Victory Capital (VCTR) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Cover [Abstract]
Entity Registrant Name	Victory Capital Holdings, Inc.
Entity Central Index Key	0001570827
Document Type	10-Q
Document Period End Date	Mar. 31, 2022
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Common Stock, Shares Outstanding		68,594,219
Entity Ex Transition Period	false
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	VCTR
Security Exchange Name	NASDAQ
Entity Tax Identification Number	32-0402956
Entity File Number	001-38388
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	15935 La Cantera Parkway
Entity Address, City or Town	San Antonio
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78256
City Area Code	216
Local Phone Number	898-2400
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 38,550	$ 69,533
Receivables	93,713	104,305
Prepaid expenses	7,914	6,654
Investments, at fair value	32,388	31,724
Property and equipment, net	24,760	25,295
Goodwill	981,805	981,805
Other intangible assets, net	1,341,140	1,349,797
Other assets	52,322	10,633
Total assets	2,572,592	2,579,746
Liabilities and stockholders' equity
Accounts payable and accrued expenses	47,587	62,102
Accrued compensation and benefits	43,388	53,905
Consideration payable for acquisition of business	305,553	309,380
Deferred tax liability, net	76,176	63,120
Other liabilities	53,085	33,388
Long-term debt, net	1,060,529	1,127,924
Total liabilities	1,586,318	1,649,819
Stockholders' equity
Common stock, $0.01 par value per share: 2022 - 600,000,000 shares authorized, 77,947,578 shares issued and 68,789,615 shares outstanding; 2021 - 600,000,000 shares authorized, 77,242,372 shares issued and 68,662,779 shares outstanding	779	772
Additional paid-in capital	678,812	673,572
Treasury stock, at cost: 2022 - 9,157,963 shares; 2021 - 8,579,593 shares	(171,954)	(153,200)
Accumulated other comprehensive income	22,171	5,972
Retained earnings	456,466	402,811
Total stockholders' equity	986,274	929,927
Total liabilities and stockholders' equity	$ 2,572,592	$ 2,579,746

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	77,947,578	77,242,372
Common stock, shares outstanding	68,789,615	68,662,779
Treasury stock, shares	9,157,963	8,579,593

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue
Total revenue	$ 230,019	$ 212,949
Expenses
Personnel compensation and benefits	64,901	59,006
Distribution and other asset-based expenses	43,584	42,103
General and administrative	12,762	13,310
Depreciation and amortization	10,607	4,385
Change in value of consideration payable for acquisition of business	(3,500)	2,500
Acquisition-related costs	117	(164)
Restructuring and integration costs	9	2,053
Total operating expenses	128,480	123,193
Income from operations	101,539	89,756
Other income (expense)
Interest income and other income (expense)	(207)	2,734
Interest expense and other financing costs	(9,233)	(6,845)
Loss on debt extinguishment	(1,555)	(2,781)
Total other income (expense), net	(10,995)	(6,892)
Income before income taxes	90,544	82,864
Income tax expense	(19,271)	(17,662)
Net income	$ 71,273	$ 65,202
Earnings per share of common stock
Basic	$ 1.04	$ 0.96
Diluted	$ 0.97	$ 0.88
Weighted average number of shares outstanding
Basic	68,747	67,761
Diluted	73,652	74,108
Dividends declared per share of common stock	$ 0.25	$ 0.09
Investment Management Fees
Revenue
Total revenue	$ 179,465	$ 160,284
Fund Administration and Distribution Fees
Revenue
Total revenue	$ 50,554	$ 52,665

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 71,273	$ 65,202
Other comprehensive income (loss), net of tax
Net unrealized income on cash flow hedges	16,276	10,773
Net unrealized loss on foreign currency translation	(77)	(2)
Total other comprehensive income (loss), net of tax	16,199	10,771
Comprehensive income	$ 87,472	$ 75,973

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Common StockClass B	Treasury Stock	Treasury StockClass B	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Balance at beginning of period at Dec. 31, 2020	$ 707,541	$ 194	$ 548	$ (47,844)	$ (47,080)	$ 647,602	$ (7,460)	$ 161,581
Increase (Decrease) in Stockholders' Equity
Issuance of common stock	44					44
Share conversion - Class B to A		2	(2)
Repurchase of shares	(7,122)			(7,122)
Shares withheld related to net settlement of equity awards	(10,916)				(10,916)
Vesting of restricted share grants			9			(9)
Exercise of options	790		1			789
Share-based compensation	5,547					5,547
Dividends paid	(6,481)							(6,481)
Net income	65,202							65,202
Other comprehensive income	10,771						10,771
Balance at end of period at Mar. 31, 2021	765,376	196	$ 556	(54,966)	$ (57,996)	653,973	3,311	220,302
Balance at beginning of period at Dec. 31, 2021	929,927	772		(153,200)		673,572	5,972	402,811
Increase (Decrease) in Stockholders' Equity
Issuance of common stock	69					69
Repurchase of shares	(9,437)			(9,437)
Shares withheld related to net settlement of equity awards	(9,317)			(9,317)
Vesting of restricted share grants		5				(5)
Exercise of options	1,233	2				1,231
Share-based compensation	3,945					3,945
Dividends paid	(17,618)							(17,618)
Net income	71,273							71,273
Other comprehensive income	16,199						16,199
Balance at end of period at Mar. 31, 2022	$ 986,274	$ 779		$ (171,954)		$ 678,812	$ 22,171	$ 456,466

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Cash flows from operating activities
Net income	$ 71,273	$ 65,202
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for deferred income taxes	7,894	6,269
Depreciation and amortization	10,607	4,385
Deferred financing costs and derivative and accretion expense	1,171	983
Stock-based and deferred compensation	4,792	9,471
Change in fair value of contingent consideration obligations	(3,500)	2,500
Unrealized depreciation (appreciation) on investments	452	(2,720)
Noncash lease expense	94
Loss on equity method investment	57	92
Loss on debt extinguishment	1,555	2,781
Changes in operating assets and liabilities:
Receivables	4,210	(6,730)
Prepaid expenses	(1,260)	(695)
Other assets	(80)
Accounts payable and accrued expenses	(8,819)	13,573
Accrued compensation and benefits	(13,487)	(14,987)
Other liabilities	(146)	(490)
Net cash provided by operating activities	74,813	79,634
Cash flows from investing activities
Purchases of property and equipment	(1,176)	(393)
Purchases of investments	(2,365)	(2,626)
Sales of investments	1,249	1,909
Purchase of equity method investment	(1,500)
Acquisition of business and assets, net of cash acquired	(327)	(30)
Net cash used in investing activities	(4,119)	(1,140)
Cash flows from financing activities
Issuance of common stock	1,302	834
Repurchase of common stock	(10,193)	(7,661)
Payments of taxes related to net share settlement of equity awards	(5,373)	(7,614)
Repayment of long-term senior debt	(70,000)	(50,000)
Payment of dividends	(17,381)	(6,393)
Net cash used in financing activities	(101,645)	(70,834)
Effect of changes of foreign exchange rate on cash and cash equivalents	(32)	(18)
Net increase in cash and cash equivalents	(30,983)	7,642
Cash and cash equivalents, beginning of period	69,533	22,744	$ 22,744
Cash and cash equivalents, end of period	38,550	30,386	$ 69,533
Supplemental cash flow information
Cash paid for interest	7,074	8,096
Cash paid for income taxes	1,012	$ 831
Noncash items
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$ 2,991

