{
  "crd_number": 106189,
  "slug": "victory-capital-management-inc-san-antonio-tx-106189",
  "primary_business_name": "VICTORY CAPITAL MANAGEMENT INC.",
  "legal_name": "VICTORY CAPITAL MANAGEMENT INC.",
  "dbas": [
    "INTEGRITY ASSET MANAGEMENT",
    "NEW ENERGY CAPITAL",
    "PIONEER INVESTMENTS",
    "RS INVESTMENTS",
    "SYCAMORE CAPITAL",
    "TRIVALENT INVESTMENTS",
    "VICTORY CAPITAL",
    "VICTORY CAPITAL SOLUTIONS",
    "VICTORY INCOME INVESTORS",
    "WESTEND ADVISORS, LLC"
  ],
  "city": "San Antonio",
  "state": "TX",
  "country": "United States",
  "cbsa_code": "41700",
  "metro": {
    "cbsa_code": "41700",
    "common_name": "San Antonio",
    "msa_name": "San Antonio-New Braunfels, TX",
    "path": "/advisors/tx/san-antonio"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1994-05-10",
  "years_registered": 32,
  "period": "2026-10-01",
  "filing_date": "2026-09-30",
  "carried_forward": false,
  "raum_total": 282713179656.0,
  "raum_discretionary": 279326303878.0,
  "raum_non_discretionary": 3386875778.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 699,
  "advisory_employees": 170,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "other": {
      "raum": 3241320242.0,
      "count": 14067,
      "description": "PROPRIETARY"
    },
    "charitable": {
      "raum": 1868101545.0,
      "count": 45
    },
    "individuals": {
      "raum": 1212171493.0,
      "count": 3238
    },
    "banking_thrift": {
      "raum": 1152161762.0,
      "count": null,
      "fewer_than_5": true
    },
    "state_municipal": {
      "raum": 4507652888.0,
      "count": 19
    },
    "insurance_companies": {
      "raum": 1369413088.0,
      "count": 11
    },
    "investment_companies": {
      "raum": 199760907156.0,
      "count": 420
    },
    "pension_profit_sharing": {
      "raum": 6175740969.0,
      "count": 85
    },
    "high_net_worth_individuals": {
      "raum": 94002513.0,
      "count": 37
    },
    "pooled_investment_vehicles": {
      "raum": 50494047703.0,
      "count": 75
    },
    "corporations_other_businesses": {
      "raum": 8892608477.0,
      "count": 116
    },
    "sovereign_wealth_foreign_official": {
      "raum": 3945051820.0,
      "count": 7
    }
  },
  "compensation_types": [
    "fixed",
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "other",
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "portfolio_management_investment_companies",
    "portfolio_management_pooled_vehicles",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": true,
  "disclosure_yes_count": 0,
  "states_registered": [
    "AK",
    "AL",
    "AR",
    "AZ",
    "CA",
    "CO",
    "CT",
    "DC",
    "DE",
    "FL",
    "GA",
    "HI",
    "IA",
    "ID",
    "IL",
    "IN",
    "KS",
    "KY",
    "LA",
    "MA",
    "MD",
    "ME",
    "MI",
    "MN",
    "MO",
    "MS",
    "MT",
    "NC",
    "ND",
    "NE",
    "NH",
    "NJ",
    "NM",
    "NV",
    "NY",
    "OH",
    "OK",
    "OR",
    "PA",
    "PR",
    "RI",
    "SC",
    "SD",
    "TN",
    "TX",
    "UT",
    "VA",
    "VI",
    "VT",
    "WA",
    "WI",
    "WV",
    "WY"
  ],
  "websites": [
    "https://facebook.com/victorycapitalmanagement",
    "https://instagram.com/victory.capital",
    "https://linkedin.com/company/new-energy-capital-/about",
    "https://linkedin.com/company/rs-investments",
    "https://linkedin.com/company/victory-capital-management",
    "https://linkedin.com/company/westend-advisors",
    "https://newenergycapital.com",
    "https://pioneerinvestments.com",
    "https://vcm.com",
    "https://vcm.com/offshore",
    "https://vimeo.com/victorycapital",
    "https://westendadvisors.com",
    "https://x.com/VCMTWEETS",
    "https://x.com/pioneer_invest",
    "https://youtube.com/channel/UCFkcuwbuPFwlYk-PoMImQ8A"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/106189",
  "city_as_filed": "SAN ANTONIO",
  "url": "https://advisorcensus.com/firm/victory-capital-management-inc-san-antonio-tx-106189",
  "display_name": "Victory Capital Management Inc.",
  "summary": "Victory Capital Management Inc. is an SEC-registered investment advisory firm in San Antonio, TX, registered since 1994, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 30, 2026.",
  "citation": "AdvisorCensus. Victory Capital Management Inc. (CRD 106189): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Fixed fees (other than subscription fees)",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for investment companies (and business development companies)",
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Portfolio management for businesses (other than small businesses) or institutional clients",
    "Selection of other advisers (including private fund managers)",
    "Other"
  ],
  "quick_answers": [
    {
      "q": "How is Victory Capital Management Inc. compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Victory Capital Management Inc. reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure."
