Victory Capital Management: AUM & Ownership

Clients

Victory Capital Management serves 18,120 clients, 14,067 of them other clients. The average client has about $16 million with the firm, and high-net-worth clients hold 0% of its $282.7 billion in assets.

Regulatory assets by client type

Investment companies420 clients71%
Pooled investment vehicles75 clients18%
Pension and profit-sharing plans85 clients2%
Corporations and other businesses116 clients3%
OtherIndividuals, High-net-worth individuals, Banking or thrift institutions, Charitable organizations, State or municipal government entities, Insurance companies, Sovereign wealth funds and foreign official institutions, Other6%

Show client breakdown

Client type	Clients	Regulatory AUM	Share	Avg. per client
Individuals (other than HNW)	3,238	$1,212,171,493	0.4%	$374K
High-net-worth individuals	37	$94,002,513	0.0%	$2.54M
Banking or thrift institutions	Not reported	$1,152,161,762	0.4%	—
Investment companies	420	$199,760,907,156	70.7%	$475.6M
Pooled investment vehicles	75	$50,494,047,703	17.9%	$673.3M
Pension and profit-sharing plans	85	$6,175,740,969	2.2%	$72.7M
Charitable organizations	45	$1,868,101,545	0.7%	$41.5M
State or municipal government entities	19	$4,507,652,888	1.6%	$237.2M
Insurance companies	11	$1,369,413,088	0.5%	$124.5M
Sovereign wealth funds and foreign official institutions	7	$3,945,051,820	1.4%	$563.6M
Corporations and other businesses	116	$8,892,608,477	3.1%	$76.7M
Other	14,067	$3,241,320,242	1.1%	$230K
Total	18,120	$282,713,179,656	100%	$15.6M

Individuals (other than HNW)

Clients: 3,238
Regulatory AUM: $1,212,171,493
Share: 0.4%
Avg. per client: $374K

High-net-worth individuals

Clients: 37
Regulatory AUM: $94,002,513
Share: 0.0%
Avg. per client: $2.54M

Banking or thrift institutions

Clients: Not reported
Regulatory AUM: $1,152,161,762
Share: 0.4%
Avg. per client: —

Investment companies

Clients: 420
Regulatory AUM: $199,760,907,156
Share: 70.7%
Avg. per client: $475.6M

Pooled investment vehicles

Clients: 75
Regulatory AUM: $50,494,047,703
Share: 17.9%
Avg. per client: $673.3M

Pension and profit-sharing plans

Clients: 85
Regulatory AUM: $6,175,740,969
Share: 2.2%
Avg. per client: $72.7M

Charitable organizations

Clients: 45
Regulatory AUM: $1,868,101,545
Share: 0.7%
Avg. per client: $41.5M

State or municipal government entities

Clients: 19
Regulatory AUM: $4,507,652,888
Share: 1.6%
Avg. per client: $237.2M

Insurance companies

Clients: 11
Regulatory AUM: $1,369,413,088
Share: 0.5%
Avg. per client: $124.5M

Sovereign wealth funds and foreign official institutions

Clients: 7
Regulatory AUM: $3,945,051,820
Share: 1.4%
Avg. per client: $563.6M

Corporations and other businesses

Clients: 116
Regulatory AUM: $8,892,608,477
Share: 3.1%
Avg. per client: $76.7M

Other

Clients: 14,067
Regulatory AUM: $3,241,320,242
Share: 1.1%
Avg. per client: $230K

Total

Clients: 18,120
Regulatory AUM: $282,713,179,656
Share: 100%
Avg. per client: $15.6M

What it does

Victory Capital Management provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, selecting other managers and other activities. It is paid through a percentage of assets, fixed fees and performance-based fees.

Victory Capital Management advises 20 private funds.

98.8% of assets ($279.33B across 4,049 accounts) are managed with discretion; $3.39B across 12 accounts are not. $1.07B sits in a wrap fee program the firm both sponsors and manages. 1% of clients are outside the U.S., and 9 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end

Stocks96%
Bonds2%
- U.S. government and agency bonds1%
- Investment grade corporate bonds1%
Cash2%

Custodians

Victory Capital Management’s client accounts are held mainly at Bank of New York Mellon, with 4% of managed assets, and State Street Bank, with 2%. Victory Capital Management has custody of $453.4M for 3 clients.