Organization and Nature of Busi

Organization and Nature of Business	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Nature of Business	Note 1. ORGANIZATION AND NATURE OF BUSINESS Victory Capital Holdings, Inc., a Delaware corporation (along with its wholly-owned subsidiaries, collectively referred to as the “Company,” “Victory,” or in the first-person notations of “we,” “us,” and “our”), was formed on February 13, 2013 for the purpose of acquiring Victory Capital Management Inc. (“VCM”) and Victory Capital Services, Inc. (“VCS”), formerly known as Victory Capital Advisers, Inc., which occurred on August 1, 2013. On February 12, 2018, the Company completed the initial public offering (the “IPO”) of its Class A common stock, which trades on the NASDAQ under the symbol “VCTR.” On and effective July 1, 2019, the Company completed the acquisition (the “USAA AMCO Acquisition” or “USAA AMCO”) of USAA Asset Management Company (“USAA Adviser”) and Victory Capital Transfer Agency, Inc. (“VCTA”), formally known as the USAA Transfer Agency Company d/b/a USAA Shareholder Account Services. The USAA AMCO Acquisition includes USAA’s mutual fund and exchange traded fund (“ETF”) businesses and its 529 Education Savings Plan (collectively, the “USAA Mutual Fund Business”). Refer to Note 4, Acquisitions, for further details on the acquisition. VCM is a registered investment adviser managing assets through mutual funds, institutional separate accounts, separately managed account products, unified managed account products, third-party ETF model strategies, collective trust funds, private funds, undertakings for the collective investment in transferrable securities, other pooled vehicles and ETFs. VCM also provides mutual fund administrative services for the Victory Portfolios, Victory Variable Insurance Funds and the mutual fund series of the Victory Portfolios II (collectively, the “Victory Funds”), a family of open-end mutual funds, the VictoryShares (the Company’s ETF brand), as well as the USAA Mutual Fund Business, which includes the USAA Mutual Fund Trust, a family of open-end mutual funds (the “USAA Funds”). Additionally, VCM employs all of the Company’s United States investment professionals across its Franchises and Solutions, which are not separate legal entities. VCM’s wholly-owned subsidiaries include RS Investment Management (Singapore) Pte. Ltd., RS Investments (Hong Kong) Limited, RS Investments (UK) Limited, Victory Capital Digital Assets, LLC and NEC Pipeline LLC. VCS is registered with the SEC as an introducing broker-dealer and serves as distributor and underwriter for the Victory Funds, the USAA Funds and the USAA 529 Education Savings Plan as well as placement agent for certain private funds managed by VCM. VCTA is registered with the SEC as a transfer agent for the USAA Funds. On March 1, 2021, the Company completed the acquisition of THB Asset Management (“THB”), resulting in THB becoming the Company’s tenth investment franchise. THB manages responsible investment portfolios in the micro-cap, small-cap and mid-cap asset classes, including U.S., global and international strategies. At March 1, 2021, the THB AUM that was acquired totaled $547 million. Refer to Note 4, Acquisitions, for further details on the acquisition. On November 1, 2021, the Company completed the acquisition of New Energy Capital Partners (“NEC”), resulting in NEC becoming the Company’s eleventh investment franchise. Founded in 2004 and based in Hanover, New Hampshire, NEC is an alternative asset management firm focused on debt and equity investments in clean energy infrastructure projects and companies. At November 1, 2021, the NEC AUM that was acquired totaled $795 million. On December 31, 2021, the Company completed the acquisition of WestEnd Advisors, LLC (“WestEnd”), resulting in WestEnd becoming the Company’s twelfth investment franchise. Founded in 2004, and headquartered in Charlotte, North Carolina, WestEnd is an ETF strategist advisor that provides financial advisors with a turnkey, core model allocation strategy for either a holistic solution or complementary source of alpha. The firm offers four primary ETF strategies and one large cap core strategy, all in tax efficient Separately Managed Account (SMA) structures. At December 31, 2021, the WestEnd AUM that was acquired totaled $19.3 billion. WestEnd is a wholly-owned subsidiary of Victory Capital Holdings, Inc. and is the Company’s second registered investment adviser.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation On November 19, 2021, the Company’s stockholders voted on and approved the Amendment eliminating the Company’s dual-class stock structure. Upon the filing of the Amendment on November 23, 2021, all shares of Class B common stock were converted into an equal number of shares of Class A common stock and the Company’s Class A common stock was renamed as “Common Stock.” All references within this document to Class A common stock for periods prior to November 23, 2021 have been updated for the renaming. The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP for complete annual financial statements. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, the consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial condition, results of operations, and cash flows for the interim periods presented. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Principles of Consolidation The unaudited condensed consolidated financial statements include the operations of the Company and its wholly-owned subsidiaries, after elimination of all intercompany balances and transactions. The Company owns a 15% equity interest in Alderwood Partners LLP (“Alderwood”). Alderwood’s operating entity, Alderwood Capital, is a London-based investment advisory firm focused on taking minority stakes in specialist boutique asset management businesses. The Company analyzed its investment in Alderwood under the voting interest model and determined that it did not have a controlling financial interest. The Company accounts for this investment using the equity method of accounting. The Company’s involvement with non-consolidated variable interest entities (“VIEs”) includes sponsored investment funds. For further discussion regarding VIEs, refer to Note 2, Significant Accounting Policies, in our Annual Report on Form 10-K for the year ended December 31, 2021. Use of Estimates and Assumptions The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements and the notes. Actual results may ultimately differ materially from those estimates. On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 a pandemic. The global spread of COVID-19 has created significant volatility, uncertainty and economic disruption. Financial markets experienced significant declines during the first quarter of 2020, although certain markets, including domestic equity securities, experienced recoveries that more than offset the first quarter decline. While COVID-19 did not have a material adverse effect on our business, operations and financial results, the extent to which the pandemic impacts our business, operations and financial results going forward will depend on numerous evolving factors that we may not be able to accurately predict, including: the duration and scope of the pandemic; governmental, business and individuals’ actions that have been and continue to be taken in response to the pandemic; the impact of the pandemic on economic activity and actions taken in response; and the effect on our ability to sell and provide our services. Lease Accounting Policy The Company’s leases consist primarily of real estate leases for office space. The Company determines if an arrangement is a lease at contract inception. A lease liability and a corresponding right of use ("ROU") asset are recognized on the commencement date for leases with terms longer than one year. Lease liabilities represent an obligation to make lease payments arising from a lease while ROU assets represent a right to use an underlying asset during the lease term. The lease liability is measured at the present value of the future lease payments over the lease term generally using the Company's incremental borrowing rate, which is determined through market sources. Lease components and non-lease components such as fixed maintenance and other costs are combined into one lease component and capitalized in lease liabilities. Variable lease payments, such as utilities and common area maintenance charges, are excluded from lease liabilities and expensed as incurred. The variable lease payments are determined based on terms in the lease contracts and primarily relate to usage of the ROU asset and services received from the lessor. A ROU asset is measured initially as the value of the lease liability plus initial direct costs and prepaid lease payments and less lease incentives received. The lease term includes periods covered by options to extend the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term and is recorded in general and administrative expenses on the unaudited Condensed Consolidated Statements of Operations. New Accounting Pronouncements Accounting Standards Adopted in 2022 • Leases: Effective January 1, 2022, the Company adopted ASU 2016‑02, “Leases (Topic 842)” (the “New Lease Standard”) which supersedes previous lease guidance, Accounting Standards Codification (“ASC”) Topic 840 (“ASC Topic 840”). The New Lease Standard required lessees to recognize a right-of-use (“ROU”) asset and a lease liability for all leases (with the exception of short-term leases) on their balance sheet at the commencement date and recognize expenses on their income statement similar to ASC Topic 840 guidance. In addition, the FASB issued ASU 2018-11, “Leases Targeted Improvements,” which provided a package of practical expedients for entities to apply upon adoption. The Company adopted the New Lease Standard using the modified retrospective method of applying the new standard at the adoption date. We elected the package of practical expedients permitted under the transition guidance which allowed us to carry forward historical lease classification s for existing and expired leases and not reassess existing lease initial direct costs. In addition, we elected for all classes of underlying assets not to separate lease and non-lease components of a contract. We also elected the practical expedients to determine the likelihood of an extension or reduction in lease terms at commencement through adoption of the New Lease Standard and to not apply the New Lease Standard to leases with terms of one year or less. The adoption of the New Lease Standard resulted in the recognition of $18.7 million of operating lease ROU assets and the corresponding operating lease liabilities on the unaudited Condensed Consolidated Balance Sheet and the reclassification of $1.7 million of deferred rent liabilities relating to these leases, reducing operating lease ROU assets. The consolidated balance sheet prior to January 1, 2022 was not restated and continues to be reported under the Legacy ASC Topic 840, which did not require the recognition of operating lease ROU assets and liabilities. The expense recognition for operating leases and finance leases under the New Lease Standard is consistent with the Legacy ASC Topic 840. As a result, there is no significant impact to our results of operations, liquidity or debt covenant compliance under our current credit agreements. The following table presents the impact of adopting the New Lease Standard on our consolidated balance sheet (in thousands). Balance at December 31, 2021 New Lease Standard Balance at January 1, 2022 Total assets 2,579,746 17,031 2,596,777 Total liabilities 1,649,819 17,031 1,666,850 Total liabilities and stockholders' equity 2,579,746 17,031 2,596,777 The lease liability recorded for our operating leases on January 1, 2022 was based on the present value of the remaining minimum lease payments discounted using our secured incremental borrowing rate on that date for the average remaining term for our lease portfolio. Accounting Standards Adopted in 2021 • Internal-Use Software: Effective January 1, 2021, the Company adopted, on a prospective basis, Accounting Standards Update (“ASU”) 2018-15 (“ASU 2018-15”), "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)," which aligns the requirements for capitalizing implementation costs incurred in a service contract hosting arrangement with those of developing or obtaining internal-use software. The adoption had no impact on the Company’s consolidated financial statements. • Subsequent Measurement of Goodwill: Effective January 1, 2021, the Company adopted, on a prospective basis, ASU 2017-04 (“ASU 2017-04”), “Intangibles – Goodwill and Other (Topic 350)” (“ASU 2017-04”) which simplifies the test for goodwill impairment. ASU 2017-04 eliminates the requirement to calculate the implied fair value of goodwill (step two) to measure a goodwill impairment charge. Goodwill impairment will be based upon the results of step one of the impairment test, which is defined as the excess of the carrying amount of a reporting unit over its fair value, not to exceed the carrying amount of goodwill allocated to that reporting unit. The adoption had no impact on the Company’s consolidated financial statements. Recently Issued Accounting Standards • Reference Rate Reform: In March 2020, the Financial Accounting Standards Board (the “FASB”) issued ASU 2020-04, (“ASU 2020-04”), “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 contains optional practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this guidance are effective for all entities through December 31, 2022. The Company is currently evaluating the effect of this new standard on its consolidated financial statements. Currently, the Company elects to use the three-month LIBOR rate plus the margin on LIBOR required by the 2019 Credit Agreement to pay interest on its debt. The 2019 Credit Agreement provides for a mechanism for determining an alternative interest rate following the phase-out of LIBOR, which for the three-month rate is expected to occur following the publication of LIBOR rates on June 30, 2023. • Expected Credit Losses: In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 creates a new model for determining current expected credit losses (“CECL”) on trade and other receivables, net investments in leases, contract assets and long-term receivables. The CECL impairment model requires companies to consider the risk of loss even if it is remote and to include forecasts of future economic conditions as well as information about past events and current conditions. The effective date for calendar-year public business entities was January 1, 2020. As an emerging growth company (“EGC”) , the Company will adopt ASU 2016-13 on January 1, 2023 and is currently reviewing the effect of this new standard on its consolidated financial statements .

