Victory Capital Reports $171.4 Billion in Total Client Assets for March 2025

Victory Capital Holdings, Inc. (NASDAQ: VCTR) announced total client assets of $171.4 billion as of March 31, 2025, reflecting a decline from $179.5 billion at the end of February. Total assets under management (AUM) stood at $167.5 billion, while other assets were reported at $4.0 billion.

Average total client assets for the month were $174.9 billion, with long-term AUM net outflows of $1.2 billion during the first quarter.

Breakdown by Asset Class (March 31, 2025):
Solutions: $63.4 billion

Fixed Income: $24.2 billion

U.S. Mid Cap Equity: $29.0 billion

U.S. Small Cap Equity: $13.2 billion

U.S. Large Cap Equity: $13.1 billion

Global/Non-U.S. Equity: $18.3 billion

Alternative Investments: $2.9 billion

Money Market/Short-Term Assets: $3.4 billion

Breakdown by Investment Vehicle:
Mutual Funds: $108.4 billion

Separate Accounts & Other Pooled Vehicles: $48.8 billion

ETFs: $10.3 billion

Other institutional assets, now classified separately, totaled $4.0 billion.

Upcoming Earnings Call:
Victory Capital will release its Q1 2025 financial results after the market closes on May 8, 2025. A conference call will be held on May 9 at 8:00 a.m. ET. The webcast and materials will be available at ir.vcm.com.

Victory Capital operates with a model combining boutique investment capabilities with a centralized platform. The firm manages a broad range of products through 12 investment franchises and its Solutions Business, serving institutional and retail clients globally.

Victory Capital Completes Acquisition of Amundi US, Expanding Global Asset Management Capabilities

San Antonio, TX – April 1, 2025 – Victory Capital Holdings, Inc. (NASDAQ: VCTR) (“Victory Capital” or the “Company”) announced today the successful completion of its previously disclosed acquisition of Amundi US, the U.S. asset management business of Amundi Asset Management S.A.S., a subsidiary of Amundi S.A.

Under the terms of the Contribution Agreement signed on July 8, 2024, Amundi contributed 100% of the shares of Amundi US to Victory Capital. In exchange, Victory Capital issued:

3,293,471 shares of newly issued common stock, and

14,305,982 shares of a newly created Series A Non-Voting Convertible Preferred Stock.

Combined, these shares represent approximately 21.2% of Victory Capital’s fully diluted outstanding shares post-transaction.

In conjunction with the closing:

A Shareholder Agreement was executed outlining governance rights for Amundi.

A Certificate of Designations was filed to establish the rights of the new preferred shares.

The Company amended and restated its Distribution and Services Agreements with Amundi and its affiliates.

As part of the board governance terms, Céline Boyer-Chammard and Dominique Carrel-Billiard were appointed to Victory Capital’s Board of Directors as Amundi’s nominees. Concurrently, Bob Hurst, a Crestview Partners designee, retired from the Board following Crestview’s ownership dropping below 10%.

Victory Capital noted that the acquisition enhances its global scale and capabilities, particularly in active asset management across institutional and retail channels.

Victory Capital Holdings, Inc. Announces Change in Independent Auditor
SAN ANTONIO, TX – March 6, 2025 – Victory Capital Holdings, Inc. (Nasdaq: VCTR) has announced a change in its independent registered public accounting firm, appointing Deloitte & Touche LLP ("Deloitte") as its auditor for the fiscal year ending December 31, 2025. This decision follows a comprehensive selection process conducted by the company’s Audit Committee.

Key Details of the Auditor Change
Outgoing Auditor: Ernst & Young LLP ("EY") will complete its statutory audits and related services for the fiscal year ended December 31, 2024 but will not continue as Victory Capital’s independent registered public accounting firm afterward.
Incoming Auditor: Deloitte & Touche LLP will serve as the company’s new independent auditor starting in fiscal year 2025.
Reason for Change: The transition was made proactively to comply with SEC independence rules related to the company’s agreement with Amundi Asset Management S.A.S. The change is not a result of performance issues related to EY's audit work or Victory Capital's financial reporting.
EY’s Audit Reports and Disclosures
EY’s audit reports for fiscal years 2023 and 2024 did not contain any adverse opinion, disclaimer, or modifications related to uncertainty, audit scope, or accounting principles.
During these years, there were no disagreements between the company and EY regarding accounting principles, financial statement disclosures, or audit procedures.
There were also no "reportable events" as defined under SEC regulations that required EY to reference any unresolved issues in their audit reports.
Consultation with Deloitte
Victory Capital did not consult with Deloitte during the fiscal years 2023, 2024, or the interim period in 2025 regarding:
Application of accounting principles for specific transactions.
Type of audit opinion that might be issued on Victory Capital’s financial statements.
Any issues related to disagreements or reportable events under SEC guidelines.
Regulatory Compliance
Victory Capital has provided EY with a copy of this disclosure and requested that EY issue a letter to the SEC confirming their agreement with the statements made in this filing.
A copy of EY’s confirmation letter is included as Exhibit 16.1 in the company’s Form 8-K filing.
Company Statement
Victory Capital remains committed to strong financial reporting standards and transparent corporate governance. The Audit Committee thanks EY for its years of service and looks forward to working with Deloitte moving forward.