# Victory Capital

> Victory Capital is a San Antonio-based global asset manager that runs a multi-boutique model: roughly a dozen autonomous investment franchises, each with its own culture and strategy, all sharing one centralized operating and distribution platform. Through mutual funds, VictoryShares ETFs, separately managed accounts, alternatives, 529 college-savings plans and the USAA-branded retail business, it manages money for individuals, financial advisors and institutions. The firm grew from a 2013 management buyout out of KeyCorp into a public company (NASDAQ: VCTR) with roughly $317 billion in assets under management by the end of 2025, largely by acquiring other managers and folding them onto its shared infrastructure.

- **Founded:** 2013
- **Headquarters:** San Antonio, Texas, United States
- **Founders:** David C. Brown (Chairman & CEO (led 2013 management buyout))
- **Team size:** ~700 employees
- **Products:** Investment Franchises, VictoryShares ETFs, USAA Mutual Funds, Victory Capital Solutions Platform, 529 Education Savings & Retirement Solutions
- **Notable:** Grew from a $246M management buyout in 2013 to roughly $317B in AUM by the end of 2025., Completed a NASDAQ IPO in February 2018 (ticker VCTR)., Acquired USAA Asset Management in 2019, adding ~$70B in AUM and a military-affiliated retail client base.

## Products & services

- **Investment Franchises** — Roughly a dozen autonomous, wholly owned investment teams (including INCORE Capital, Integrity, Munder, NewBridge, RS Investments, Sophus, Sycamore, Trivalent, Expedition, and Pioneer Investments), each running its own strategies across domestic equity, international equity and fixed income.
- **VictoryShares ETFs** — The firm's ETF brand - risk-weighted, dividend-growth, multi-factor, free cash flow and active fixed income strategies - grown to 26 ETFs and more than $14 billion in AUM as of mid-2025.
- **USAA Mutual Funds** — The retail, military-affiliated mutual fund lineup acquired from USAA in 2019, still distributed under the USAA brand.
- **Victory Capital Solutions Platform** — Multi-asset, rules-based and custom model portfolios that package the franchises' capabilities into strategic asset-allocation and outcome-oriented solutions.
- **529 Education Savings & Retirement Solutions** — Tax-advantaged college-savings plans and retirement-plan investment options for individual investors and plan sponsors.
- **Separately Managed Accounts & Alternatives** — Customized institutional portfolios, separately managed accounts and alternative-investment strategies for institutions and high-net-worth clients.

## Achievements

- Grew from a $246M management buyout in 2013 to roughly $317B in AUM by the end of 2025.
- Completed a NASDAQ IPO in February 2018 (ticker VCTR).
- Acquired USAA Asset Management in 2019, adding ~$70B in AUM and a military-affiliated retail client base.
- Closed a strategic partnership with Amundi in January 2025, taking managed assets near $300B and gaining a 15-year global distribution alliance.
- Built VictoryShares into a 26-ETF platform with more than $14B in AUM.
- Realized about $97M of a $110M net expense-synergy target from the Pioneer/Amundi integration by year-end 2025.

## Latest updates

- **2025-01** — Closed the strategic partnership with Amundi; Amundi US combined into Victory Capital, Amundi took a 26.1% stake, and 15-year distribution agreements took effect.
- **2025-06** — Expanded VictoryShares to 26 ETFs and more than $14 billion in AUM with three new ETF launches.
- **2025-12** — Ended 2025 with approximately $317 billion in AUM and ~90% of its $110M Pioneer/Amundi expense-synergy target realized.
- **2026-02** — At investor conferences, CEO David Brown reiterated a long-term $1 trillion AUM goal and a $50B-$200B acquisition 'sweet spot' driven by industry consolidation.

## Links

- Website: https://www.vcm.com
- LinkedIn: http://www.linkedin.com/company/victory-capital-management
- Twitter/X: https://twitter.com/vcmtweets
- Instagram: https://www.instagram.com/victorycapitalmanagement/
- Facebook: https://facebook.com/victorycapitalmanagement/

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Profile page: https://yespress.io/victory-capital
Published by YesPress — https://yespress.io
Last updated: 2026-08-12