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Revenue From Contract With Customer [Abstract]
Revenue Recognition	NOTE 3. REVENUE RECOGNITION In accordance with the revenue recognition standard requirements, the following table disaggregates our revenue by type and product: Three Months Ended March 31, (in thousands) 2022 2021 Investment management fees Mutual funds (Victory/USAA Funds) $ 127,473 $ 127,746 ETFs (VictoryShares) 4,934 3,454 Separate accounts and other vehicles 48,298 29,541 Performance-based fees Mutual funds (USAA Funds) (903 ) (1,439 ) Separate accounts and other vehicles (337 ) 982 Total investment management fees $ 179,465 $ 160,284 Fund administration and distribution fees Administration fees Mutual funds (Victory/USAA Funds) $ 28,384 $ 29,004 ETFs (VictoryShares) 521 441 Distribution fees Mutual funds (Victory/USAA Funds) 6,794 6,938 Transfer agent fees Mutual funds (USAA Funds) 14,855 16,282 Total fund administration and distribution fees $ 50,554 $ 52,665 Total revenue $ 230,019 $ 212,949 The following table presents balances of receivables: (in thousands) March 31, 2022 December 31, 2021 Customer receivables Mutual funds (Victory/USAA Funds) $ 61,759 $ 65,304 ETFs (VictoryShares) 2,036 1,934 Separate accounts and other vehicles 29,717 30,519 Receivables from contracts with customers 93,512 97,757 Non-customer receivables 201 6,548 Total receivables $ 93,713 $ 104,305 Revenue The Company’s revenue includes fees earned from providing; • investment management services, • fund administration services, • fund transfer agent services, and • fund distribution services. Revenue is recognized for each distinct performance obligation identified in customer contracts when the performance obligation has been satisfied by transferring services to a customer either over time or at the point in time when the customer obtains control of the service. Revenue is recognized in the amount of variable or fixed consideration allocated to the satisfied performance obligation that Victory expects to be entitled to in exchange for transferring services to a customer. Variable consideration is included in the transaction price only when it is probable that a significant reversal of such revenue will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Investment management, fund administration and fund distribution fees are generally considered variable consideration as they are typically calculated as a percentage of AUM. Fund transfer agent fees are also considered variable consideration as they are calculated as a percentage of AUM or based on the number of accounts in the fund. In such cases, the amount of fees earned is subject to factors outside of the Company’s control including customer or underlying investor contributions and redemptions and financial market volatility. These fees are considered constrained and are excluded from the transaction price until the asset values or number of accounts on which the customer is billed are calculated and the value of consideration is measurable. The Company has contractual arrangements with third parties to provide certain advisory, administration, transfer agent and distribution services. Management considers whether we are acting as the principal service provider or as an agent to determine whether revenue should be recorded based on the gross amount payable by the customer or net of payments to third-party service providers, respectively. Victory is considered a principal service provider if we control the service that is transferred to the customer. We are considered an agent when we arrange for the service to be provided by another party and do not control the service. Investment Management Fees Investment management fees are received in exchange for investment management services that represent a series of distinct incremental days of investment management service. Control of investment management services is transferred to the customers over time as these customers receive and consume the benefits provided by these services. Investment management fees are calculated as a contractual percentage of AUM and are primarily paid in arrears on a monthly or quarterly basis. AUM represents the financial assets the Company manages for clients on either a discretionary or non-discretionary basis. In general, AUM reflects the valuation methodology that corresponds to the basis used for determining revenue such as net asset value for the Victory Funds, USAA Funds and certain other pooled funds and account market value for separate accounts. For the NEC Funds, AUM represents limited partner capital commitments during the commitment period of the fund. Following the earlier of the termination of the commitment period and the beginning of any commitment period for a successor fund, AUM generally represents, depending on the fund, the lesser of a) the net asset value of the fund and b) the aggregated adjusted cost basis of each unrealized portfolio investment or the limited partner capital commitments reduced by the amount of capital contributions used to make portfolio investments that have been disposed. Investment management fees are recognized as revenue using a time-based output method to measure progress. Revenue is recorded at month end or quarter end when the value of consideration is measured. The amount of investment management fee revenue varies from one reporting period to another as levels of AUM change (from inflows, outflows and market movements) and as the number of days in the reporting period change. The Company may waive certain fees for investment management services provided to the Victory Funds, USAA Funds, VictoryShares and other pooled investment vehicles and may subsidize certain share classes of the Victory Funds, USAA Funds, VictoryShares and other pooled investment vehicles to ensure that specified operating expenses attributable to such share classes do not exceed a specified percentage. These waivers and reimbursements reduce the transaction price allocated to investment management services and are recognized as a reduction to investment management fees revenue. The amounts due to the Victory Funds, USAA Funds, VictoryShares and other pooled investment vehicles for waivers and expense reimbursements represent consideration payable to customers, which is recorded in accounts payable and accrued expenses in the unaudited Condensed Consolidated Balance Sheets, and no distinct services are received in exchange for these payments. Performance‑based investment management fees, which include fees under performance fee and fulcrum fee arrangements, are included in the transaction price for providing investment management services. Performance-based investment management fees are calculated as a percentage of investment performance on a client’s account versus a specified benchmark or hurdle based on the terms of the contract with the customer. Performance-based investment management fees are variable consideration and are recognized as revenue when and to the extent that it is probable that a significant reversal of the cumulative revenue for the contractual performance period will not occur. Performance-based investment management fees recognized as revenue in the current period may pertain to performance obligations satisfied in prior periods. Fulcrum fee arrangements include a performance fee adjustment that increases or decreases the total investment management fee depending on whether the assets being managed experienced better or worse investment performance than the index specified in the customer’s contract. The performance fee adjustment arrangement with certain equity and fixed income USAA Funds is calculated monthly based on the investment performance of those funds relative to their specified benchmark indexes over the discrete performance period ending with that month. Fund Administration Fees The Company recognizes fund administration fees as revenue using a time-based output method to measure progress. Fund administration fees are determined based on the contractual rate applied to average daily net assets of the Victory Funds, USAA Funds and VictoryShares for which administration services are provided. Revenue is recorded on a monthly basis when the value of consideration is measured using actual average daily net assets and constraints are removed. The Company’s fund administration f ee revenue is recorded in fund administration and distribution fees in the unaudited Condensed Consolidated Statements of Operations. The Company has contractual arrangements with a third party to provide certain sub-administration services. We are the primary obligor under the contracts with the Victory Funds, USAA Funds and VictoryShares and have the ability to select the service provider and establish pricing. As a result, fund administration fees and sub-administration expenses are recorded on a gross basis. Fund Transfer Agent Fees The Company recognizes fund transfer agent fees using a time-based output method to measure progress. Fund transfer agent fees are determined based on the contractual rate applied to either the average daily net assets of the USAA Funds for which transfer agent services are provided or number of accounts in the USAA Funds. Revenue is recorded on a monthly basis when the value of consideration is measured using actual average daily net assets or actual number of accounts and constraints are removed. The Company’s fund transfer agent fee revenue is recorded in fund administration and distribution fees in the unaudited Condensed Consolidated Statements of Operations. The Company also receives fees for sub-transfer agency services under contracts with the Victory Funds for member class shares. Sub-transfer agency fees are recognized and recorded in a manner similar to fund transfer agent fees and are recorded in fund administration and distribution fees in the unaudited Condensed Consolidated Statements of Operations. The Company has contractual arrangements with a third party to provide certain sub-transfer agent services. We are the primary obligor under the transfer agency contracts with the USAA Funds and have the ability to select the service provider and establish pricing. As a result, fund transfer agent fees and sub-transfer agent expenses are recorded on a gross basis. Fund Distribution Fees The Company receives compensation for sales and sales-related services promised under distribution contracts with the Victory Funds and USAA Funds. Revenue is measured in an amount that reflects the consideration to which the Company expects to be entitled in exchange for providing distribution services. Distribution fees are generally calculated as a percentage of average net assets in the Victory Funds and USAA Funds. The Company’s performance obligation is satisfied at the point in time when control of the services is transferred to customers, which is upon investor subscription or redemption. Based on the nature of the calculation, the revenue for these services is accounted for as variable consideration, the Company may recognize distribution fee revenue in the current period that pertains to performance obligations satisfied in prior periods, as it represents variable consideration and is recognized as uncertainties are resolved. The Company’s distribution fee revenue is recorded in fund administration and distribution fees in the unaudited Condensed Consolidated Statements of Operations. The Company has contractual arrangements with third parties to provide certain distribution services. The Company is the primary obligor under the contracts with the Victory Funds and USAA Funds and has the ability to select the service provider and establish pricing. Substantially all of the Company’s fund distribution fees are recorded gross of payments made to third parties. Costs Incurred to Obtain or Fulfill Customer Contracts The Company is required to capitalize certain costs directly related to the acquisition or fulfillment of a contract with a customer. Victory has not identified any sales-based compensation or similar costs that meet the definition of an incremental cost to acquire a contract and as such we have no intangible assets related to contract acquisitions. Direct costs incurred to fulfill services under the Company’s distribution contracts include sales commissions paid to third party dealers for the sale of Class C Shares. The Company may pay upfront sales commissions to dealers and institutions that sell Class C shares of the participating Victory Funds at the time of such sale. Upfront sales commission payments with respect to Class C shares equal 1.00% of the purchase price of the Class C shares sold by the dealer or institution. When the Company makes an upfront payment to a dealer or institution for the sale of Class C shares, the Company capitalizes the cost of such payment, which is recorded in prepaid expenses in the unaudited Condensed Consolidated Balance Sheets and amortizes the cost over a 12-month period, the estimated period of benefit. Valuation of Assets Under Management The fair value of assets under management of the Victory Funds, USAA Funds and VictoryShares is primarily determined using quoted market prices or independent third-party pricing services or broker price quotes. In limited circumstances, a quotation or price evaluation is not readily available from a pricing service. In these cases, pricing is determined by management based on a prescribed valuation process that has been approved by the directors/trustees of the sponsored products. The same prescribed valuation process is used to price securities in separate accounts and the Company’s other non-alternative investment vehicles for which a quotation or price evaluation is not readily available from a pricing service. The fair value of Level III assets held by alternative investment vehicles is determined under the respective valuation policy for each fund. The valuation policies address the fact that substantially all the investments of a fund may not have readily available market information and therefore the fair value for these assets is typically determined using unobservable inputs and models that may include subjective assumptions. AUM reported by the Company for alternative investment vehicles may not necessarily equal the funds’ net asset values or the total fair value of the funds’ portfolio investments as AUM represents the basis for calculating management fees. For the periods presented, less than one percent of the Company’s total AUM were Level III assets priced without a quoted market price, broker price quote or pricing service quotation.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Acquisitions	NOTE 4. ACQUISITIONS USAA AMCO Acquisition Under the terms of the USAA AMCO Acquisition purchase agreement, a maximum of $150.0 million ($37.5 million per year) in contingent payments is payable to sellers based on the annual revenue of USAA Adviser attributable to all “non-managed money”-related AUM in each of the first four years following the closing. To receive any contingent payment in respect of “non-managed money”-related assets for a given year, annual revenue from “non-managed money”-related assets must be at least 80% of the revenue run-rate (as calculated under the Stock Purchase Agreement) of the USAA Adviser’s “non-managed money”-related assets under management as of the closing date, and to achieve the maximum contingent payment for a given year, such annual revenue must total at least 100% of that closing date revenue run-rate. Annual contingent payments in respect of “non-managed money”-related assets are subject to certain “catch-up” provisions set forth in the USAA Stock Purchase Agreement. The estimated fair value of contingent consideration payable to sellers is determined using the real options method. Revenue related to “non-managed money” assets is simulated in a risk-neutral framework to calculate expected probability-weighted earn out payments, which are then discounted from the expected payment dates at the relevant cost of debt. Significant assumptions and inputs include the “non-managed money” revenue projected annual growth rate, the market price of risk adjustment for revenue, which adjusts the projected revenue growth rate to a risk-neutral expected growth rate, revenue volatility and discount rate. The market price of risk adjustment for revenue and revenue volatility are based on data for comparable companies. As the contingent consideration represents a subordinate, unsecured claim of the Company, the Company assesses a discount rate which incorporates adjustments for credit risk and the subordination of the contingent consideration. Significant inputs to the valuation of contingent consideration payable to sellers as of March 31, 2022 and December 31, 2021 are as follows and are approximate values: March 31, 2022 December 31, 2021 Non-managed money revenue average annual growth rate 1 % 5 % Market price of risk 6 % 6 % Revenue volatility 16 % 17 % Discount rate 5 % 3 % Years remaining in earn out period 1.6 1.9 Undiscounted estimated remaining earn out payments in millions $70- $75 $72 - $75 The estimated fair value of contingent consideration payable to sellers at March 31, 2022 was estimated at $66.0 million and is recorded in consideration payable for acquisition of business in the unaudited Condensed Consolidated Balance Sheets. The decrease in the liability of $2.8 million from $68.8 million at December 31, 2021 was recorded in change in value of consideration payable for acquisition of business in the unaudited Condensed Consolidated Statements of Operations. THB Acquisition On March 1, 2021, the Company completed the acquisition of certain assets of THB, including without limitation, (i) certain investment advisory and business contracts, (ii) certain books and records, (iii) the investment performance track record, and (iv) all business intellectual property and proprietary software, and hired the THB investment team. At March 1, 2021, the THB AUM that was acquired totaled $547 million. THB manages responsible investment portfolios in the micro-cap, small-cap and mid-cap asset classes, including U.S., global and international strategies. Because substantially all of the fair value of the acquired assets was concentrated in a single identifiable asset, the transaction was accounted for as an asset acquisition. Estimated acquisition costs of $0.6 million were allocated to a definite-lived customer relationship intangible asset. NEC Acquisition On November 1, 2021, VCM completed the acquisition of 100% of the equity interests in NEC. Founded in 2004 and based in Hanover, New Hampshire, NEC is an alternative asset management firm focused on debt and equity investments in clean energy infrastructure projects and companies through four active private closed-end funds (the “NEC Funds”). The estimated purchase price for the NEC Acquisition is $63.1 million, which includes $62.8 million in cash paid at closing, net of cash acquired, and $0.3 million of net working capital adjustments paid in cash to sellers in March 2022. Under the terms of the purchase agreement, the Company will pay up to an additional $35.0 million in cash based on net revenue growth over a six year period following the closing date. The purchase agreement specifies net revenue and payment targets for the 36-month, 48-month and 60-month periods beginning on November 30, 2021 (the “Start Date”) for the contingent payments. It also provides for advance payments and catch-up payments to be made based on actual NEC net management fee revenue, as defined in the purchase agreement, as measured at the end of each 12 month anniversary of the Start Date over a six year period. The maximum amount of contingent payments is due, less any contingent payments previously paid, upon the occurrence of certain specified events within a five year period following the Start Date. The Company determined that substantially all of the contingent payments payable per the NEC purchase agreement represent compensation for post-closing services. Accordingly, these contingent payments were excluded from the purchase price for the NEC Acquisition and a liability for these contingent payments was not recorded on the acquisition date. The Company records compensation expense over the estimated service period on a straight-line basis in an amount equal to the total contingent payments currently forecasted to be paid. In the first quarter of 2022, the Company recorded $1.8 million in NEC contingent payment compensation expense, which is included in personnel compensation and benefits in the unaudited Condensed Consolidated Statements of Operations. At March 31, 2022, the liability for NEC contingent payments totaled $2.9 million, which is included in accrued compensation and benefits in the unaudited Condensed Consolidated Balance Sheets. The NEC Acquisition purchase price of $63.1 million was allocated to the assets acquired and liabilities assumed based upon their estimated fair values on the acquisition date. The Company used an independent valuation specialist to assist with the determination of fair value for certain of the acquired assets and assumed liabilities disclosed below. The carried interests in the existing NEC Funds were not acquired in the transaction. The excess purchase price over the estimated fair values of assets acquired and liabilities assumed of $41.0 million was recorded to goodwill in the unaudited Condensed Consolidated Balance Sheets, all of which is expected to be deductible for tax purposes. The goodwill arising from the acquisition primarily results from future earnings and cash flows from new funds expected to be launched on the NEC alternative investment platform. The following table presents the estimated amounts of assets acquired and liabilities assumed as of the acquisition date, net of cash acquired: (in thousands) Investment management fees receivable $ 118 Other receivables and prepaid expenses 60 Property and equipment 19 Other intangible assets (1) 23,700 Goodwill 41,032 Accounts payable and accrued expenses (1,780 ) Purchase price, net of cash acquired $ 63,149 (1) Includes $14.0 million for definite-lived customer relationships with a 6 year estimated useful life and $9.7 million for definite-lived investment advisory contracts with a 2 year estimated useful life, which are recorded in other intangible assets, net on the unaudited Condensed Consolidated Balance Sheets. As of March 31, 2022, the purchase price allocation for the NEC Acquisition is preliminary as all of the customary post-closing purchase adjustments have not been finalized. The final purchase price allocation may reflect changes to the provisional valuations for accounts payable and accrued expenses. Adjustments will be made, as necessary, during the measurement period of up to one year after the closing date. WestEnd Acquisition On December 31, 2021, the Company completed the acquisition of 100% of the equity interests of WestEnd. Founded in 2004, and headquartered in Charlotte, North Carolina, WestEnd is an ETF strategist advisor that provides financial advisors with a turnkey, core model allocation strategy for either a holistic solution or complementary source of alpha. The firm offers four primary ETF strategies and one large cap core strategy in Separately Managed Account (SMA) structures. The aggregate purchase price (the “WestEnd Purchase Price”) for the WestEnd Acquisition is estimated at $716.1 million, net of cash acquired, which includes (i) $475.8 million in cash paid at closing (the “WestEnd Closing”) net of cash acquired, plus the acquisition date value of contingent payments due to sellers of $239.7 million plus $0.6 million payable in cash for net working capital adjustments. The contingent earn-out payments are based on net revenue of the WestEnd business during each of the first four years following the WestEnd Closing, subject to certain “catch-up” provisions over a five and one half year period following the WestEnd Closing. A maximum of $320.0 million ($80.0 million per year) in earn-out payments may be paid. In connection with the closing of the WestEnd Acquisition, the Company entered into the Third Amendment to the 2019 Credit Agreement and obtained incremental term loans in an aggregate principal amount of $505.0 million to fund the acquisition and pay fees and expenses related to the transaction. Please refer to Note 9, Debt, for more information on the 2021 Incremental Term Loans. A total of $2.9 million of the cash paid at closing was placed in escrow, of which $0.5 million was available for purchase price adjustments and $2.4 million is available to compensate the Company for eligible claims under the purchase agreement’s indemnification provisions. In April 2022, the Company paid $0.6 million in cash to sellers for net working capital adjustments and the $0.5 million in escrow funds reserved for purchase price adjustments was released to sellers. The purchase price of $716.1 million was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the WestEnd Acquisition. The Company used an independent valuation specialist to assist with the determination of fair value for certain of the acquired assets and assumed liabilities disclosed below. The excess purchase price over the estimated fair values of assets acquired and liabilities assumed of $536.0 million was recorded to goodwill in the unaudited Condensed Consolidated Balance Sheets, all of which is expected to be deductible for tax purposes. The goodwill arising from the acquisition primarily results from revenue synergies expected from combining WestEnd and Victory distribution platforms and sales efforts The following table presents the estimated amounts of assets acquired and liabilities assumed as of the acquisition date, net of cash acquired: (in thousands) Investment management fees receivable $ 4,560 Prepaid expenses and other assets 256 Property and equipment 2,011 Other intangible assets (1) 175,500 Goodwill 536,023 Accounts payable and accrued expenses (115 ) Accrued compensation and benefits (1,480 ) Other liabilities (693 ) Purchase price, net of cash acquired $ 716,062 (1) Includes $172.5 million for definite-lived customer relationship assets with a 10 year estimated useful life and $3.0 million for a definite-lived trade name asset with a 7 year estimated useful life, which are recorded in other intangible assets, net on the unaudited Condensed Consolidated Balance Sheets. As of March 31, 2022, the purchase price allocation for the WestEnd Acquisition is preliminary as all customary post-closing purchase adjustments have not been finalized. The final purchase price allocation may reflect changes to the provisional valuations for accounts payable and accrued expenses. Adjustments will be made, as necessary, during the measurement period of up to one year after the closing date. The estimated fair value for contingent consideration payable to sellers is estimated using the real options method. WestEnd net revenue growth is simulated in a risk-neutral framework to calculate expected probability-weighted earn out payments, which are then discounted from the expected payment dates at the relevant cost of debt. Significant assumptions and inputs include the WestEnd net revenue projected annual growth rate, the market price of risk adjustment for revenue, which adjusts the projected revenue growth rate to a risk-neutral expected growth rate, revenue volatility and discount rate. The market price of risk adjustment for revenue and revenue volatility are based on data for comparable companies. As the contingent consideration represents a subordinate, unsecured claim of the Company, the Company assesses a discount rate which incorporates adjustments for credit risk and the subordination of the contingent consideration. A maximum of $320.0 million ($80.0 million per year) is payable to sellers in contingent payments. The fair value of contingent consideration payable to sellers was estimated at $239.0 million at March 31, 2022, a decrease of $0.7 million from December 31, 2021. Significant inputs to the valuation of contingent consideration payable to sellers as of March 31, 2022 and December 31, 2021 are as follows and are approximate values: December 31, 2021 March 31, 2022 Acquisition Date Net revenue average annual growth rate 34 % 37 % Market price of risk adjustment for revenue (continuous) 11 % 11 % Revenue volatility 20 % 21 % Discount rate 5 % 4 % Years remaining in earn out period 5.6 5.8 Undiscounted estimated remaining earn out payments $ millions $280 - $320 $277 - $320 As the WestEnd Acquisition was effective at market close on December 31, 2021, the Company’s operating results for 2021 do not include WestEnd. Actual and Pro Forma Results for WestEnd WestEnd revenue for the three months ended March 31, 2022, was as follows: Unaudited Three Months Ended (in millions) March 31, 2022 Revenue $ 14.6 Net income attributable to WestEnd for the three months ended March 31, 2022 is impractical to determine as the Company does not prepare discrete financial information at that level. The following Unaudited Pro Forma Condensed Combined Statement of Operations is provided for illustrative purposes only and assumes that the acquisition occurred on January 1, 2020. This unaudited information should not be relied upon as indicative of historical results that would have been obtained if the acquisition had occurred on that date, nor of the results that may be obtained in the future. The historical unaudited consolidated financial information of the Company and WestEnd have been adjusted to give effect to unaudited pro forma events that are directly attributable to the WestEnd Acquisition. These amounts have been calculated after adjusting the results of WestEnd and the Company to reflect additional interest expense, intangible asset amortization and income taxes that would have been expensed assuming the WestEnd Acquisition was consummated on January 1, 2020. Unaudited Three Months Ended (in thousands, except per share amount) March 31, 2021 Revenue $ 222,013 Net income 63,809 Earnings per share of common stock Basic $ 0.94 Diluted $ 0.86 Weighted average number of shares outstanding Basic 67,761 Diluted 74,108 Acquisition-Related Costs Costs related to acquisitions are summarized below and include legal and filing fees, advisory services, mutual fund proxy voting costs and other one-time expenses related to the transactions. These costs are included in acquisition-related costs in the unaudited Condensed Consolidated Statements of Operations. Acquisition-related costs Three Months Ended March 31, (in thousands) 2022 2021 NEC $ 29 $ — WestEnd $ 41 — Other 47 (164 ) Total acquisition-related costs $ 117 $ (164 ) Restructuring and Integration Costs In connection with business combinations, asset purchases and changes in business strategy, the Company incurs costs integrating investment platforms, products and personnel into existing systems, processes and service provider arrangements and restructuring the business to capture operating expense synergies. The following table presents the rollforward of restructuring and integration liabilities, which are recorded in accounts payable and accrued expenses in the unaudited Condensed Consolidated Balance Sheets, for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, (in millions) 2022 2021 Liability balance, beginning of period $ 0.3 $ 1.0 Severance expense USAA AMCO Acquisition — 1.6 THB — 0.1 Integration costs USAA AMCO Acquisition — 0.4 Total restructuring and integration costs — 2.1 Settlement of liabilities (0.3 ) (1.7 ) Liability balance, end of period $ — $ 1.4

