Victory Capital Holdings, Inc. (VCTR): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no plano estratégico da Victory Capital Holdings, Inc. (VCTR), uma potência dinâmica de gerenciamento de ativos que transforma paisagens de investimento complexas em soluções financeiras personalizadas. Ao mapear engenhosamente sua tela de modelo de negócios, esta empresa revela como elas aproveitam a tecnologia de ponta, insights profundos do mercado e estratégias personalizadas para oferecer valor excepcional em diversos segmentos de clientes-de indivíduos de alta rede a sofisticados investidores institucionais. Sua abordagem única combina plataformas digitais inovadoras com gerenciamento de investimentos especializados, criando uma narrativa atraente de conhecimento financeiro e diferenciação estratégica no ecossistema competitivo de gerenciamento de patrimônio.

Victory Capital Holdings, Inc. (VCTR) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com instituições financeiras e plataformas de investimento

A Victory Capital mantém parcerias estratégicas com várias instituições financeiras a partir de 2024:

Tipo de parceiro	Número de parcerias	Ativos sob gestão
Parcerias bancárias	12	US $ 37,8 bilhões
Plataformas de investimento	8	US $ 22,5 bilhões
Provedores de contas de aposentadoria	6	US $ 15,3 bilhões

Colaboração com consultores de investimentos independentes

A Victory Capital apoia consultores de investimentos independentes por meio de programas abrangentes de parceria:

• Rede Total Independent Advisor: 3.200 consultores registrados
• Ativos médios gerenciados por consultor: US $ 42,6 milhões
• Receita anual da plataforma do consultor: US $ 124,7 milhões

Parcerias com provedores de tecnologia para soluções de investimento digital

Parceiro de tecnologia	Serviço prestado	Investimento anual
Morningstar	Análise de pesquisa	US $ 8,2 milhões
Blackrock Aladdin	Plataforma de gerenciamento de portfólio	US $ 12,5 milhões
FACTSET	Soluções de dados financeiros	US $ 6,7 milhões

Relacionamentos com corretores e redes intermediárias

As parcerias de corretor-corretor da Victory Capital incluem:

• Relacionamentos totais de corretores: 47 redes nacionais e regionais
• Canais de distribuição combinados ativos: US $ 89,3 bilhões
• Duração média da parceria: 7,4 anos

Victory Capital Holdings, Inc. (VCTR) - Modelo de negócios: Atividades -chave

Gerenciamento de ativos e desenvolvimento de estratégia de investimento

A partir do quarto trimestre 2023, a Victory Capital administrou US $ 94,3 bilhões no total de ativos sob gestão (AUM). A empresa opera em várias estratégias de investimento com equipes especializadas.

Estratégia de investimento	AUM ($ B)
Soluções multi-ativos	27.6
Equidade especial	22.1
Equidade global/internacional	15.9
Renda fixa	12.4

Construção de portfólio e gerenciamento ativo

A Victory Capital emprega gerenciamento ativo em várias estratégias de investimento com equipes de pesquisa dedicadas.

• Número de profissionais de investimento: 131
• Experiência média de gerenciamento de portfólio: 16,3 anos
• Estratégias de investimento: mais de 20 abordagens distintas

Pesquisa de investimento e análise de mercado

A empresa mantém infraestrutura abrangente de pesquisa com analistas dedicados que rastreiam tendências globais do mercado.

Categoria de pesquisa	Analistas dedicados
Pesquisa de ações	42
Pesquisa de renda fixa	23
Investimentos alternativos	15

Gerenciamento de relacionamento com o cliente

A Victory Capital serve diversos segmentos de clientes institucionais e de varejo.

• Contas totais de clientes: 4.287
• Clientes institucionais: 62% do total de AUM
• Clientes de varejo: 38% do total de AUM

Manutenção e inovação da plataforma digital

O investimento em tecnologia suporta a experiência digital do cliente e a eficiência operacional.