Managed account assets by custodian

The Northern TrustThe Northern Trust Company · Chicago, IL · $4.34B2%
State Street BankState Street Bank · Boston, MA · $5.38B2%
Bank of New York MellonBank of New York Mellon Corporation · New York, NY · $12.71B4%
All other custodians$260.29B92%

Ownership and leadership

Victory Capital Operating, LLC owns 75% or more of Victory Capital Management, and David Brown is its CEO.

Who owns the firm

Victory Capital Management Inc.· the adviser

Victory Capital Operating, LLC
Control person · since October 2014
Owns 75% or more of Victory Capital Management Inc.
- VCH Holdings, LLC
  Control person · since October 2014
  Owns 75% or more of Victory Capital Operating, LLC
  - Victory Capital Holdings, Inc.
    Control person · since October 2014
    Owns 75% or more of VCH Holdings, LLC

Leadership

David Brown
Chief Executive Officer, Chairman, Director
Michael Policarpo
President, Chief Financial Officer & Chief Administrative Officer, Director
Charles Mathes
Chief Compliance Officer
Nina Gupta
Chief Legal Officer, Secretary, Director

Staff

699 employees
170 in advisory functions
107 state-registered reps
225 broker-dealer reps

Reported holdings

Victory Capital Management’s reported 13F holdings total $178.34B across 2,482 positions, and the ten largest make up 19.8% of it.

$178.34B
Reported 13F value: 2,482
Positions: 19.8%
In the 10 largest: +14.2%
Value vs. prior quarter

Ten largest positions, share of reported value

Nvidia Corporation3.9%
Apple Inc.3.0%
Microsoft Corp.2.3%
Alphabet Inc.2.1%
Amazon Com Inc.2.1%
Eli Lilly & CO1.4%
Advanced Micro Devices Inc.1.4%
Alphabet Inc.1.2%
Broadcom Inc.1.2%
Bank OF Amer Corp.1.0%

Together, the ten largest are 19.8% of reported value.

The 50 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 7 August 2026

A 13F covers only exchange-traded long positions the firm holds with discretion, so this $178.34B is not its $282.71B in regulatory assets and does not represent any individual client's portfolio.

Fees

Victory Capital Management is paid through a percentage of assets under management, fixed fees (other than subscription fees) and performance-based fees.

Victory Capital Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Victory Capital Management has 8 offices, with 9 listed addresses across 6 states.

Listed office addresses by state

Texas · 1 listed address

15935 La Cantera Pkwy, San AntonioHQ

Other business names

Victory Capital Management has reported 10 other business names to the SEC.

Integrity Asset Management
New Energy Capital
Pioneer Investments
RS Investments
Sycamore Capital
Trivalent Investments
Victory Capital
Victory Capital Solutions
Victory Income Investors
Westend Advisors, LLC

Registration details

Legal name: Victory Capital Management Inc.
Headquarters: 15935 La Cantera Pkwy, San Antonio, TX 78256
Phone: 877-660-4400
Website: Not reported
SEC file: 801-46878
Structure: New York corporation
Fiscal year end: December

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does Victory Capital Management have?

Victory Capital Management has 18,120 clients and manages $282.7 billion for them, as of September 2026. They include 14,067 other clients, 3,238 other individuals and 420 investment companies.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 30 September 2026

What services does Victory Capital Management offer?

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

Which custodians does Victory Capital Management use?

Victory Capital Management’s separately managed account assets are held at Bank of New York Mellon Corporation (New York, NY), with $12,708,127,411, State Street Bank (Boston, MA), with $5,375,336,631 and The Northern Trust Company (Chicago, IL), with $4,337,692,432. Only custodians holding at least a tenth of those assets are named.

Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 30 September 2026

How many financial advisors does Victory Capital Management have?

Victory Capital Management has 107 investment adviser representatives registered with state securities authorities, out of 699 employees, and 170 perform investment advisory functions. 225 are registered representatives of a broker-dealer and 0 are licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does Victory Capital Management invest in?

At the end of its last fiscal year, Victory Capital Management’s separately managed accounts held 96% exchange-traded equities, 2% cash and equivalents, 1% U.S. government and agency bonds and 1% investment grade corporate bonds. It advises 20 private funds.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns Victory Capital Management?

Victory Capital Management is owned through a chain of holding companies by Victory Capital Holdings, Inc. Its direct owner is Victory Capital Operating, LLC (75% or more).

Source: Form ADV Part 1A, Schedules A and B, filed 30 September 2026

How does Victory Capital Management get paid?

Victory Capital Management is paid through a percentage of assets under management, fixed fees and performance-based fees. Its Form ADV lists no commissions among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file