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 5. Fair Value Measurements The Company determines the fair value of certain financial and nonfinancial assets and liabilities. Fair value is determined based on the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value determinations utilize a valuation hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. Classification within the fair value hierarchy contains three levels: • Level 1—Valuation inputs are unadjusted quoted market prices for identical assets or liabilities in active markets. • Level 2—Valuation inputs are quoted prices for identical assets or liabilities in markets that are not active, quoted market prices for similar assets and liabilities in active markets and other observable inputs directly or indirectly related to the asset or liability being measured. • Level 3—Valuation inputs are unobservable and significant to the fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. The table below shows liabilities measured at fair value on a recurring basis. As of March 31, 2022 (in thousands) Total Level 1 Level 2 Level 3 Financial Assets Investments in proprietary funds $ 800 $ 800 $ - $ - Deferred compensation plan investments 31,588 31,588 - - Interest rate swap asset 29,234 $ - 29,234 $ - Total Financial Assets $ 61,622 $ 32,388 $ 29,234 $ - Financial Liabilities Contingent consideration arrangements (1) (305,000 ) - - (305,000 ) Total Financial Liabilities $ (305,000 ) $ - $ - $ (305,000 ) (1) Contingent consideration arrangement liabilities of $305.0 million plus $0.6 million of consideration payable to sellers for WestEnd acquisition net working capital adjustments equal $305.6 million in consideration payable for acquisition of business on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2022. As of December 31, 2021 (in thousands) Total Level 1 Level 2 Level 3 Financial Assets Investments in proprietary funds $ 912 $ 912 $ - $ - Deferred compensation plan investments 30,812 30,812 - - Interest rate swap asset 7,774 - 7,774 - Total Financial Assets $ 39,498 $ 31,724 $ 7,774 $ - Financial Liabilities Contingent consideration arrangements (1) (308,500 ) - - (308,500 ) Total Financial Liabilities $ (308,500 ) $ - $ - $ (308,500 ) (1) Contingent consideration arrangement liabilities of $308.5 million plus $0.3 million and $0.6 million of consideration payable to sellers for estimated net working capital adjustments for the NEC and WestEnd acquisitions, respectively, equal $309.4 million in consideration payable for acquisition of business on the unaudited Condensed Consolidated Balance Sheets as of December 31, 2021. Level 1 assets consist of money market funds and open-end mutual funds. The fair values for these assets are determined utilizing quoted market prices for identical assets. The money market fund is included in cash and cash equivalents in the unaudited Condensed Consolidated Balance Sheets and proprietary fund investments and deferred compensation plan investments are included in investments in the unaudited Condensed Consolidated Balance Sheets. The interest rate swap (the “Swap”) asset and liability represent amounts receivable or payable under a Contingent consideration arrangements include the USAA AMCO earn-out payment liability and the WestEnd earn-out payment liability. Contingent consideration arrangements are included in consideration payable for acquisition of business in the unaudited Condensed Consolidated Balance Sheets. Refer to Note 4, Acquisitions, for further details related to the contingent consideration arrangements. Significant unobservable inputs for the option pricing model used to determine the estimated fair value of the USAA AMCO Acquisition earn-out payment liability include the “non-managed money” revenue projected growth rate, revenue volatility, market price of risk adjustment for revenue and discount rate. Significant unobservable inputs for the option pricing model used to determine the estimated fair value of the WestEnd Acquisition earn-out payment liability include the WestEnd net revenue projected growth rate, revenue volatility, market price of risk adjustment for revenue and discount rate. For both the USAA AMCO and WestEnd contingent consideration arrangements, an increase in the market price of risk adjustment for revenue, discount rate and revenue volatility results in a lower fair value for the earn-out payment liability, while an increase in the projected growth rate for the relevant revenue base results in a higher fair value for the earn-out payment liability. Refer to Note 4, Acquisitions, for further details related to the valuation of contingent consideration payable related to the USAA AMCO Acquisition and WestEnd Acquisition. Changes in the fair value of contingent consideration arrangement liabilities, realized or unrealized, are recorded in earnings and are included in change in value of consideration payable for acquisition of business in the unaudited Condensed Consolidated Statements of Operations. The following table presents the change in contingent consideration arrangement liabilities for the three months ended March 31, 2022. (in thousands) Contingent Consideration Liabilities Balance, December 31, 2021 $ (308,500 ) USAA AMCO change in fair value measurement 2,800 WestEnd change in fair value measurement 700 Balance, March 31, 2022 $ (305,000 ) There were no transfers between any of the Level 1, 2 and 3 categories in the fair value measurement hierarchy from December 31, 2021 to March 31, 2022. The Company recognizes transfers at the end of the reporting period. The net carrying value of accounts receivable and accounts payable approximates fair value due to the short‑term nature of these assets and liabilities. The fair value of our long-term debt at March 31, 2022 is considered to be its carrying value as the interest rate on the bank debt is variable and approximates current market rates. As a result, Level 2 inputs are utilized to determine the fair value of our long ‑term debt .