Métrica de tecnologia	Valor
Investimento de tecnologia anual	US $ 18,7 milhões
Tempo de atividade da plataforma digital	99.97%
Orçamento de segurança cibernética	US $ 4,2 milhões

Victory Capital Holdings, Inc. (VCTR) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

A partir do quarto trimestre 2023, a Victory Capital gerencia US $ 89,4 bilhões em ativos sob gestão (AUM). A equipe de liderança inclui:

Executivo	Posição	Posse
David F. Portner	Presidente e CEO	Mais de 15 anos
Michael D. Lipps	Diretor financeiro	Mais de 10 anos

Capacidades de pesquisa de investimento proprietárias

Plataforma de investimento de pesquisa Inclui equipes especializadas em várias estratégias de investimento:

• Equipe de soluções multi-ativos
• Equipes de investimento de boutique especializadas
• Departamento de Pesquisa Quantitativa

Infraestrutura tecnológica avançada

Métricas de investimento em tecnologia:

Métrica de tecnologia	Valor
Investimento de tecnologia anual	US $ 12,3 milhões
Equipe de TI	87 profissionais
Orçamento de segurança cibernética	US $ 4,1 milhões

Portfólio de produtos de investimento diversificado

Redução de produtos de investimento:

• Fundos mútuos: 42 fundos distintos
• Fundos negociados em câmbio (ETFs): 15 produtos
• Contas gerenciadas separadamente: 28 estratégias

Forte reputação da marca

Métricas de desempenho da marca:

Métrica	Valor
Morningstar Ratings (4-5 Star Funds)	67% dos fundos
Prêmios da indústria	12 nos últimos 3 anos
Taxa de retenção de clientes	92%

Victory Capital Holdings, Inc. (VCTR) - Modelo de negócios: proposições de valor

Soluções abrangentes de investimento em várias classes de ativos

A partir do quarto trimestre de 2023, a Victory Capital gerencia US $ 93,9 bilhões em ativos em diversas categorias de investimento.

Classe de ativos	Total de ativos sob gestão
Estratégias de patrimônio	US $ 42,3 bilhões
Renda fixa	US $ 31,6 bilhões
Soluções multi-ativos	US $ 19,2 bilhões

Estratégias de gestão ativa direcionando retornos superiores

A abordagem de gestão ativa da Victory Capital se concentra em oferecer desempenho competitivo.

• Retorno médio de 5 anos em estratégias de ações: 12,4%
• Índices de referência superados em 67% das categorias de investimento
• Métricas de desempenho ajustadas ao risco consistentemente acima da mediana da indústria

Conselhos de investimento personalizados e personalização do portfólio

Soluções de investimento personalizado para investidores institucionais e individuais.

Segmento de cliente	Nível de personalização
Clientes institucionais	Design de portfólio de alta complexidade
Indivíduos de alto patrimônio líquido	Estratégias personalizadas gerenciadas por risco

Plataformas inovadoras de investimento digital

Integração da tecnologia digital para experiência de investimento contínua.

• Aplicativo móvel com rastreamento de portfólio em tempo real
• Taxa de conclusão digital de integração: 92%
• Engajamento médio do usuário: 24 minutos por sessão

Experiência em estratégias de investimento especializadas

Experiência em investimentos focados em vários domínios especializados.

Estratégia especializada	Ativos sob gestão
Estratégias de pequenas capitões	US $ 15,7 bilhões
Equidade global	US $ 22,4 bilhões
Investimentos alternativos	US $ 8,6 bilhões

Victory Capital Holdings, Inc. (VCTR) - Modelo de Negócios: Relacionamentos do Cliente

Equipes de gerenciamento de relacionamento dedicadas

A Victory Capital gerencia US $ 194,6 bilhões em ativos a partir do terceiro trimestre de 2023, com equipes especializadas de gerenciamento de relacionamento atendendo a diferentes segmentos de investidores.

Segmento de investidores	Tamanho dedicado à equipe	Ativos médios sob gerenciamento
Investidores institucionais	37 profissionais	US $ 132,4 bilhões
Investidores de varejo	22 profissionais	US $ 62,2 bilhões

Comunicação e relatórios personalizados do cliente

Victory Capital fornece relatórios personalizados com Análise de desempenho trimestral para clientes.

