About Victory Capital

Victory Capital’s progress and accomplishments in 2024 were truly transformational. We announced a strategic partnership with Amundi that closed in April 2025. We also achieved record financial results in 2024, driven by our differentiated business platform and superior execution by our employees. Our Investment Franchises again delivered excellent investment results throughout the year, and we continued to invest in key areas of our business to drive long-term growth and shareholder value.

Strategic Partnership with Amundi

Our strategic partnership with Amundi is a multifaceted transaction that globalizes our Company through worldwide distribution of our products. It also increases our size and scale, broadens our investment capabilities, and expands our distribution and marketing efforts through the acquisition of Amundi’s U.S. business.

15-year global and reciprocal distribution agreements with Amundi

Victory Capital has become the provider of traditional active U.S. asset management products for Amundi. This significantly expands our reach outside the U.S. through Amundi’s extensive global client base and distribution channels. Amundi’s clients, in turn, benefit from Victory Capital’s deep investment expertise and strong investment performance track record across a wider range of U.S. manufactured solutions. Victory Capital has also become the distributor of Amundi investment strategies to clients in the U.S.

Acquisition of Amundi US

The acquisition of Amundi US by Victory Capital adds significant size and scale to our Company, enhances our investment capabilities, and diversifies our client base with an increased presence in and outside the U.S. Our U.S. intermediary and institutional distribution and marketing teams have also expanded, and we have reintroduced the Pioneer Investments brand as our 12th Investment Franchise. Bringing back the Pioneer brand reinforces the long history of excellence by the investment teams who manage the Pioneer investment strategies and who joined Victory Capital when the transaction was completed.

Victory Capital has positively evolved following every transaction we have completed throughout our history as an independent company. Our goal in every acquisition has been to make our Company better by enhancing and diversifying our investment capabilities to more effectively serve our clients and/or broadening and deepening our distribution channels. Our strategic partnership with Amundi accomplishes these objectives.

Commitment to Investment Excellence

Seeking long-term, risk-adjusted returns that drive better investor outcomes for our clients has been and will remain our highest priority. Our Investment Franchises continued to deliver against this objective in 2024.

Our funds received eight 2025 LSEG Lipper Fund Awards for consistently delivering strong risk-adjusted performance relative to peers. For the period ended November 30, 2024, LSEG Lipper recognized two of our equity funds and two fixed income funds for the three-year period, two fixed income funds for the five-year period, and one equity and one fixed income fund for the 10-year period. Read more here.

These accolades, which measure our performance relative to our industry peers, are a direct reflection of the tireless dedication of our investment professionals, who strive every day to deliver investment excellence on behalf of our clients and investors.

Growth of Our ETF Platform

We continue to invest in key areas of our business, including product innovation and dedicated distribution resources. Investor demand for ETFs continues to grow and is a focus area for us.

Investor interest in solutions-oriented and active ETFs aligns with our core strength of delivering alpha and/or targeted outcomes through proven investment capabilities. We will continue to leverage the expertise of our Investment Franchises and Solutions Platform, coupled with dedicated distribution and marketing professionals, to grow this business in the future.

We also remain committed to introducing innovative new ETFs designed to meet the needs of our clients. In 2024, we expanded our ETF offerings with four new strategies, and we are continuing to evaluate our product set and explore new investment ideas in 2025.

Responsible Business and Community Engagement

Our core values play a key role in influencing and supporting our business practices. You can access our most recent Responsible Business Report, which highlights this commitment along with our dedication to our people, our clients and our communities, here.

In early 2025, we announced a partnership with the University of Texas at San Antonio’s (UTSA) Carlos Alvarez College of Business. The partnership includes a financial commitment by Victory Capital to enhance technology within the College’s Financial Studies Center as well as to provide students across the University with access to finance-based tools and resources.

Victory Capital is also participating in classroom lectures and professional development programs to create experiential learning opportunities for UTSA students. In addition, we have made a monetary donation to the Investment Society, a UTSA student organization, that provides students with the opportunity to further their industry knowledge, expand their professional networks, and pursue careers in finance. Our goal is to inspire more students to explore careers in the asset management industry.

In 2024, our employees supported a variety of community organizations, including Special Olympics Texas, the San Antonio Food Bank, Toys for Tots, Pershing Elementary School, and SA Hope Center, among others.

Looking Ahead

This is an exciting and monumental time in the history of our Company. We have much to look forward to as we integrate and execute on the partnership with Amundi, while also continuing to make measurable progress against our long-term strategic priorities.

As we grow, we remain committed to our culture of ownership, which aligns our interests with those of our clients. As of December 31, 2024, employees owned 13% of our Company. This ownership is extremely broad, with more than 80% of our employees owning VCTR stock.

Equally important is the commitment that our employees have made to invest personally in Victory products. At the end of 2024, our employees had invested approximately $240 million in Victory products, all by choice and side by side with our clients.

I believe our employees are the best in the industry, and I am honored to work alongside such a talented and dedicated group of professionals.

On behalf of all our employees, I would like to thank our clients and shareholders for your trust and confidence in us.

Sincerely,

David Brown
Chairman and CEO