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related-Party Transactions	NOTE 6. Related-Party Transactions The Company considers certain funds that it manages, including the Victory Funds, the USAA Funds, the VictoryShares, collective trust funds that it sponsors (the “Victory Collective Funds”) and other sponsored pooled investment vehicles, to be related parties as a result of our advisory relationship. The Company receives investment management, administrative, distribution and compliance fees in accordance with contracts that VCM and VCS have with the Victory Funds and the USAA Funds. The Company receives investment management, administrative and compliance fees in accordance with contracts that VCM has with the VictoryShares. We also receive investment management fees from the Victory Collective Funds, the NEC Funds and other pooled funds under VCM’s advisory contracts with these funds. In addition, VCTA receives fees for transfer agency services under contracts with the USAA Funds and sub-transfer agency services under contracts with the Victory Funds for member class shares. Director fees payable by the Company in cash and contributions made under the Director Deferred Compensation Plan for non-employee members of our Board of Directors are included in general and administrative expense in the unaudited Condensed Consolidated Statements of Operations. The table below presents balances and transactions involving related parties included in the unaudited Condensed Consolidated Balance Sheets and unaudited Condensed Consolidated Statements of Operations. • Included in receivables (investment management fees) are amounts due from the Victory Funds, USAA Funds, VictoryShares, Victory Collective Funds and other pooled investment vehicles for investment management services. • Included in receivables (fund administration and distribution fees) are amounts due from the Victory Funds and USAA Funds for fund administration services and compliance services, amounts due from the VictoryShares for fund administration services, amounts due from the USAA Funds for transfer agent services, amounts due from the Victory Funds for sub-transfer agent services and amounts invoiced to the NEC Funds for costs paid by VCM. • Included in prepaid expenses are amounts paid by VCM that will be invoiced to the NEC Funds in the following period. • Included in revenue (investment management) are amounts earned for investment management services provided to the Victory Funds, the USAA Funds, the VictoryShares, the Victory Collective Funds, the NEC Funds and other pooled investment vehicles. • Included in revenue (fund administration and distribution fees) are amounts earned for fund administration and compliance services, transfer agent services and sub-transfer agent services. • Realized and unrealized gains and losses and dividend income on investments in the Victory Funds and USAA Funds classified as investments in proprietary funds and deferred compensation plan investments are recorded in interest income and other income (expense) in the unaudited Condensed Consolidated Statements of Operations. • Amounts due to the Victory Funds, USAA Funds, VictoryShares and other pooled investment vehicles for waivers of investment management fees and reimbursements of fund operating expenses are included in accounts payable and accrued expenses in the unaudited Condensed Consolidated Balance Sheets and represent consideration payable to customers. (in thousands) March 31, 2022 December 31, 2021 Related party assets Receivables (investment management fees) $ 50,694 $ 53,256 Receivables (fund administration and distribution fees) 16,031 17,123 Prepaid expenses 569 304 Investments (investments in proprietary funds, fair value) 800 912 Investments (deferred compensation plan investments, fair value) 29,089 28,643 Total $ 97,183 $ 100,238 Related party liabilities Accounts payable and accrued expenses (fund reimbursements) $ 6,249 $ 6,695 Three Months Ended March 31, (in thousands) 2022 2021 Related party revenue Investment management fees $ 138,837 $ 133,294 Fund administration and distribution fees 50,554 52,665 Total $ 189,391 $ 185,959 Related party expense General and administrative $ 115 $ 130 Total $ 115 $ 130 Related party other (expense) income Interest income and other (expense) income $ (345 ) $ 2,675

Investments

Investments	3 Months Ended
	Mar. 31, 2022
Investments Debt And Equity Securities [Abstract]
Investments	NOTE 7. Investments At March 31, 2022 and December 31, 2021, the Company had investments in proprietary funds and deferred compensation plan investments. Investments in proprietary funds consist entirely of seed capital investments in certain Victory Funds and USAA Funds. Deferred compensation plan investments are held under deferred compensation plans and include Victory Funds, USAA Funds and third-party mutual funds. Unrealized and realized gains and losses on investments in proprietary funds and deferred compensation plan investments are recorded in earnings as interest income and other income (expense). Investments in Proprietary Funds The following table presents a summary of the cost and fair value of investments in proprietary funds: Gross Unrealized Fair (in thousands) Cost Gains (Losses) Value As of March 31, 2022 $ 721 $ 130 $ (51 ) $ 800 As of December 31, 2021 769 169 (26 ) 912 Proceeds from sales of investments in proprietary funds and realized gains and losses recognized during the three months ended March 31, 2022 and 2021 are as follows: Sale Realized (in thousands) Proceeds Gains (Losses) For the three months ended March 31, 2022 $ 65 $ — $ (2 ) For the three months ended March 31, 2021 19 — — Deferred Compensation Plan Investments The following table presents a summary of the cost and fair value of deferred compensation plan investments: Gross Unrealized Fair (in thousands) Cost Gains (Losses) Value As of March 31, 2022 $ 28,426 $ 4,493 $ (1,331 ) $ 31,588 As of December 31, 2021 27,174 4,266 (628 ) 30,812 Proceeds from sales of deferred compensation plan investments and realized gains and losses recognized during the three months ended March 31, 2022 and 2021 are as follows: Sale Realized (in thousands) Proceeds Gains (Losses) For the three months ended March 31, 2022 $ 1,184 $ 103 $ (12 ) For the three months ended March 31, 2021 1,890 89 (28 )

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 8. Income Taxes The effective tax rate for the three months ended March 31, 2022 and 2021 differs from the United States federal statutory rate primarily as a result of state and local income taxes, excess tax benefits on share-based compensation and certain non-deductible expenses. For the three months ended March 31, 2022 and 2021, the provision for income taxes was $19.3 million and $17.7 million, respectively, and the effective tax rate for each period was 21.3%. No valuation allowance was recorded for deferred tax assets for the three months ended March 31, 2022 and 2021 .

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	NOTE 9. Debt 2021 Debt Repricing On February 18, 2021, the Company entered into the Second Amendment (the “Second Amendment”) to the 2019 Credit Agreement with the other loan parties thereto, Barclays Bank PLC, as administrative agent, and the Royal Bank of Canada as fronting bank. Pursuant to the Second Amendment, the Company repriced the existing term loans (the “2020 Term Loans”) with replacement term loans in an aggregate principal amount of $755.7 million (the “Repriced Term Loans”). The Repriced Term Loans provide for substantially the same terms as the 2020 Term Loans, including the same maturity date of July 2026, except that the Repriced Term Loans provide for a reduced applicable margin on LIBOR of 25 basis points. After the Second Amendment, the applicable margin on LIBOR under the Repriced Term Loans is 2.25%. 2021 Incremental Term Loans On December 31, 2021, the Company entered into the Third Amendment (the “Third Amendment”) to the 2019 Credit Agreement with the guarantors party thereto, Barclays Bank PLC, as administrative agent, and the lenders party thereto from time to time. Pursuant to the Third Amendment, the Company obtained incremental term loans (the “2021 Incremental Term Loans”) in an aggregate principal amount of $505.0 million and used the proceeds to fund the WestEnd Acquisition and to pay fees and expenses incurred in connection therewith. The 2021 Incremental Term Loans mature in December 2028 and bear interest at an annual rate equal to, at the option of the Company, either LIBOR (adjusted for reserves and subject to a 50 basis point floor) plus a margin of 2.25% or an alternate base rate plus a margin of 1.25%. Original issue discount was $2.5 million for the 2021 Incremental Term Loans. The Company incurred a total of $9.1 million of other third party costs related to the 2021 Incremental Term Loans, which were recorded as term loan debt issuance costs. The following table presents the components of long-term debt in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021. (in thousands) March 31, 2022 December 31, 2021 Effective Interest Rate as of March 31, 2022 Term Loans Due July 2026, 2.47% interest rate, resets April 6, 2022 $ 646,239 $ 646,239 2.86% Due December 2028, 3.26% interest rate, reset March 31, 2022 435,000 505,000 3.58% Term loan principal outstanding 1,081,239 1,151,239 Unamortized debt issuance costs (14,496 ) (16,436 ) Unamortized debt discount (6,214 ) (6,879 ) Long-term debt, net $ 1,060,529 $ 1,127,924 The Company elects to use the three-month LIBOR rate plus the margin on LIBOR required by the 2019 Credit Agreement to pay interest on its debt. The 2019 Credit Agreement provides for a mechanism for determining an alternative interest rate following the phase-out of LIBOR, which for the three-month rate is expected to occur following the publication of LIBOR rates on June 30, 2023. In addition, Repayments of outstanding term loans under the 2019 Credit Agreement totaled $70.0 million and $50.0 million for the three months ended March 31, 2022 and 2021, respectively. The Company recognized a $1.6 million loss on debt extinguishment in the three months ended March 31, 2022, due to repayments of term loan principal, which consisted of the write-off of $1.2 million and $0.4 million of unamortized debt issuance costs and debt discount, respectively. During the three months ended March 31, 2021, the Company recognized a net loss on debt extinguishment of $2.8 million due to repayments of term loan principal and execution of the Second Amendment, which consisted of the write-off of $1.8 million and $1.0 million of unamortized debt issuance costs and debt discount, respectively. The following table presents the components of interest expense and other financing costs on the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021. For the Three Months Ended March 31, (in thousands) 2022 2021 Interest expense $ 7,120 $ 4,929 Amortization of debt issuance costs 843 662 Amortization of debt discount 328 321 Interest rate swap expense 849 818 Other 93 115 Total $ 9,233 $ 6,845

