Victory Capital Holdings, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenue reaching $893.5 million, up from $821.0 million in 2023, marking a growth of approximately 8.8%. The company's net income also rose to $288.9 million, compared to $213.2 million in the previous year, reflecting a 35.4% increase. Earnings per diluted share improved to $4.38 from $3.12, while adjusted net income was reported at $312.9 million, up from $269.7 million in 2023.
The company’s assets under management (AUM) increased by $10.6 billion, or 6.6%, to $171.9 billion, driven primarily by positive market action of $18.1 billion, despite experiencing net outflows of $7.4 billion. The growth in AUM was attributed to long-term gross inflows of $25.3 billion, compared to $22.7 billion in 2023. The company noted that net outflows were primarily from U.S. mid-cap and small-cap equity strategies, while global/non-U.S. equity strategies saw net inflows of $0.9 billion.
Strategically, Victory Capital announced a definitive agreement to combine its operations with Amundi US, which is expected to close by the end of the first quarter of 2025. This acquisition is anticipated to enhance the scale of Victory Capital, expand its global client base, and diversify its investment capabilities. The company has successfully completed several acquisitions since its management-led buyout in 2013, growing total client assets by 884% from $17.9 billion to $176.1 billion.
Operationally, Victory Capital maintained a workforce of 460 employees as of December 31, 2024, with 81% holding ownership interests in the company. The firm’s diversified business model includes 11 autonomous investment franchises and a solutions platform, collectively managing 124 investment strategies. The company’s investment performance remained strong, with 79% of its strategies outperforming their respective benchmarks over a ten-year period.
Looking ahead, Victory Capital expressed optimism about its growth trajectory, emphasizing its commitment to both organic and inorganic growth strategies. The company plans to continue enhancing its operating platform and exploring further acquisition opportunities, leveraging its established track record in the investment management industry.
About Victory Capital Holdings, Inc.
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