Victory Capital Conference Call Summary Company Overview - **Company**: Victory Capital (NasdaqGS: VCTR) - **Assets Under Management**: Over $300 billion as of the end of 2025 [3] - **Business Model**: Operates a multi-independent investment boutique model, combining boutique advantages with centralized resources [3] Industry Consolidation - **Consolidation Trend**: The investment industry is undergoing significant consolidation, with larger firms acquiring smaller ones for scale and distribution [4][5] - **Victory's Role**: Victory Capital has completed 8 acquisitions since its management buyout in 2013 and aims to be a consolidator in the industry [4] - **Growth Objective**: Aiming for $1 trillion in assets under management, which is three times its current level, to remain competitive [5] Financial Performance - **Earnings Growth**: Victory has achieved a 21% cumulative annual growth rate in earnings since going public in 2018, the best in its sector [6] - **Net Flows**: Despite strong earnings, net flows have been negative recently, with active mutual funds experiencing $800 billion in net outflows [6] - **Distribution Investments**: The acquisition of Pioneer has allowed Victory to double its distribution efforts and expand internationally, managing money for clients in 60 countries [6][7] Growth Drivers - **International Distribution**: The international channel is seen as a significant growth opportunity, with a 15-year distribution agreement with Amundi, a $2.7 trillion manager [25][29] - **ETF Growth**: Victory's ETF platform, VictoryShares, is expected to continue growing, with an average fee of 34 basis points and a focus on active solutions [11][12] - **Investment Performance**: Strong investment performance across various asset classes is driving growth, with a focus on independent investment processes [34][35] M&A Strategy - **M&A Approach**: Victory's M&A strategy focuses on acquiring businesses that enhance its platform, expand distribution, and provide size and scale [15][16] - **Pioneer Acquisition**: The acquisition of Pioneer has provided significant synergies, including $110 million in net expense synergies and close to 20% accretion [16][17] - **Alternatives Market**: Victory is cautious about entering the alternatives market, viewing it as richly valued but acknowledges the need for retail investors to access private markets [18][19] Product Development - **SMA Initiatives**: Victory is looking to grow its retail SMA offerings, which are currently net flow positive but not at desired levels [48] - **ETF Share Classes**: There is potential for many mutual funds to have ETF share classes, which could positively impact flows, although not all funds will transition [51][52] Conclusion - **Future Outlook**: Victory Capital is positioned for growth through international expansion, ETF development, and strategic acquisitions, while maintaining a strong focus on investment performance and client experience [20][34]

UniCredit has already booked the provisions needed to cover penalties owed to its partner Amundi as the Italian bank keeps cutting the amount of funds from the French company in client portfolios, CEO... ...

Amundi launches a 500 million euros share buyback programme  As announced during the publication of its 2025 annual results, Amundi announces today the launch of a 500 million euros share buyback programme. Amundi has mandated an independent investment services provider to carry out the share buyback programme on its behalf, for a total amount of €500 million (accounting for circa 3.1% of Amundi’s share capital at current price levels). The buyback programme will start on 4 February 2026 and end no later t ...

Core Viewpoint - Amundi has announced a €500 million share buyback program, representing approximately 3.1% of its share capital, aimed at reducing its share capital through the acquisition and cancellation of shares [1][3]. Group 1: Share Buyback Program Details - The buyback program will commence on February 4, 2026, and conclude no later than January 26, 2027 [1]. - Shares will be purchased on the open market and subsequently canceled [1]. - The program has received approval from the European Central Bank and is authorized by the General Meeting held on May 27, 2025 [3]. Group 2: Compliance and Regulatory Framework - The buyback will focus exclusively on Amundi shares traded on Euronext Paris under the ISIN code FR0004125920, adhering to EU regulations [2]. - Any changes to the program's characteristics during execution will be communicated in accordance with French regulatory requirements [3]. Group 3: Current Shareholding and Future Proposals - As of December 31, 2025, Amundi held 1,631,846 of its own shares under a liquidity contract and previous buyback programs, which will not be affected by this new program [4]. - Amundi plans to propose a renewal of the buyback authorization at its next General Meeting, subject to shareholder approval [3]. Group 4: Company Overview - Amundi is the leading European asset manager, managing nearly €2.4 trillion in assets and serving 200 million clients globally [5]. - The company operates with a commitment to responsible investment and has a workforce of 5,600 employees across 34 countries [6].

