 millones

Asociaciones con proveedores de tecnología para soluciones de inversión digital

Socio tecnológico	Servicio proporcionado	Inversión anual
Estrella de la mañana	Análisis de investigación	$ 8.2 millones
Blackrock Aladdin	Plataforma de gestión de cartera	$ 12.5 millones
Conjunto de hechos	Soluciones de datos financieros	$ 6.7 millones

Relaciones con corredores de bolsa y redes intermedias

Las asociaciones de corredor de bolsa de Victory Capital incluyen:

• Relaciones totales de corredor de bolsa: 47 redes nacionales y regionales
• Activos de canales de distribución combinados: $ 89.3 mil millones
• Duración promedio de la asociación: 7.4 años

Victory Capital Holdings, Inc. (VCTR) - Modelo de negocio: actividades clave

Desarrollo de la estrategia de gestión de activos y de inversión

A partir del cuarto trimestre de 2023, Victory Capital administró $ 94.3 mil millones En activos totales bajo administración (AUM). La empresa opera en múltiples estrategias de inversión con equipos especializados.

Estrategia de inversión	Aum ($ b)
Soluciones de activos múltiples	27.6
Capital especial	22.1
Equidad global/internacional	15.9
Ingreso fijo	12.4

Construcción de cartera y gestión activa

Victory Capital emplea gestión activa En múltiples estrategias de inversión con equipos de investigación dedicados.

• Número de profesionales de inversión: 131
• Experiencia promedio de gestión de cartera: 16.3 años
• Estrategias de inversión: más de 20 enfoques distintos

Investigación de inversiones y análisis de mercado

La firma mantiene una infraestructura de investigación integral con analistas dedicados que rastrean las tendencias del mercado global.

Categoría de investigación	Analistas dedicados
Investigación de capital	42
Investigación de renta fija	23
Inversiones alternativas	15

Gestión de la relación con el cliente

Victory Capital sirve diversos segmentos de clientes institucionales y minoristas.

• Cuentas totales del cliente: 4,287
• Clientes institucionales: 62% del total de AUM
• Clientes minoristas: 38% del total de AUM

Mantenimiento e innovación de la plataforma digital

La inversión tecnológica admite la experiencia digital del cliente y la eficiencia operativa.

Métrica de tecnología	Valor
Inversión tecnológica anual	$ 18.7 millones
Tiempo de actividad de la plataforma digital	99.97%
Presupuesto de ciberseguridad	$ 4.2 millones

Victory Capital Holdings, Inc. (VCTR) - Modelo de negocio: recursos clave

Equipo experimentado de gestión de inversiones

A partir del cuarto trimestre de 2023, Victory Capital administra $ 89.4 mil millones en activos bajo administración (AUM). El equipo de liderazgo incluye:

Ejecutivo	Posición	Tenencia
David F. Portner	Presidente y CEO	Más de 15 años
Michael D. Lipps	Director financiero	Más de 10 años

Capacidades de investigación de inversiones propietarias

Plataforma de inversión de investigación Incluye equipos especializados en múltiples estrategias de inversión:

• Equipo de soluciones de activos múltiples
• Equipos especializados de inversión boutique
• Departamento de investigación cuantitativa

Infraestructura tecnológica avanzada

Métricas de inversión tecnológica:

Métrica de tecnología	Valor
Inversión tecnológica anual	$ 12.3 millones
Personal de TI	87 profesionales
Presupuesto de ciberseguridad	$ 4.1 millones

Cartera de productos de inversión diversos

Desglose del producto de inversión:

• Fondos mutuos: 42 fondos distintos
• Fondos intercambiados de intercambio (ETF): 15 productos
• Cuentas administradas por separado: 28 estrategias

Reputación de marca fuerte

Métricas de rendimiento de la marca:

Métrico	Valor
Calificaciones de Morningstar (fondos de 4-5 estrellas)	67% de los fondos
Premios de la industria	12 en los últimos 3 años
Tasa de retención de clientes	92%

Victory Capital Holdings, Inc. (VCTR) - Modelo de negocio: propuestas de valor

Soluciones de inversión integrales en múltiples clases de activos

A partir del cuarto trimestre de 2023, Victory Capital administra $ 93.9 mil millones en activos en diversas categorías de inversión.

Clase de activo	Activos totales bajo administración
Estrategias de capital	$ 42.3 mil millones
Ingreso fijo	$ 31.6 mil millones
Soluciones de activos múltiples	$ 19.2 mil millones

Estrategias de gestión activa dirigidas a retornos superiores

El enfoque de gestión activa de Victory Capital se centra en ofrecer un rendimiento competitivo.

• Rendimiento promedio de 5 años en las estrategias de capital: 12.4%
• Índices de referencia superados en el 67% de las categorías de inversión
• Métricas de rendimiento ajustadas al riesgo consistentemente por encima de la mediana de la industria

Asesoramiento de inversión personalizado y personalización de la cartera

Soluciones de inversión a medida para inversores institucionales e individuales.

