8-K: Victory Capital AUM Rises to $313.4B in September

Victory Capital Holdings, Inc. reported a rise in Total Client Assets to $313.4 billion as of September 30, 2025, despite negative long-term AUM net flows for the third quarter.

Summary

• Total Client Assets reached $313.4 billion as of September 30, 2025, an increase from $306.4 billion on August 31, 2025.
• Total Assets Under Management (AUM) stood at $310.6 billion as of September 30, 2025, up from $303.7 billion a month prior.
• Average Total Client Assets for September 2025 were $310.7 billion, with average Total AUM at $308.0 billion.
• Long-term AUM net flows for the third quarter of 2025 were negative $244 million.

Sentiment

Score: 7

Explanation: The month-over-month growth in Total Client Assets and AUM is positive, reflecting market appreciation and some inflows. However, the negative long-term AUM net flows for the quarter introduce a degree of caution, indicating challenges in attracting new capital into long-term strategies.

Positives

• Total Client Assets increased by $7.0 billion month-over-month, reaching $313.4 billion as of September 30, 2025.
• Total Assets Under Management (AUM) grew by $6.9 billion month-over-month to $310.6 billion.
• Significant month-over-month growth in Solutions ($3.5 billion), U.S. Large Cap Equity ($1.2 billion), and Global / Non-U.S. Equity ($2.3 billion) asset classes.
• Increases across all vehicle types month-over-month: Mutual Funds ($2.6 billion), Separate Accounts and Other Pooled Vehicles ($3.5 billion), and ETFs ($0.8 billion).
• Both U.S. and Non-U.S. client assets saw month-over-month increases.

Negatives

• Long-term AUM net flows for the third quarter of 2025 were negative $244 million, indicating net outflows from long-term investment strategies over the quarter.
• Minor month-over-month decreases in U.S. Mid Cap Equity, U.S. Small Cap Equity, Alternative Investments, and Money Market / Short Term Assets.

Future Outlook

Victory Capital Holdings, Inc. will report its third-quarter 2025 financial results after the market closes on Thursday, November 6, 2025, and will host a conference call to discuss these results on Friday, November 7, 2025, at 8:00 a.m. ET.

Industry Context

The asset management industry is highly sensitive to market performance and investor sentiment. While Victory Capital reported an increase in total client assets, the negative long-term AUM net flows for the quarter suggest that the firm, like many peers, may be navigating a challenging environment for attracting new capital into certain strategies, even as overall market appreciation boosts asset values.

Stakeholder Impact

• Shareholders may view the month-over-month AUM growth positively, as it generally correlates with revenue potential, but the quarterly net outflows could be a concern.
• Employees may benefit from the overall growth in assets, but the negative net flows in long-term strategies might signal areas needing strategic focus.

Next Steps

• Report third-quarter 2025 financial results after market close on November 6, 2025.
• Host a conference call to discuss third-quarter 2025 results on November 7, 2025, at 8:00 a.m. ET.

Key Dates

Recommendation

While Victory Capital reported an increase in total client assets and AUM month-over-month, the negative long-term AUM net flows for the third quarter indicate potential outflows or underperformance in certain strategies. Investors should await the full third-quarter financial results and conference call for a more comprehensive understanding of the drivers behind these figures before making a definitive investment decision.

Keywords

Asset Management, AUM, Victory Capital, VCTR, Client Assets, Financial Results, Investment