• Relatórios trimestrais digitais gerados para 98% das contas de clientes
• Tempo médio de resposta para consultas do cliente: 4,2 horas
• Os canais de comunicação do cliente incluem email, telefone e portal online seguro

Plataformas de investimento de autoatendimento digital

A plataforma on -line apresenta ferramentas abrangentes de gerenciamento de investimentos.

Recurso da plataforma	Taxa de adoção do usuário
Gerenciamento de contas	92% dos clientes
Rastreamento de desempenho	87% dos clientes
Execução da transação	76% dos clientes

Atualizações regulares de desempenho de investimento

A Victory Capital fornece rastreamento abrangente de desempenho em vários canais.

• Relatórios mensais de desempenho para 100% das contas gerenciadas
• Rastreamento de portfólio em tempo real disponível através de plataformas digitais
• Sistema de alerta de desempenho automatizado

Consultas de investimento personalizado

Consultas de estratégia de investimento personalizadas oferecidas aos clientes.

Tipo de consulta	Freqüência	Cobertura do cliente
Investidores de alto patrimônio líquido	Trimestral	100% de cobertura
Clientes institucionais	Semestral	Cobertura de 95%
Investidores de varejo	Anual	Cobertura de 85%

Victory Capital Holdings, Inc. (VCTR) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir do quarto trimestre de 2023, a Victory Capital manteve uma equipe de vendas direta de aproximadamente 87 profissionais direcionados aos clientes de investimentos institucionais e de varejo.

Segmento da equipe de vendas	Número de representantes	Ativos médios de cliente gerenciados
Vendas institucionais	42	US $ 475 milhões por representante
Vendas de investimentos no varejo	45	US $ 125 milhões por representante

Plataformas de investimento on -line

As plataformas de investimento digital da Victory Capital processaram US $ 3,2 bilhões em transações totais de clientes em 2023.

• Base de usuário da plataforma digital: 127.500 investidores ativos
• Taxa de abertura da conta on-line: 42% de crescimento ano a ano
• Mobile App Download Count: 94.300

Redes de consultores financeiros

A empresa colaborou com 1.247 empresas de consultoria financeira independentes em 2023.

Tipo de rede	Número de empresas	Ativos sob consultoria
Redes RIA independentes	879	US $ 42,6 bilhões
Redes de corretores	368	US $ 23,1 bilhões

Representantes de vendas institucionais

Equipe de vendas institucional gerenciada US $ 68,4 bilhões em ativos de clientes institucionais em 31 de dezembro de 2023.

• Clientes do fundo de pensão: 87
• Clientes de doação: 43
• Plano de aposentadoria corporativo Clientes: 216

Canais de comunicação de marketing digital e investidores

A estratégia de comunicação digital atingiu 215.000 investidores em potencial por meio de várias plataformas on -line em 2023.

Canal digital	Métricas de engajamento	Alcance trimestral
LinkedIn	72.500 seguidores	1,2 milhão de impressões
Twitter	38.200 seguidores	750.000 impressões
Site de Relações com Investidores	347.000 visitantes únicos	1,6 milhão de visualizações de página

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

Investidores individuais de alta rede

No quarto trimestre 2023, a Victory Capital gerencia US $ 193,1 bilhões em ativos sob gestão (AUM). Investidores individuais de alto patrimônio líquido representam um segmento importante do cliente com requisitos específicos de investimento.

Características do segmento	Detalhes do investimento
Tamanho médio do portfólio	US $ 2,5 milhões a US $ 5 milhões
Estratégias de investimento típicas	Gerenciamento de portfólio diversificado
Limiar mínimo de investimento	$500,000

Investidores institucionais

A Victory Capital atende a várias categorias de investidores institucionais com soluções de investimento especializadas.

• Fundos de pensão
• Doações
• Fundações
• Fundos de investimento corporativo

Segmento institucional	Aum alocação	Tamanho médio de investimento
Fundos de pensão	US $ 62,4 bilhões	US $ 25 milhões a US $ 250 milhões
Doações	US $ 18,7 bilhões	US $ 10 milhões a US $ 100 milhões
Fundações	US $ 12,3 bilhões	US $ 5 milhões a US $ 50 milhões

Patrocinadores do plano de aposentadoria

A Victory Capital fornece soluções abrangentes de investimento do Plano de Aposentadoria para entidades corporativas e do setor público.