Segmento de clientes	Nivel de personalización
Clientes institucionales	Diseño de cartera de alta complejidad
Individuos de alto patrimonio	Estrategias personalizadas administradas por el riesgo

Plataformas de inversión digital innovadoras

Integración de tecnología digital para una experiencia de inversión perfecta.

• Aplicación móvil con seguimiento de cartera en tiempo real
• Tasa de finalización de incorporación digital: 92%
• Participación promedio del usuario: 24 minutos por sesión

Experiencia en estrategias de inversión especializadas

Experiencia de inversión enfocada en múltiples dominios especializados.

Estrategia especializada	Activos bajo administración
Estrategias de capitales pequeños	$ 15.7 mil millones
Capital global	$ 22.4 mil millones
Inversiones alternativas	$ 8.6 mil millones

Victory Capital Holdings, Inc. (VCTR) - Modelo de negocios: relaciones con los clientes

Equipos dedicados de gestión de relaciones

Victory Capital administra $ 194.6 mil millones en activos a partir del tercer trimestre de 2023, con equipos especializados de gestión de relaciones que atienden a diferentes segmentos de inversores.

Segmento de inversores	Tamaño de equipo dedicado	Activos promedio bajo administración
Inversores institucionales	37 profesionales	$ 132.4 mil millones
Inversores minoristas	22 profesionales	$ 62.2 mil millones

Comunicación e informes personalizados del cliente

Victory Capital proporciona informes personalizados con Análisis de rendimiento trimestral para clientes.

• Informes trimestrales digitales generados para el 98% de las cuentas de los clientes
• Tiempo de respuesta promedio para consultas del cliente: 4.2 horas
• Los canales de comunicación del cliente incluyen correo electrónico, teléfono y portal en línea seguro

Plataformas de inversión de autoservicio digital

La plataforma en línea presenta herramientas integrales de gestión de inversiones.

Característica de la plataforma	Tasa de adopción de usuarios
Gestión de cuentas	92% de los clientes
Seguimiento de rendimiento	87% de los clientes
Ejecución de transacciones	76% de los clientes

Actualizaciones de rendimiento de inversión regular

Victory Capital proporciona un seguimiento integral de rendimiento en múltiples canales.

• Informes mensuales de rendimiento para el 100% de las cuentas administradas
• Seguimiento de cartera en tiempo real disponible a través de plataformas digitales
• Sistema de alerta de rendimiento automatizado

Consultas de inversión a medida

Consultas de estrategia de inversión personalizada ofrecidas a los clientes.

Tipo de consulta	Frecuencia	Cobertura del cliente
Inversores de alto patrimonio	Trimestral	100% de cobertura
Clientes institucionales	Semestral	Cobertura del 95%
Inversores minoristas	Anual	85% de cobertura

Victory Capital Holdings, Inc. (VCTR) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Victory Capital mantuvo un equipo de ventas directas de aproximadamente 87 profesionales dirigidos a clientes de inversión institucional y minorista.

Segmento del equipo de ventas	Número de representantes	Activos de cliente promedio gestionados
Ventas institucionales	42	$ 475 millones por representante
Ventas de inversión minorista	45	$ 125 millones por representante

Plataformas de inversión en línea

Las plataformas de inversión digital de Victory Capital procesaron $ 3.2 mil millones en transacciones totales del cliente en 2023.

• Base de usuarios de plataforma digital: 127,500 inversores activos
• Tasa de apertura de la cuenta en línea: 42% de crecimiento año tras año
• Descarga de la aplicación móvil Recuento: 94,300

Redes de asesores financieros

La empresa colaboró ​​con 1.247 empresas de asesoramiento financiero independientes en 2023.

Tipo de red	Número de empresas	Activos bajo aviso
Redes RIA independientes	879	$ 42.6 mil millones
Redes de corredor de bolsa	368	$ 23.1 mil millones

Representantes de ventas institucionales

Equipo de ventas institucional administrado $ 68.4 mil millones en activos institucionales del cliente Al 31 de diciembre de 2023.

• CLIENTES DEL FONDO DE PORPORCIONES: 87
• Clientes de dotación: 43
• Plan de jubilación corporativa Clientes: 216

Canales de marketing digital y comunicación de inversores

La estrategia de comunicación digital llegó a 215,000 inversores potenciales a través de varias plataformas en línea en 2023.

Canal digital	Métricas de compromiso	Alcance trimestral
LinkedIn	72,500 seguidores	1,2 millones de impresiones
Gorjeo	38,200 seguidores	750,000 impresiones
Sitio web de relaciones con los inversores	347,000 visitantes únicos	1.6 millones de visitas a la página

Victory Capital Holdings, Inc. (VCTR) - Modelo de negocios: segmentos de clientes

Inversores individuales de alto nivel de red

A partir del cuarto trimestre de 2023, Victory Capital administra $ 193.1 mil millones en activos bajo administración (AUM). Los inversores individuales de alto nivel de red representan un segmento clave de clientes con requisitos de inversión específicos.

