Victory Capital Holdings, Inc. reported its financial results for the first quarter of 2025, revealing total revenue of $219.6 million, a slight increase from $215.9 million in the same period last year. The company's net income rose to $62.0 million, compared to $55.7 million in the prior year, resulting in earnings per share of $0.97, up from $0.86. The increase in revenue was primarily driven by a 2.1% rise in investment management fees, which reached $173.3 million, attributed to a year-over-year increase in average assets under management (AUM).
Despite the revenue growth, Victory Capital experienced a decline in AUM, which fell to $167.5 billion as of March 31, 2025, down from $171.9 billion at the end of 2024. This decrease was influenced by negative market action of $3.2 billion and net outflows of $1.2 billion. The company reported total gross flows of $9.5 billion for the quarter, including $9.3 billion in long-term gross flows, indicating a mixed performance in client asset retention.
Strategically, Victory Capital completed the acquisition of Amundi US on April 1, 2025, reintroducing the Pioneer Investments brand. This acquisition is expected to enhance the company's product offerings and market presence. The company also reported an increase in acquisition-related costs to $8.8 million for the quarter, primarily due to expenses associated with the Amundi acquisition. Additionally, the company recorded a $3.4 million increase in the fair value of contingent consideration related to the WestEnd acquisition.
Operationally, Victory Capital's workforce remained stable, with no significant changes in employee headcount reported. The company continues to focus on expanding its investment strategies and enhancing client engagement. As of March 31, 2025, the company had approximately 67.2 million shares of common stock outstanding. Looking ahead, Victory Capital anticipates continued challenges in the market but remains committed to leveraging its diversified investment strategies and operational efficiencies to drive future growth.
About Victory Capital Holdings, Inc.
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