• 401 (k) Gerenciamento do plano
• Planos de benefícios definidos
• Planos de contribuição definidos

Tipo de plano de aposentadoria	Total de ativos gerenciados	Tamanho médio do plano
Planos corporativos 401 (k)	US $ 47,6 bilhões	US $ 75 milhões
Planos do setor público	US $ 33,2 bilhões	US $ 125 milhões

Empresas de consultoria financeira

A Victory Capital apoia empresas de consultoria financeira com plataformas abrangentes de gerenciamento de investimentos.

Categoria da empresa de consultoria	Empresas apoiadas	Total de ativos suportados
RIAS independente	1,200+	US $ 42,3 bilhões
Redes de corretores	75	US $ 28,6 bilhões

Profissionais de gestão de patrimônio

A Victory Capital fornece soluções de investimento especializadas para profissionais de gerenciamento de patrimônio.

Categoria profissional	Total de profissionais apoiados	Aum médio por profissional
Consultores independentes	3,500+	US $ 15 milhões
Consultores de investimento registrados	2,100	US $ 22 milhões

Victory Capital Holdings, Inc. (VCTR) - Modelo de negócios: estrutura de custos

Compensação e benefícios dos funcionários

No ano fiscal de 2022, a Victory Capital Holdings registrou despesas totais de remuneração de funcionários de US $ 252,9 milhões.

Categoria de compensação	Valor ($)
Salários da base	147,500,000
Bônus de desempenho	62,300,000
Remuneração baseada em ações	43,100,000

Investimento de infraestrutura de tecnologia

O investimento em tecnologia e sistemas para 2022 totalizou US $ 45,3 milhões.

• Infraestrutura de computação em nuvem: US $ 18,7 milhões
• Sistemas de segurança cibernética: US $ 12,5 milhões
• Plataformas de análise de dados: US $ 14,1 milhões

Despesas de marketing e vendas

As despesas de marketing e vendas em 2022 atingiram US $ 37,6 milhões.

Canal de marketing	Gastos ($)
Marketing digital	15,200,000
Patrocínios de conferência e evento	8,900,000
Equipe de vendas diretas	13,500,000

Custos de pesquisa e desenvolvimento

O investimento em P&D para 2022 foi de US $ 22,4 milhões.

• Tecnologia de gerenciamento de investimentos: US $ 12,6 milhões
• Desenvolvimento de produtos: US $ 9,8 milhões

Despesas de conformidade regulatória

As despesas relacionadas à conformidade em 2022 totalizaram US $ 16,7 milhões.

Área de conformidade	Custo ($)
Consultoria legal e regulatória	7,300,000
Software e sistemas de conformidade	5,900,000
Treinamento e educação	3,500,000

Victory Capital Holdings, Inc. (VCTR) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento de produtos de investimento

Para o ano fiscal de 2023, a Victory Capital informou US $ 493,7 milhões em taxas de gerenciamento de investimentos.

Categoria de produto	Receita da taxa de gerenciamento
Fundos mútuos	US $ 278,4 milhões
Contas separadas institucionais	US $ 162,5 milhões
Gerenciamento de ETF	US $ 52,8 milhões

Taxas baseadas em desempenho

Taxas de desempenho para 2023 totalizaram US $ 37,2 milhões.

Taxas de serviço de consultoria

Receita de serviço consultivo alcançado US $ 22,5 milhões em 2023.

Receita baseada em ativos

Total de ativos sob gestão (AUM) em 31 de dezembro de 2023: US $ 88,4 bilhões.

Classe de ativos	Valor AUM
Estratégias de patrimônio	US $ 42,6 bilhões
Renda fixa	US $ 31,2 bilhões
Soluções multi-ativos	US $ 14,6 bilhões

Taxas de distribuição e plataforma

As taxas de distribuição para 2023 totalizaram US $ 65,8 milhões.

• Taxas de plataforma de corretor-Dealador: US $ 18,3 milhões
• Taxas da plataforma de aposentadoria: US $ 15,6 milhões
• Canais de distribuição institucional: US $ 31,9 milhões

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.