Equity

Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Equity	NOTE 10. Equity Shares Rollforward The following tables present the changes in the number of shares of Common Stock issued and repurchased (in thousands): Shares of Common Stock Issued Shares of Treasury Stock Balance, December 31, 2021 77,242 (8,580 ) Issuance of shares 3 — Repurchase of shares — (293 ) Vesting of restricted share grants 481 — Exercise of options 222 — Shares withheld related to net settlement of equity awards — (285 ) Balance, March 31, 2022 77,948 (9,158 ) Shares of Common Stock Issued Shares of Treasury Stock Common Stock Class B Common Stock Class B Balance, December 31, 2020 19,389 54,767 (3,183 ) (3,431 ) Issuance of shares 1 — — — Share conversion - Class B to A 221 (221 ) — — Repurchase of shares — — (287 ) — Vesting of restricted share grants — 953 — — Exercise of options — 109 — — Shares withheld related to net settlement of equity awards — — — (431 ) Balance, March 31, 2021 19,611 55,608 (3,470 ) (3,862 ) Share Repurchase Program In December 2021, the Company’s Board of Directors authorized a sixth share repurchase program whereby the Company may repurchase up to an additional $15.0 million of the Company’s Common Stock in privately negotiated transactions, through block trades, pursuant to open market purchases, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the SEC. The amount and timing of purchases under the share repurchase program authorized in December 2021 will depend on a number of factors, including the price and availability of the Company’s shares, trading volume, capital availability, Company performance and general economic and market conditions. The program can be suspended or discontinued at any time. The December 2021 share repurchase program took effect in January 2022, immediately upon the completion of the May 2021 share repurchase program, and expires when $15 million of shares are repurchased or December 31, 2022. During the three months ended March 31, 2022, the Company repurchased 292,570 shares of Common Stock at a total cost of $9.4 million Dividend Payments Dividends paid or payable for the three months ended March 31, 2022 totaled $17.6 million At March 31, 2022 and December 31, 2021, the amount of cash bonuses and distributions related to dividends previously declared on unvested and outstanding restricted share awards and stock options totaled $0.8 million and $1.0 million, respectively, which was not recorded as a liability as of the balance sheet date. A liability will be recorded for these cash bonuses and dividends when the restricted shares and options vest.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	NOTE 11. Share‑Based Compensation During the three months ended March 31, 2022, the Company issued restricted stock awards for 514,223 shares of Common Stock, of which awards for 7,995 shares were fully vested on the grant date, awards for 345,069 shares vest over two years, awards for 3,108 shares vest over thirty-three months and 158,051 shares vest over three years. Stock option award and restricted stock award activity during the three months ended March 31, 2022 and 2021 was as follows: Shares Subject to Stock Option Awards Three Months Ended March 31, 2022 2021 Avg wtd Avg wtd Avg wtd Avg wtd grant-date exercise grant-date exercise fair value price Units fair value price Units Outstanding at beginning of period $ 3.94 $ 6.71 5,315,210 $ 3.91 $ 6.50 6,865,101 Forfeited 6.39 14.00 (206 ) 5.12 10.19 (69,989 ) Exercised 3.72 5.55 (222,057 ) 4.28 7.23 (109,237 ) Outstanding at end of period $ 3.95 $ 6.76 5,092,947 $ 3.89 $ 6.45 6,685,875 Vested $ 3.91 $ 6.63 4,888,331 $ 3.81 $ 6.20 6,254,734 Unvested 5.05 9.92 204,616 5.11 10.07 431,141 Restricted Stock Awards Three Months Ended March 31, 2022 2021 Avg wtd grant- Avg wtd grant- date fair value Units date fair value Units Unvested at beginning of period $ 17.75 1,352,839 $ 14.99 2,827,008 Granted 32.19 514,223 26.49 231,568 Vested 17.07 (480,645 ) 14.61 (952,696 ) Forfeited 24.99 (438 ) 15.24 (47,301 ) Unvested at end of period $ 23.34 1,385,979 $ 16.45 2,058,579 Share-Based Compensation Expense The Company recorded $3.9 million and $5.5 million of share-based compensation expense during the three months ended March 31, 2022 and 2021, respectively, in personnel compensation and benefits in the unaudited Condensed Consolidated Statements of Operations.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 12. Earnings Per Share The following table sets forth the reconciliation of basic earnings per share and diluted earnings per share from net income for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, (in thousands except per share amounts) 2022 2021 Net income $ 71,273 $ 65,202 Shares: Basic 68,747 67,761 Plus 4,905 6,347 Diluted 73,652 74,108 Earnings per share Basic: $ 1.04 $ 0.96 Diluted: $ 0.97 $ 0.88 Outstanding instruments excluded from the computation of weighted average shares for diluted earnings per share because the effect would be anti-dilutive were de minimus in amount for the three months ended March 31, 2022. There were no outstanding instruments excluded from the computation of weighted average shares for diluted earnings per share because the effect would be anti-dilutive for the three months ended March 31, 2021. Holders of non-vested share-based compensation awards do not have rights to receive nonforfeitable dividends on the shares covered by the awards.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2022
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	NOTE 13. Accumulated Other Comprehensive Income (Loss) The following table presents changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2022 and 2021. Cumulative Cash Flow Translation (in thousands) Hedges (a) Adjustment Total Balance, December 31, 2021 $ 5,895 $ 77 $ 5,972 Other comprehensive income (loss) before reclassification and tax 20,612 (102 ) 20,510 Tax impact (4,980 ) 25 (4,955 ) Reclassification adjustments, before tax 849 — 849 Tax impact (205 ) — (205 ) Net current period other comprehensive income (loss) 16,276 (77 ) 16,199 Balance, March 31, 2022 $ 22,171 $ — $ 22,171 Balance, December 31, 2020 $ (7,573 ) $ 113 $ (7,460 ) Other comprehensive income (loss) before reclassification and tax 13,414 (3 ) 13,411 Tax impact (3,260 ) 1 (3,259 ) Reclassification adjustments, before tax 818 — 818 Tax impact (199 ) — (199 ) Net current period other comprehensive income (loss) 10,773 (2 ) 10,771 Balance, March 31, 2021 $ 3,200 $ 111 $ 3,311 (a) Reclassifications out of accumulated other comprehensive income (loss) related to cash flow hedges are recorded in interest expense and other financing costs.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives	NOTE 14. DERIVATIVES Interest Rate Swaps On March 27, 2020, the Company entered into the Swap to manage interest rate risk associated with a portion of its floating-rate long-term debt. The Company does not purchase or hold any derivative instruments for trading or speculative purposes. Under the terms of the Swap, the Company pays interest at a fixed rate of interest on a quarterly basis and receives interest at the three-month LIBOR rate in effect for that quarter. The notional value, fixed rate of interest and expiration date of the Swap as of March 31, 2022 were $ 450 million – 0.965 % – July 1, 2026 . Refer to Note 5, Fair Value Measurements, for additional disclosures regarding fair value measurements. The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determine how the Company reflects the change in fair value of the derivative instrument. A derivative qualifies for hedge accounting treatment if, at inception, it meets defined correlation and effectiveness criteria. These criteria require that the anticipated cash flows and/or changes in fair value of the hedging instrument substantially offset those of the position being hedged. The Swap is assessed for effectiveness and continued qualification for hedge accounting on a quarterly basis. For the three months ended March 31, 2022 and since inception, the Swap was deemed to be highly effective. The Swap is designated as a cash flow hedge. Accordingly, the Swap is measured at fair value with mark-to-market gains or losses deferred and included in accumulated other comprehensive income (loss) (“AOCI(L)”), net of tax, to the extent the hedge is determined to be effective. Gains or losses from the Swap are reclassified to interest expense in the same period during which the hedged transaction affects earnings. Gains or losses from the Swap are reclassified to interest expense in the same period during which the hedged transaction affects earnings. The amount payable to the Swap counterparty at March 31, 2022 of $0.8 million is recorded in other liabilities on the unaudited Condensed Consolidated Balance Sheets. All derivative instruments are recorded on the unaudited Condensed Consolidated Balance Sheets at fair value as an asset (if the derivative is in a gain position) or a liability (if the derivative is in a loss position). On March 31, 2022 and December 31, 2021, the Swap had a fair value of $29.2 million and $7.8 million and was recorded in other assets. The following table summarizes the classification of the Swap in the unaudited Condensed Consolidated Balance Sheets and the notional amount at March 31, 2022 and December 31, 2021 (in thousands): Balance Sheets Description March 31, 2022 December 31, 2021 Other assets Fair value of interest rate swap $ 29,234 $ 7,774 Notional amount 450,000 450,000 The following tables summarize the effects of the Swap in the unaudited Condensed Consolidated Statements of Operations and unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31 Statement of Operations Description 2022 2021 Interest expense and other financing costs Loss reclassified from AOCI(L) $ 849 $ 818 Three Months Ended March 31 Statements of Comprehensive Income Description 2022 2021 Other comprehensive income Income recognized in AOCI(L), net of tax $ 16,276 $ 10,773

Equity Method Investment

Equity Method Investment	3 Months Ended
	Mar. 31, 2022
Equity Method Investments And Joint Ventures [Abstract]
Equity Method Investment	NOTE 15. EQUITY METHOD INVESTMENT On September 20, 2020, the Company acquired, through a wholly owned subsidiary, a 15% interest voting share and income share in Alderwood and made a capital contribution to Alderwood of $1.5 million in cash. Alderwood’s operating entity, Alderwood Capital, is a London-based investment advisory firm focused on taking minority stakes in specialist boutique asset management businesses. On January 31, 2022, the Company signed an amendment to the Alderwood members’ agreement (“Alderwood Amendment”) and made an additional $1.5 million capital contribution to Alderwood. The Alderwood Amendment reduced the Company’s commitment to contribute additional capital to Alderwood from $4.5 million to $3.0 million. The Company also has commitments to contribute additional capital of $50.0 million to a private fund to be launched by Alderwood, subject to certain terms and conditions, including obtaining an agreed amount of aggregate legally binding commitments from investors in the private fund. The Company analyzed its investment in Alderwood under the voting interest model and determined that it does not have a controlling financial interest over Alderwood and should not consolidate under the voting interest model. Given the level of ownership interest in Alderwood, which is an English limited liability partnership, and the fact that Alderwood will maintain specific ownership accounts for investors, the Company accounts for its investment in Alderwood using the equity method of accounting. For each of the periods ended March 31, 2022 and 2021, losses from equity method investments recorded in interest income and other income (expense) in the unaudited Condensed Consolidated Statements of Operations were $0.1 million. Equity method investments are recorded in other assets in the unaudited Condensed Consolidated Balance Sheets. At March 31, 2022 and December 31, 2021, the Company held an equity investment in Alderwood of $2.5 million and $1.1 million, respectively.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	NOTE 16. LEASES The Company determines if a contract is a lease at inception. We have leases primarily for office facilities and information technology equipment. All of our leases are classified as operating leases. Supplemental balance sheet information related to the Company’s operating leases as of March 31, 2022 was as follows (in thousands): March 31, 2022 Operating lease ROU assets (1) $ 18,899 Current portion of operating lease liabilities (2) 4,279 Noncurrent portion of operating lease liabilities (2) 16,397 Total operating lease liabilities $ 20,676 (1) ROU assets are recorded in other assets on the unaudited Condensed Consolidated Balance Sheets. (2) Current portion and noncurrent portion of operating lease liabilities are recorded in other liabilities on the unaudited Condensed Consolidated Balance Sheets. March 31, 2022 Weighted-average remaining lease term 5.1 years Weighted-average discount rate 3.9 % The components of lease expense and other lease information as of and during the three-month period ended March 31, 2022 are as follows (in thousands): March 31, 2022 Operating lease cost $ 1,365 Short-term lease cost 21 Variable lease cost 498 Gross lease cost $ 1,884 Sub-lease income (209 ) Net lease cost $ 1,675 Other lease information Cash paid for amounts included in measurement of lease liabilities Operating cash flows for operating leases $ 1,277 Our leases have remaining lease terms of 1 year to 10 years. These leases generally contain renewal options for periods ranging from two to five years Variable lease costs, such as utilities and common area maintenance charges, are excluded from lease liabilities and expensed as incurred. The variable lease costs are determined based on terms in the lease contracts and primarily relate to usage of the ROU asset and services received from the lessor. The following table summarizes the maturity of our operating lease liabilities as of March 31, 2022 (in thousands): Operating Leases 2022 $ 3,644 2023 5,269 2024 4,214 2025 3,859 2026 3,070 Thereafter 2,739 Total undiscounted lease payments 22,795 Less: imputed interest 2,119 Total lease liabilities $ 20,676

