Victory Capital (VCTR) Bank of America Financial Services Conference 2026 summary

Industry consolidation and growth strategy

• Expects mass consolidation in asset management, driven by the need for scale and efficiency.

• Aims to reach $1 trillion in AUM, tripling current size, to remain competitive long-term.

• Has completed eight acquisitions since 2013, with the recent Pioneer deal expanding capabilities and distribution.

• Focuses on strategic M&A that enhances platform, distribution, and product set, prioritizing size and scale.

• M&A formula centers on preserving investment culture, client experience, and operational synergies.

Organic growth and distribution expansion

• Achieved sector-leading 21% annual earnings growth since 2018 IPO.

• Record gross flows of $17.1 billion in late 2025 signal an inflection point for organic growth.

• International distribution, especially via Amundi, and ETF platform are key drivers for future net inflows.

• Pioneer and West End franchises, along with VictoryShares ETFs, have turned net flow positive.

• Plans to launch more UCITS and expand retail SMA offerings in 2026.

Product innovation and performance

• ETF platform focuses on active solutions, with 23 ETFs and strong fee structure.

• Multi-asset and fixed income products, especially under Pioneer, are seeing strong demand.

• West End Advisors' model business and ETF launches are contributing to organic growth.

• Investment performance is driven by independent franchises with dedicated resources and minimal distractions.

• High percentage of AUM rated four or five stars on a three-year basis.