Victory Capital Adds Amundi Executive to Board

The Tip Desk · July 24, 2026 · 3 min read

The asset manager’s client assets stood at $346.1 billion as of June 30, 2026, after a $33.0 billion rise from March 31.

Victory Capital Holdings, Inc. (VCTR) named Nicolas Calcoen a director on July 23, 2026, the same day Dominique Carrel-Billiard stepped off the board after leaving Amundi.

The San Antonio-based asset manager said the appointment, recommended by its Nominating & Governance Committee, adds a global asset-management executive to the board. Calcoen currently serves as deputy chief executive officer, head of strategy, finance and control at Amundi, and will hold a Class III seat with a term expiring at the 2027 annual meeting.

The company described him as bringing senior roles at Amundi across banking and asset management, a bachelor’s degree in public service and administration and a master’s in economics and international business from Institut d’Études Politiques – Paris, and a postgraduate professional degree with the National School of Administration for State & Senior Civil Service.

Chairman and CEO David C. Brown said the firm was “delighted to welcome Nicolas to our Board and look forward to the global perspective he brings as we continue to grow and expand our platform.” Brown also thanked Carrel-Billiard for his service.

Victory Capital is a diversified global asset manager with $346.1 billion in total client assets as of June 30, 2026. That figure compared with $313.1 billion at March 31, 2026, when the company reported record first-quarter results. The firm serves institutional, intermediary and individual clients through investment franchises and a solutions platform covering traditional and alternative asset classes.

In the first quarter, Victory Capital reported long-term gross flows of $18.9 billion and long-term net flows of ($457) million, a GAAP operating margin of 41.0%, GAAP net income of $1.33 a share, an adjusted EBITDA margin of 52.6%, and adjusted net income with tax benefit of $1.82 a share. The board then authorized a regular quarterly cash dividend of $0.50 a share.

Brown said the quarter produced record revenue, record adjusted EBITDA and record earnings per share, with an all-time high in long-term quarterly gross sales. He said net flows improved during the quarter as the company invested in distribution channels, and that investment performance improved and remained excellent.

As of March 31, 2026, 71%, 67%, 68% and 81% of AUM outperformed benchmarks over 1-, 3-, 5- and 10-year periods. Also, 68% of rated AUM in mutual funds and ETFs was rated four or five stars overall by Morningstar.

The Pioneer Investments integration was substantially complete, with about $104 million of an expected $110 million in total net expense synergies recognized at quarter end and the remainder on track within 2026. Brown said VictoryShares ETFs continued to generate strong net inflows across intermediary channels and that the international distribution channel delivered net inflows again, with multiple investment franchises posting positive net flows.

The company repurchased a quarterly record of 2 million shares of VCTR common stock in the first quarter. Combined with dividends, that returned $185 million to shareholders. Inorganic growth remained a strategic priority, Brown said, with an extensive acquisition pipeline and a disciplined approach.

A quarter earlier, Victory Capital had reported total client assets of $316.6 billion, long-term gross flows of $17.1 billion and long-term net flows of ($2.1) billion, with a GAAP operating margin of 40.9% and GAAP net income of $1.32 a share. That fourth-quarter release also described Pioneer synergies of $97 million achieved by year-end, with $13 million remaining on track for 2026.

Calcoen’s Class III term runs to the 2027 annual meeting, and the board’s nominating committee recommended the appointment as the firm continues to grow and expand its platform, Brown said.