    },
    {
      "q": "Where is Victory Capital Management Inc. located?",
      "a": "Victory Capital Management Inc.'s principal office is in San Antonio, TX, according to its Form ADV; the October 2026 filing also lists 8 other offices (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Victory Capital Management Inc. registered with the SEC or a state?",
      "a": "Victory Capital Management Inc. is an SEC-registered investment advisory firm, registered since 1994. Status as filed: Approved. CRD 106189."
    },
    {
      "q": "How much does Victory Capital Management Inc. manage?",
      "a": "Victory Capital Management Inc. reports $282,713,179,656 in regulatory assets under management in its Form ADV filing dated September 30, 2026 (99% discretionary)."
    },
    {
      "q": "How have Victory Capital Management Inc.'s assets and staff changed since 2021?",
      "a": "In the Form ADV data for Victory Capital Management Inc.: Regulatory assets under management: $153,457,429,732 in the October 2021 data and $282,713,179,656 in the October 2026 data, up 84%. Total employees: 436 in October 2021 and 699 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Victory Capital Management Inc. serve?",
      "a": "By number of clients on Form ADV Item 5.D: other (14,067); individuals (other than high net worth individuals) (3,238); investment companies (420)."
    },
    {
      "q": "Which custodians does Victory Capital Management Inc. use?",
      "a": "Victory Capital Management Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BNY Mellon, State Street Bank and The Northern Trust Company as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Victory Capital Management Inc. report any disciplinary disclosures?",
      "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/106189"
    },
    {
      "q": "What changed in Victory Capital Management Inc.'s recent Form ADV filings?",
      "a": "In the October 2026 filing data: Added the business name Westend Advisors, LLC."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 153457429732.0,
      "total_employees": 436,
      "filing_date": "2021-03-01"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 169590532005.0,
      "total_employees": 488,
      "filing_date": "2022-07-08"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 140836403633.0,
      "total_employees": 510,
      "filing_date": "2023-09-08"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 151257095924.0,
      "total_employees": 481,
      "filing_date": "2024-03-29"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 152291202954.0,
      "total_employees": 460,
      "filing_date": "2025-04-08"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 282713179656.0,
      "total_employees": 699,
      "filing_date": "2026-09-30"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-10-01",
      "period_label": "October 2026",
      "notes": [
        "Added the business name Westend Advisors, LLC."
      ]
    },
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 135 to 170.",
        "Regulatory assets under management went from $152,291,202,954 to $282,713,179,656 (+86%)."
      ]
    },
    {
      "period": "2026-01-01",
      "period_label": "January 2026",
      "notes": [
        "No longer lists the business name Munder Capital Management.",
        "Added an office in Durham, NC.",
        "No longer lists an office in Birmingham, MI.",
        "Registered or notice-filed in MT, ND, NM, PR, SD, VI, WV, WY."
      ]
    },
    {
      "period": "2025-11-01",
      "period_label": "November 2025",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "BNY Mellon",
      "name_as_filed": "BNY MELLON",
      "affiliated": false
    },
    {
      "name": "State Street Bank",
      "name_as_filed": "STATE STREET BANK",
      "affiliated": false
    },
    {
      "name": "The Northern Trust Company",
      "name_as_filed": "THE NORTHERN TRUST COMPANY",
      "affiliated": false
    }
  ],
  "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.",
  "markdown_url": "https://advisorcensus.com/firm/victory-capital-management-inc-san-antonio-tx-106189.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 3238,
      "fewer_than_5": false,
      "raum": 1212171493.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 37,
      "fewer_than_5": false,
      "raum": 94002513.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": null,
      "fewer_than_5": true,
      "raum": 1152161762.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 420,
      "fewer_than_5": false,
      "raum": 199760907156.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 75,
      "fewer_than_5": false,
      "raum": 50494047703.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 85,
      "fewer_than_5": false,
      "raum": 6175740969.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 45,
      "fewer_than_5": false,
      "raum": 1868101545.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 19,
      "fewer_than_5": false,
      "raum": 4507652888.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 11,
      "fewer_than_5": false,
      "raum": 1369413088.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 7,
      "fewer_than_5": false,
      "raum": 3945051820.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 116,
      "fewer_than_5": false,
      "raum": 8892608477.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 14067,
      "fewer_than_5": false,
      "raum": 3241320242.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/106189",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}