Características de segmento	Detalles de inversión
Tamaño promedio de la cartera	$ 2.5 millones a $ 5 millones
Estrategias de inversión típicas	Gestión de cartera diversificada
Umbral mínimo de inversión	$500,000

Inversores institucionales

Victory Capital atiende a múltiples categorías de inversores institucionales con soluciones de inversión especializadas.

• Fondos de pensiones
• Dotación
• Cimientos
• Fondos de inversión corporativa

Segmento institucional	Asignación de AUM	Tamaño de inversión promedio
Fondos de pensiones	$ 62.4 mil millones	$ 25 millones a $ 250 millones
Dotación	$ 18.7 mil millones	$ 10 millones a $ 100 millones
Cimientos	$ 12.3 mil millones	$ 5 millones a $ 50 millones

Patrocinadores del plan de jubilación

Victory Capital proporciona soluciones integrales de inversión del plan de jubilación para entidades corporativas y del sector público.

• Gestión de planes 401 (k)
• Planes de beneficios definidos
• Planes de contribución definidos

Tipo de plan de jubilación	Activos totales administrados	Tamaño promedio del plan
Planes corporativos 401 (k)	$ 47.6 mil millones	$ 75 millones
Planes del sector público	$ 33.2 mil millones	$ 125 millones

Empresas de asesoramiento financiero

Victory Capital apoya a las empresas de asesoramiento financiero con plataformas integrales de gestión de inversiones.

Categoría de firma de asesoramiento	Empresas compatibles	Activos totales compatibles
Rias independientes	1,200+	$ 42.3 mil millones
Redes de corredor de bolsa	75	$ 28.6 mil millones

Profesionales de gestión de patrimonio

Victory Capital ofrece soluciones de inversión especializadas para profesionales de gestión de patrimonio.

Categoría profesional	Profesionales totales apoyados	AUM promedio por profesional
Asesores independientes	3,500+	$ 15 millones
Asesores de inversiones registradas	2,100	$ 22 millones

Victory Capital Holdings, Inc. (VCTR) - Modelo de negocio: Estructura de costos

Compensación y beneficios de los empleados

A partir del año fiscal 2022, Victory Capital Holdings reportó gastos totales de compensación de empleados de $ 252.9 millones.

Categoría de compensación	Monto ($)
Salarios base	147,500,000
Bonos de rendimiento	62,300,000
Compensación basada en acciones	43,100,000

Inversión en infraestructura tecnológica

La inversión en tecnología y sistemas para 2022 totalizó $ 45.3 millones.

• Infraestructura de computación en la nube: $ 18.7 millones
• Sistemas de ciberseguridad: $ 12.5 millones
• Plataformas de análisis de datos: $ 14.1 millones

Gastos de marketing y ventas

Los gastos de marketing y ventas en 2022 alcanzaron $ 37.6 millones.

Canal de marketing	Gasto ($)
Marketing digital	15,200,000
Patrocinios de conferencia y eventos	8,900,000
Equipo de ventas directas	13,500,000

Costos de investigación y desarrollo

La inversión en I + D para 2022 fue de $ 22.4 millones.

• Tecnología de gestión de inversiones: $ 12.6 millones
• Desarrollo de productos: $ 9.8 millones

Gastos de cumplimiento regulatorio

Los gastos relacionados con el cumplimiento en 2022 totalizaron $ 16.7 millones.

Área de cumplimiento	Costo ($)
Consultoría legal y regulatoria	7,300,000
Software y sistemas de cumplimiento	5,900,000
Capacitación y educación	3,500,000

Victory Capital Holdings, Inc. (VCTR) - Modelo de negocios: flujos de ingresos

Tarifas de gestión de productos de inversión

Para el año fiscal 2023, la Victory Capital informó $ 493.7 millones en tarifas de gestión de inversiones.

Categoría de productos	Ingresos de tarifas de gestión
Fondos mutuos	$ 278.4 millones
Cuentas separadas institucionales	$ 162.5 millones
Gestión del ETF	$ 52.8 millones

Tarifas basadas en el desempeño

Las tarifas de rendimiento para 2023 totalizaron $ 37.2 millones.

Tarifas de servicio de asesoramiento

Los ingresos del servicio de asesoramiento alcanzados $ 22.5 millones en 2023.

Ingresos basados ​​en activos

Activos totales bajo administración (AUM) al 31 de diciembre de 2023: $ 88.4 mil millones.

Clase de activo	Valor AUM
Estrategias de capital	$ 42.6 mil millones
Ingreso fijo	$ 31.2 mil millones
Soluciones de activos múltiples	$ 14.6 mil millones

Tarifas de distribución y plataforma

Las tarifas de distribución para 2023 ascendieron a $ 65.8 millones.

• Tarifas de la plataforma de corredor de bolsa: $ 18.3 millones
• Tarifas de la plataforma de jubilación: $ 15.6 millones
• Canales de distribución institucional: $ 31.9 millones

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.