Amundi, Europe’s largest asset manager, reported fourth-quarter pretax profit that beat expectations and said it’s benefiting from investors seeking to diversify away from US dollar assets https://t.co/MDdQggynkY ...

Europe's largest asset manager, Amundi , on Tuesday reported higher-than-expected net inflows in the fourth-quarter, and the CEO said clients were seeking diversification in Europe and away from the U... ...

Amundi said outflows from UniCredit networks totaled €16 billion last year, heightening concern the Italian bank plans to wind down its sales partnership with the French asset manager https://t.co/IedSRvd9FU ...

Core Viewpoint - The notion of "selling off America" is prevalent in Europe, but data from the ETF market indicates that a complete exit from U.S. assets is challenging. While there is a noticeable decline in inflows into U.S.-focused equity ETFs, investors are not fully divesting from U.S. assets but rather increasing their global ETF investments, with U.S. assets still holding a significant weight of 65%-70% in these ETFs [2][5]. Group 1 - The inflow of funds into U.S.-focused equity ETFs has significantly slowed, accounting for only about 10% of total inflows, marking one of the lowest levels in recent years [5]. - Approximately 40% of funds have flowed into global equity ETFs, which still maintain an average allocation of 65%-70% to U.S. stocks, indicating that investors are not entirely shifting away from U.S. equities [5][7]. - The European ETF market has a substantial exposure to U.S. assets, with nearly $1 trillion in assets directly linked to the U.S., making a complete exit difficult [7]. Group 2 - U.S. issuers dominate the European ETF market, controlling about 63% of the total ETF assets, which surpasses the total of European issuers, highlighting the deep involvement of U.S. asset management firms in European investment infrastructure [7]. - If funds were to genuinely withdraw from U.S. assets, European issuers like Amundi, DWS, UBS, and BNP Paribas would theoretically benefit, as their products have a higher allocation to local and regional markets. However, U.S. issuers continue to lead in the issuance of global and U.S. equity ETFs in Europe [7][8].

Amundi: Fourth quarter & Full-year 2025 results Successful launch of the new strategic plan: Record annual net inflows +€88bn & pre-tax income1 up +6%2 vs. 2024 Very dynamic activity Record assets under management3, at €2,380bn at end-December, +6% year-on-yearRecord net inflows of +€88bn in 2025, of which +€21bn in Q4 Positive inflows in both passive management (+€76bn) and active management (+€13bn) thanks to fixed income and multi-asset strategies Positive inflows from Retail, Institutional and joint ven ...

Core Viewpoint - The appointment of Waller as the Federal Reserve Chair by Trump has led to market speculation about potential interest rate cuts and adjustments to the Fed's balance sheet, influencing U.S. Treasury yields [1] Group 1: Market Reactions - U.S. Treasury yields have slightly increased across most maturities due to heightened demand for safe-haven assets amid a sell-off in precious metals [1] - The market is betting on the possibility of three interest rate cuts by the Federal Reserve this year following Waller's nomination [1] Group 2: Economic Insights - Mohit Kumar, Chief Economist at Jefferies International, notes that Waller's hawkish stance and criticism of the Fed's balance sheet expansion may not logically align with Trump's preference [1] - Guy Stear, Head of Developed Markets Strategy at Amundi, indicates that the market expects lower short-term rates while the Fed manages its balance sheet, which could lead to a steeper yield curve [1] Group 3: Potential Implications - There is speculation that if long-term rates begin to rise during the steepening of the yield curve, the Federal Reserve may face pressure to expand its balance sheet [1]