Victory Capital Sets Sights on Trillion-Dollar Asset Milestone

Victory Capital has outlined an ambitious new target: reaching $1 trillion in assets under management. In a strategic shift, the firm’s leadership, including CEO David Brown, has emphasized that large-scale acquisitions will be the primary engine for growth, moving away from smaller, incremental purchases. This approach is designed to bridge the substantial gap from its current $323.2 billion in client assets (as of the end of January) to its ultimate goal.

Financial Foundation and Strategic Pivot

The asset manager is entering this aggressive expansion phase from a position of strength. Its balance sheet is robust, with debt levels at a record low, providing significant financial flexibility for major transactions. Furthermore, the company has freed up internal capacity by completing prior integration projects.

This solid footing is critical for executing its new “Scaled Platform” acquisition strategy. Management is now actively seeking takeover targets that already manage between $50 billion and $200 billion in assets. The firm believes that deals of this magnitude are essential to realistically achieve the trillion-dollar benchmark.

Integration Success Fuels Ambition

A key development enabling this forward momentum is the near-complete integration of Pioneer Investments. This process has largely concluded, with Victory Capital realizing $97 million of a planned $110 million in synergies by mid-February. With this operational merger effectively finished, the company is signaling its readiness to pursue its next major acquisition.

Should investors sell immediately? Or is it worth buying Victory Capital?

The question now is whether Victory Capital can become a central consolidator in an evolving asset management industry. The leadership is laying the groundwork by not only pursuing acquisitions but also fostering organic growth. Despite headwinds in traditional mutual funds, company executives anticipate a positive turnaround in net fund flows for the current year, 2026.

Active ETFs and Global Distribution

Expanding its international distribution network and growing its active ETF business are central pillars of the growth plan. In late 2025, the firm launched five new UCITS vehicles to make its US investment strategies accessible to global investors.

Among these, the “Free Cash Flow” ETF series emerged as a particular success story last year, consistently recording positive monthly net inflows. These innovative products are intended to help reduce the firm’s overall dependence on broader market fluctuations. The completed Pioneer integration acts as a starting signal to intensify the search for the next large-scale acquisition target, putting Victory Capital’s trillion-dollar ambition into motion.