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	NOTE 17. SUBSEQUENT EVENTS Subsequent to March 31, 2022, the Company reduced outstanding debt on the 2021 Incremental Term Loans by $20.0 million . Subsequent to March 31, 2022, the Company’s Board of Directors approved a new common stock repurchase program authorizing the repurchase of up to $100 million of its common stock. Under the new program, which will commence immediately upon completion of the current program, the Company may purchase its shares from time to time until December 31, 2023 in privately negotiated transactions, through block trades, pursuant to open market purchases, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the SEC. The amount and timing of the purchases will depend on a number of factors including the price and availability of the Company's shares, trading volume, capital availability, Company performance and general economic and market conditions. The share repurchase program may be suspended or discontinued at any time. On May 5, 2022, the Company’s Board of Directors also approved a regular quarterly cash dividend of $0.25 per share. The dividend is payable on June 27, 2022, to shareholders of record on June 10, 2022.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation On November 19, 2021, the Company’s stockholders voted on and approved the Amendment eliminating the Company’s dual-class stock structure. Upon the filing of the Amendment on November 23, 2021, all shares of Class B common stock were converted into an equal number of shares of Class A common stock and the Company’s Class A common stock was renamed as “Common Stock.” All references within this document to Class A common stock for periods prior to November 23, 2021 have been updated for the renaming. The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP for complete annual financial statements. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, the consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial condition, results of operations, and cash flows for the interim periods presented. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements include the operations of the Company and its wholly-owned subsidiaries, after elimination of all intercompany balances and transactions. The Company owns a 15% equity interest in Alderwood Partners LLP (“Alderwood”). Alderwood’s operating entity, Alderwood Capital, is a London-based investment advisory firm focused on taking minority stakes in specialist boutique asset management businesses. The Company analyzed its investment in Alderwood under the voting interest model and determined that it did not have a controlling financial interest. The Company accounts for this investment using the equity method of accounting. The Company’s involvement with non-consolidated variable interest entities (“VIEs”) includes sponsored investment funds. For further discussion regarding VIEs, refer to Note 2, Significant Accounting Policies, in our Annual Report on Form 10-K for the year ended December 31, 2021.
Use of Estimates and Assumptions	Use of Estimates and Assumptions The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements and the notes. Actual results may ultimately differ materially from those estimates. On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 a pandemic. The global spread of COVID-19 has created significant volatility, uncertainty and economic disruption. Financial markets experienced significant declines during the first quarter of 2020, although certain markets, including domestic equity securities, experienced recoveries that more than offset the first quarter decline. While COVID-19 did not have a material adverse effect on our business, operations and financial results, the extent to which the pandemic impacts our business, operations and financial results going forward will depend on numerous evolving factors that we may not be able to accurately predict, including: the duration and scope of the pandemic; governmental, business and individuals’ actions that have been and continue to be taken in response to the pandemic; the impact of the pandemic on economic activity and actions taken in response; and the effect on our ability to sell and provide our services.
Lease Accounting Policy	Lease Accounting Policy The Company’s leases consist primarily of real estate leases for office space. The Company determines if an arrangement is a lease at contract inception. A lease liability and a corresponding right of use ("ROU") asset are recognized on the commencement date for leases with terms longer than one year. Lease liabilities represent an obligation to make lease payments arising from a lease while ROU assets represent a right to use an underlying asset during the lease term. The lease liability is measured at the present value of the future lease payments over the lease term generally using the Company's incremental borrowing rate, which is determined through market sources. Lease components and non-lease components such as fixed maintenance and other costs are combined into one lease component and capitalized in lease liabilities. Variable lease payments, such as utilities and common area maintenance charges, are excluded from lease liabilities and expensed as incurred. The variable lease payments are determined based on terms in the lease contracts and primarily relate to usage of the ROU asset and services received from the lessor. A ROU asset is measured initially as the value of the lease liability plus initial direct costs and prepaid lease payments and less lease incentives received. The lease term includes periods covered by options to extend the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term and is recorded in general and administrative expenses on the unaudited Condensed Consolidated Statements of Operations.
New Accounting Pronouncements	New Accounting Pronouncements Accounting Standards Adopted in 2022 • Leases: Effective January 1, 2022, the Company adopted ASU 2016‑02, “Leases (Topic 842)” (the “New Lease Standard”) which supersedes previous lease guidance, Accounting Standards Codification (“ASC”) Topic 840 (“ASC Topic 840”). The New Lease Standard required lessees to recognize a right-of-use (“ROU”) asset and a lease liability for all leases (with the exception of short-term leases) on their balance sheet at the commencement date and recognize expenses on their income statement similar to ASC Topic 840 guidance. In addition, the FASB issued ASU 2018-11, “Leases Targeted Improvements,” which provided a package of practical expedients for entities to apply upon adoption. The Company adopted the New Lease Standard using the modified retrospective method of applying the new standard at the adoption date. We elected the package of practical expedients permitted under the transition guidance which allowed us to carry forward historical lease classification s for existing and expired leases and not reassess existing lease initial direct costs. In addition, we elected for all classes of underlying assets not to separate lease and non-lease components of a contract. We also elected the practical expedients to determine the likelihood of an extension or reduction in lease terms at commencement through adoption of the New Lease Standard and to not apply the New Lease Standard to leases with terms of one year or less. The adoption of the New Lease Standard resulted in the recognition of $18.7 million of operating lease ROU assets and the corresponding operating lease liabilities on the unaudited Condensed Consolidated Balance Sheet and the reclassification of $1.7 million of deferred rent liabilities relating to these leases, reducing operating lease ROU assets. The consolidated balance sheet prior to January 1, 2022 was not restated and continues to be reported under the Legacy ASC Topic 840, which did not require the recognition of operating lease ROU assets and liabilities. The expense recognition for operating leases and finance leases under the New Lease Standard is consistent with the Legacy ASC Topic 840. As a result, there is no significant impact to our results of operations, liquidity or debt covenant compliance under our current credit agreements. The following table presents the impact of adopting the New Lease Standard on our consolidated balance sheet (in thousands). Balance at December 31, 2021 New Lease Standard Balance at January 1, 2022 Total assets 2,579,746 17,031 2,596,777 Total liabilities 1,649,819 17,031 1,666,850 Total liabilities and stockholders' equity 2,579,746 17,031 2,596,777 The lease liability recorded for our operating leases on January 1, 2022 was based on the present value of the remaining minimum lease payments discounted using our secured incremental borrowing rate on that date for the average remaining term for our lease portfolio. Accounting Standards Adopted in 2021 • Internal-Use Software: Effective January 1, 2021, the Company adopted, on a prospective basis, Accounting Standards Update (“ASU”) 2018-15 (“ASU 2018-15”), "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)," which aligns the requirements for capitalizing implementation costs incurred in a service contract hosting arrangement with those of developing or obtaining internal-use software. The adoption had no impact on the Company’s consolidated financial statements. • Subsequent Measurement of Goodwill: Effective January 1, 2021, the Company adopted, on a prospective basis, ASU 2017-04 (“ASU 2017-04”), “Intangibles – Goodwill and Other (Topic 350)” (“ASU 2017-04”) which simplifies the test for goodwill impairment. ASU 2017-04 eliminates the requirement to calculate the implied fair value of goodwill (step two) to measure a goodwill impairment charge. Goodwill impairment will be based upon the results of step one of the impairment test, which is defined as the excess of the carrying amount of a reporting unit over its fair value, not to exceed the carrying amount of goodwill allocated to that reporting unit. The adoption had no impact on the Company’s consolidated financial statements. Recently Issued Accounting Standards • Reference Rate Reform: In March 2020, the Financial Accounting Standards Board (the “FASB”) issued ASU 2020-04, (“ASU 2020-04”), “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 contains optional practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this guidance are effective for all entities through December 31, 2022. The Company is currently evaluating the effect of this new standard on its consolidated financial statements. Currently, the Company elects to use the three-month LIBOR rate plus the margin on LIBOR required by the 2019 Credit Agreement to pay interest on its debt. The 2019 Credit Agreement provides for a mechanism for determining an alternative interest rate following the phase-out of LIBOR, which for the three-month rate is expected to occur following the publication of LIBOR rates on June 30, 2023. • Expected Credit Losses: In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 creates a new model for determining current expected credit losses (“CECL”) on trade and other receivables, net investments in leases, contract assets and long-term receivables. The CECL impairment model requires companies to consider the risk of loss even if it is remote and to include forecasts of future economic conditions as well as information about past events and current conditions. The effective date for calendar-year public business entities was January 1, 2020. As an emerging growth company (“EGC”) , the Company will adopt ASU 2016-13 on January 1, 2023 and is currently reviewing the effect of this new standard on its consolidated financial statements .

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of Impact of Adopting New Lease Standard	The following table presents the impact of adopting the New Lease Standard on our consolidated balance sheet (in thousands). Balance at December 31, 2021 New Lease Standard Balance at January 1, 2022 Total assets 2,579,746 17,031 2,596,777 Total liabilities 1,649,819 17,031 1,666,850 Total liabilities and stockholders' equity 2,579,746 17,031 2,596,777

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue From Contract With Customer [Abstract]
Schedule of Disaggregation of Revenue by Type and Product	In accordance with the revenue recognition standard requirements, the following table disaggregates our revenue by type and product: Three Months Ended March 31, (in thousands) 2022 2021 Investment management fees Mutual funds (Victory/USAA Funds) $ 127,473 $ 127,746 ETFs (VictoryShares) 4,934 3,454 Separate accounts and other vehicles 48,298 29,541 Performance-based fees Mutual funds (USAA Funds) (903 ) (1,439 ) Separate accounts and other vehicles (337 ) 982 Total investment management fees $ 179,465 $ 160,284 Fund administration and distribution fees Administration fees Mutual funds (Victory/USAA Funds) $ 28,384 $ 29,004 ETFs (VictoryShares) 521 441 Distribution fees Mutual funds (Victory/USAA Funds) 6,794 6,938 Transfer agent fees Mutual funds (USAA Funds) 14,855 16,282 Total fund administration and distribution fees $ 50,554 $ 52,665 Total revenue $ 230,019 $ 212,949
Schedule of Balances of Receivables from Contracts with Customers	The following table presents balances of receivables: (in thousands) March 31, 2022 December 31, 2021 Customer receivables Mutual funds (Victory/USAA Funds) $ 61,759 $ 65,304 ETFs (VictoryShares) 2,036 1,934 Separate accounts and other vehicles 29,717 30,519 Receivables from contracts with customers 93,512 97,757 Non-customer receivables 201 6,548 Total receivables $ 93,713 $ 104,305

