Victory Capital (VCTR) UBS Financial Services Conference 2026 summary

2025 performance highlights

• Achieved record highs in gross sales, revenue, EPS, and AUM, ending 2025 with $317 billion in AUM.

• Successful integration of the Amundi Pioneer acquisition, with 90% of $110 million in planned net expense synergies completed.

• Net flow positive every quarter since the Pioneer acquisition, with strong organic growth momentum.

• Margin guidance remains at 49%, but recent quarters have exceeded 52%.

• Focused on maintaining strong investment performance and client experience through acquisitions.

Strategic priorities and growth drivers

• Completing the Pioneer integration and expanding the distribution platform, especially internationally.

• Launching legacy products in international channels, including five new UCITS and U.S.-listed ETFs.

• Active pursuit of M&A, targeting asset managers with $50–$200 billion AUM, but open to larger deals.

• Building scale to enhance relevance with distribution platforms and institutional consultants.

• Investing in technology and scalable infrastructure to support operational efficiency.

M&A strategy and industry outlook

• M&A is the primary path to reach the $1 trillion AUM goal, with a cadence of a transaction every 1.5 years.

• Focus on acquisitions that expand product set, global distribution, and deliver financial accretion.

• Industry consolidation expected to accelerate, with mid-sized managers facing increasing challenges.

• Larger firms are reassessing asset management's strategic fit, while smaller firms may seek partnerships or acquisition.

• Private market exposure will be added through models and partnerships, with product launches planned for 2026.