Victory Capital Reports November 2025 Total Client Assets

Key Terms

assets under management (AUM) financial

Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a bank counting all the money it manages for people and organizations—more AUM generally means the company is trusted with larger amounts and can charge higher fees.

etfs financial

ETFs, or exchange-traded funds, are investment funds that hold a collection of stocks, bonds, or other assets, and can be bought or sold on stock exchanges like individual shares. They offer investors an easy way to diversify their holdings and access different markets or sectors without buying multiple individual assets. Because they are traded throughout the day, ETFs provide flexibility and can help investors manage risk while pursuing their financial goals.

regulatory assets under management regulatory

Regulatory assets under management are the total client funds and investments that a firm is required to report to regulators as being under its control or advisory responsibility. For investors, this number signals the firm’s scale and the fees it can earn, and it is used by regulators to monitor risk, compliance and potential conflicts — like a publicly listed headcount that shows how much responsibility a manager carries.

SAN ANTONIO--(BUSINESS WIRE)-- Victory Capital Holdings, Inc. (NASDAQ: VCTR) (“Victory Capital” or the “Company”) today reported Total Assets Under Management (AUM) of $314.8 billion, Other Assets of $2.8 billion, and Total Client Assets of $317.7 billion, as of November 30, 2025.

For the month of November, Average Total AUM was $312.4 billion, average Other Assets was $2.8 billion, and average Total Client Assets was $315.2 billion.

Victory Capital Holdings, Inc.
Total Client Assets (unaudited; in millions) 1
	As of:
By Asset Class	Nov. 30, 2025				Oct. 31, 2025
Solutions	$	90,131			$	88,725
Fixed Income		80,827				80,555
U.S. Mid Cap Equity		31,024				30,682
U.S. Small Cap Equity		12,242				12,230
U.S. Large Cap Equity		63,624				64,409
Global / Non-U.S. Equity		30,229				29,719
Alternative Investments		2,993				2,975
Total Long-Term Assets	$	311,070			$	309,294
Money Market / Short Term Assets		3,777				3,745
Total Assets Under Management2	$	314,846			$	313,039
By Vehicle
Mutual Funds3	$	173,496			$	173,579
Separate Accounts and Other Pooled Vehicles4		126,671				125,310
ETFs5		14,679				14,150
Total Assets Under Management2	$	314,846			$	313,039
Other Assets6
Institutional	$	2,818			$	2,762
Total Other Assets	$	2,818			$	2,762
Total Client Assets
Total Assets Under Management	$	314,846			$	313,039
Total Other Assets		2,818				2,762
Total Client Assets	$	317,664			$	315,801
By Region
U.S.	$	263,706			$	262,576
Non-U.S.		53,958				53,225
Total Client Assets	$	317,664			$	315,801

1Due to rounding, numbers presented in these tables may not add up precisely to the totals provided.

2Total AUM includes both discretionary assets under management and non-discretionary assets under advisement and excludes Other Assets.

3Includes institutional and retail share classes, money market and VIP funds.

4Includes wrap program accounts, CITs, UMAs, UCITS, private funds, and non-U.S. domiciled pooled vehicles.

5Represents only ETF assets held by third parties and excludes ETF assets held by other Victory Capital products.

6Includes low-fee (2 to 4 bps) institutional assets. These assets are included as part of Victory’s Regulatory Assets Under Management reported in Form ADV Part 1.

About Victory Capital

Victory Capital (NASDAQ: VCTR) is a diversified global asset management firm with $317.7 billion in total client assets, as of November 30, 2025. We serve institutional, intermediary, and individual clients through our Investment Franchises and Solutions Platform, which manage specialized investment strategies across traditional and alternative asset classes. Our differentiated approach combines the power of investment autonomy with the support of a robust, fully integrated operational and distribution platform. Clients have access to focused, top-tier investment talent equipped with comprehensive resources designed to deliver competitive long-term performance.

Victory Capital is headquartered in San Antonio, Texas. To learn more, visit www.vcm.com or follow us on Facebook, Twitter (X), and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251210864057/en/

Investors:

Matthew Dennis, CFA

Chief of Staff

Director, Investor Relations

216-898-2412

mdennis@vcm.com

Media:

Jessica Davila

Director of Global Communications

210-694-9693

Jessica_davila@vcm.com

Source: Victory Capital Holdings, Inc.