# Victory Capital Management Inc.

> 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.

- CRD: 106189
- Filed as: VICTORY CAPITAL MANAGEMENT INC.
- Also doing business as: 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
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Antonio, TX
- Filing period: October 2026
- Form ADV filing dated: September 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/106189
- AdvisorCensus page: https://advisorcensus.com/firm/victory-capital-management-inc-san-antonio-tx-106189

## Quick answers

**How is Victory Capital Management Inc. compensated?**
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.

**Where is Victory Capital Management Inc. located?**
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).

**Is Victory Capital Management Inc. registered with the SEC or a state?**
Victory Capital Management Inc. is an SEC-registered investment advisory firm, registered since 1994. Status as filed: Approved. CRD 106189.

**How much does Victory Capital Management Inc. manage?**
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).

**How have Victory Capital Management Inc.'s assets and staff changed since 2021?**
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.

**What types of clients does Victory Capital Management Inc. serve?**
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).

**Which custodians does Victory Capital Management Inc. use?**
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.

**Does Victory Capital Management Inc. report any disciplinary disclosures?**
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

**What changed in Victory Capital Management Inc.'s recent Form ADV filings?**
In the October 2026 filing data: Added the business name Westend Advisors, LLC.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- BNY Mellon
- State Street Bank
- The Northern Trust Company

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.

### Regulatory assets under management (Item 5.F)
- Total: $282,713,179,656
- Discretionary: $279,326,303,878
- Non-discretionary: $3,386,875,778

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 3,238 | $1,212,171,493 |
| High net worth individuals | 37 | $94,002,513 |
| Banking or thrift institutions | Fewer than 5 | $1,152,161,762 |
| Investment companies | 420 | $199,760,907,156 |
| Pooled investment vehicles (other than investment companies and business development companies) | 75 | $50,494,047,703 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 85 | $6,175,740,969 |
| Charitable organizations | 45 | $1,868,101,545 |
| State or municipal government entities (including government pension plans) | 19 | $4,507,652,888 |
| Insurance companies | 11 | $1,369,413,088 |
| Sovereign wealth funds and foreign official institutions | 7 | $3,945,051,820 |
| Corporations or other businesses not listed above | 116 | $8,892,608,477 |
| Other | 14,067 | $3,241,320,242 |

### Advisory services (Item 5.G)
- 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

### Firm details
- Registered since: 1994 (32 years)
- Employees: 699 total, 170 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: 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
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- Boston, MA
- Brooklyn, OH
- Charlotte, NC
- Cincinnati, OH
- Durham, NC
- Hanover, NH
- Rocky River, OH
- San Francisco, CA

### Websites listed on Form ADV (Item 1.I)
- newenergycapital.com
- pioneerinvestments.com
- vcm.com
- vcm.com/offshore
- vimeo.com/victorycapital
- westendadvisors.com
- Facebook @victorycapitalmanagement
- Instagram @victory.capital
- LinkedIn @new-energy-capital-
- LinkedIn @rs-investments
- LinkedIn @victory-capital-management
- LinkedIn @westend-advisors
- X @VCMTWEETS
- X @pioneer_invest
- YouTube @UCFkcuwbuPFwlYk-PoMImQ8A

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $153,457,429,732 | 436 | March 1, 2021 |
| October 2022 | $169,590,532,005 | 488 | July 8, 2022 |
| October 2023 | $140,836,403,633 | 510 | September 8, 2023 |
| October 2024 | $151,257,095,924 | 481 | March 29, 2024 |
| October 2025 | $152,291,202,954 | 460 | April 8, 2025 |
| October 2026 | $282,713,179,656 | 699 | September 30, 2026 |

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.

## Changes in the filing (last 12 months)

### October 2026
- Added the business name Westend Advisors, LLC.

### April 2026
- 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%).

### January 2026
- 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.

### November 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Victory Capital Management Inc. (CRD 106189): Form ADV filing data as of October 2026.