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2022
Business Acquisition [Line Items]
Summary of Business Acquisition Related Cost	Acquisition-related costs Three Months Ended March 31, (in thousands) 2022 2021 NEC $ 29 $ — WestEnd $ 41 — Other 47 (164 ) Total acquisition-related costs $ 117 $ (164 )
Summary of Rollforward of Restructuring and Integration Liabilities	The following table presents the rollforward of restructuring and integration liabilities, which are recorded in accounts payable and accrued expenses in the unaudited Condensed Consolidated Balance Sheets, for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, (in millions) 2022 2021 Liability balance, beginning of period $ 0.3 $ 1.0 Severance expense USAA AMCO Acquisition — 1.6 THB — 0.1 Integration costs USAA AMCO Acquisition — 0.4 Total restructuring and integration costs — 2.1 Settlement of liabilities (0.3 ) (1.7 ) Liability balance, end of period $ — $ 1.4
USAA AMCO
Business Acquisition [Line Items]
Summary of Significant Inputs to Valuation of Contingent Consideration Payable	Significant inputs to the valuation of contingent consideration payable to sellers as of March 31, 2022 and December 31, 2021 are as follows and are approximate values: March 31, 2022 December 31, 2021 Non-managed money revenue average annual growth rate 1 % 5 % Market price of risk 6 % 6 % Revenue volatility 16 % 17 % Discount rate 5 % 3 % Years remaining in earn out period 1.6 1.9 Undiscounted estimated remaining earn out payments in millions $70- $75 $72 - $75
NEC Acquisition
Business Acquisition [Line Items]
Summary of Allocation of Purchase Price	The following table presents the estimated amounts of assets acquired and liabilities assumed as of the acquisition date, net of cash acquired: (in thousands) Investment management fees receivable $ 118 Other receivables and prepaid expenses 60 Property and equipment 19 Other intangible assets (1) 23,700 Goodwill 41,032 Accounts payable and accrued expenses (1,780 ) Purchase price, net of cash acquired $ 63,149 (1) Includes $14.0 million for definite-lived customer relationships with a 6 year estimated useful life and $9.7 million for definite-lived investment advisory contracts with a 2 year estimated useful life, which are recorded in other intangible assets, net on the unaudited Condensed Consolidated Balance Sheets.
WestEnd Acquisition
Business Acquisition [Line Items]
Summary of Significant Inputs to Valuation of Contingent Consideration Payable	A maximum of $320.0 million ($80.0 million per year) is payable to sellers in contingent payments. The fair value of contingent consideration payable to sellers was estimated at $239.0 million at March 31, 2022, a decrease of $0.7 million from December 31, 2021. Significant inputs to the valuation of contingent consideration payable to sellers as of March 31, 2022 and December 31, 2021 are as follows and are approximate values: December 31, 2021 March 31, 2022 Acquisition Date Net revenue average annual growth rate 34 % 37 % Market price of risk adjustment for revenue (continuous) 11 % 11 % Revenue volatility 20 % 21 % Discount rate 5 % 4 % Years remaining in earn out period 5.6 5.8 Undiscounted estimated remaining earn out payments $ millions $280 - $320 $277 - $320
Summary of Allocation of Purchase Price	The following table presents the estimated amounts of assets acquired and liabilities assumed as of the acquisition date, net of cash acquired: (in thousands) Investment management fees receivable $ 4,560 Prepaid expenses and other assets 256 Property and equipment 2,011 Other intangible assets (1) 175,500 Goodwill 536,023 Accounts payable and accrued expenses (115 ) Accrued compensation and benefits (1,480 ) Other liabilities (693 ) Purchase price, net of cash acquired $ 716,062 (1) Includes $172.5 million for definite-lived customer relationship assets with a 10 year estimated useful life and $3.0 million for a definite-lived trade name asset with a 7 year estimated useful life, which are recorded in other intangible assets, net on the unaudited Condensed Consolidated Balance Sheets.
Summary of Revenue	WestEnd revenue for the three months ended March 31, 2022, was as follows: Unaudited Three Months Ended (in millions) March 31, 2022 Revenue $ 14.6
Summary of Unaudited Pro Forma Information	Unaudited Three Months Ended (in thousands, except per share amount) March 31, 2021 Revenue $ 222,013 Net income 63,809 Earnings per share of common stock Basic $ 0.94 Diluted $ 0.86 Weighted average number of shares outstanding Basic 67,761 Diluted 74,108

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Fair Value Measured at Fair Value on Recurring Basis	The table below shows liabilities measured at fair value on a recurring basis. As of March 31, 2022 (in thousands) Total Level 1 Level 2 Level 3 Financial Assets Investments in proprietary funds $ 800 $ 800 $ - $ - Deferred compensation plan investments 31,588 31,588 - - Interest rate swap asset 29,234 $ - 29,234 $ - Total Financial Assets $ 61,622 $ 32,388 $ 29,234 $ - Financial Liabilities Contingent consideration arrangements (1) (305,000 ) - - (305,000 ) Total Financial Liabilities $ (305,000 ) $ - $ - $ (305,000 ) (1) Contingent consideration arrangement liabilities of $305.0 million plus $0.6 million of consideration payable to sellers for WestEnd acquisition net working capital adjustments equal $305.6 million in consideration payable for acquisition of business on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2022. As of December 31, 2021 (in thousands) Total Level 1 Level 2 Level 3 Financial Assets Investments in proprietary funds $ 912 $ 912 $ - $ - Deferred compensation plan investments 30,812 30,812 - - Interest rate swap asset 7,774 - 7,774 - Total Financial Assets $ 39,498 $ 31,724 $ 7,774 $ - Financial Liabilities Contingent consideration arrangements (1) (308,500 ) - - (308,500 ) Total Financial Liabilities $ (308,500 ) $ - $ - $ (308,500 ) (1) Contingent consideration arrangement liabilities of $308.5 million plus $0.3 million and $0.6 million of consideration payable to sellers for estimated net working capital adjustments for the NEC and WestEnd acquisitions, respectively, equal $309.4 million in consideration payable for acquisition of business on the unaudited Condensed Consolidated Balance Sheets as of December 31, 2021.
Summary of Change in Contingent Consideration Arrangement Liabilities	The following table presents the change in contingent consideration arrangement liabilities for the three months ended March 31, 2022. (in thousands) Contingent Consideration Liabilities Balance, December 31, 2021 $ (308,500 ) USAA AMCO change in fair value measurement 2,800 WestEnd change in fair value measurement 700 Balance, March 31, 2022 $ (305,000 )

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Summary of Related-Party Transactions	(in thousands) March 31, 2022 December 31, 2021 Related party assets Receivables (investment management fees) $ 50,694 $ 53,256 Receivables (fund administration and distribution fees) 16,031 17,123 Prepaid expenses 569 304 Investments (investments in proprietary funds, fair value) 800 912 Investments (deferred compensation plan investments, fair value) 29,089 28,643 Total $ 97,183 $ 100,238 Related party liabilities Accounts payable and accrued expenses (fund reimbursements) $ 6,249 $ 6,695 Three Months Ended March 31, (in thousands) 2022 2021 Related party revenue Investment management fees $ 138,837 $ 133,294 Fund administration and distribution fees 50,554 52,665 Total $ 189,391 $ 185,959 Related party expense General and administrative $ 115 $ 130 Total $ 115 $ 130 Related party other (expense) income Interest income and other (expense) income $ (345 ) $ 2,675

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Proprietary Funds
Gain (Loss) on Securities [Line Items]
Summary of Cost and Fair Value of Investments in Proprietary Funds	The following table presents a summary of the cost and fair value of investments in proprietary funds: Gross Unrealized Fair (in thousands) Cost Gains (Losses) Value As of March 31, 2022 $ 721 $ 130 $ (51 ) $ 800 As of December 31, 2021 769 169 (26 ) 912
Summary of Proceeds from Sales of Investments in Proprietary Funds and Realized Gains and Losses Recognized	Proceeds from sales of investments in proprietary funds and realized gains and losses recognized during the three months ended March 31, 2022 and 2021 are as follows: Sale Realized (in thousands) Proceeds Gains (Losses) For the three months ended March 31, 2022 $ 65 $ — $ (2 ) For the three months ended March 31, 2021 19 — —
Deferred Compensation Plan Investments
Gain (Loss) on Securities [Line Items]
Summary of Cost and Fair Value of Deferred Compensation Plan Investments	The following table presents a summary of the cost and fair value of deferred compensation plan investments: Gross Unrealized Fair (in thousands) Cost Gains (Losses) Value As of March 31, 2022 $ 28,426 $ 4,493 $ (1,331 ) $ 31,588 As of December 31, 2021 27,174 4,266 (628 ) 30,812
Summary of Proceeds from Sales of Deferred Compensation Plan Investments and Realized Gains and Losses Recognized	Proceeds from sales of deferred compensation plan investments and realized gains and losses recognized during the three months ended March 31, 2022 and 2021 are as follows: Sale Realized (in thousands) Proceeds Gains (Losses) For the three months ended March 31, 2022 $ 1,184 $ 103 $ (12 ) For the three months ended March 31, 2021 1,890 89 (28 )

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Components of Long-Term Debt	(in thousands) March 31, 2022 December 31, 2021 Effective Interest Rate as of March 31, 2022 Term Loans Due July 2026, 2.47% interest rate, resets April 6, 2022 $ 646,239 $ 646,239 2.86% Due December 2028, 3.26% interest rate, reset March 31, 2022 435,000 505,000 3.58% Term loan principal outstanding 1,081,239 1,151,239 Unamortized debt issuance costs (14,496 ) (16,436 ) Unamortized debt discount (6,214 ) (6,879 ) Long-term debt, net $ 1,060,529 $ 1,127,924
Schedule of Components of Interest Expense and Other Financing Costs	For the Three Months Ended March 31, (in thousands) 2022 2021 Interest expense $ 7,120 $ 4,929 Amortization of debt issuance costs 843 662 Amortization of debt discount 328 321 Interest rate swap expense 849 818 Other 93 115 Total $ 9,233 $ 6,845

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Changes in Number of Shares of Common Stock Issued and Repurchased	The following tables present the changes in the number of shares of Common Stock issued and repurchased (in thousands): Shares of Common Stock Issued Shares of Treasury Stock Balance, December 31, 2021 77,242 (8,580 ) Issuance of shares 3 — Repurchase of shares — (293 ) Vesting of restricted share grants 481 — Exercise of options 222 — Shares withheld related to net settlement of equity awards — (285 ) Balance, March 31, 2022 77,948 (9,158 ) Shares of Common Stock Issued Shares of Treasury Stock Common Stock Class B Common Stock Class B Balance, December 31, 2020 19,389 54,767 (3,183 ) (3,431 ) Issuance of shares 1 — — — Share conversion - Class B to A 221 (221 ) — — Repurchase of shares — — (287 ) — Vesting of restricted share grants — 953 — — Exercise of options — 109 — — Shares withheld related to net settlement of equity awards — — — (431 ) Balance, March 31, 2021 19,611 55,608 (3,470 ) (3,862 )

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Activity Related to Stock Options Awards and Restricted Stock Awards	Stock option award and restricted stock award activity during the three months ended March 31, 2022 and 2021 was as follows: Shares Subject to Stock Option Awards Three Months Ended March 31, 2022 2021 Avg wtd Avg wtd Avg wtd Avg wtd grant-date exercise grant-date exercise fair value price Units fair value price Units Outstanding at beginning of period $ 3.94 $ 6.71 5,315,210 $ 3.91 $ 6.50 6,865,101 Forfeited 6.39 14.00 (206 ) 5.12 10.19 (69,989 ) Exercised 3.72 5.55 (222,057 ) 4.28 7.23 (109,237 ) Outstanding at end of period $ 3.95 $ 6.76 5,092,947 $ 3.89 $ 6.45 6,685,875 Vested $ 3.91 $ 6.63 4,888,331 $ 3.81 $ 6.20 6,254,734 Unvested 5.05 9.92 204,616 5.11 10.07 431,141 Restricted Stock Awards Three Months Ended March 31, 2022 2021 Avg wtd grant- Avg wtd grant- date fair value Units date fair value Units Unvested at beginning of period $ 17.75 1,352,839 $ 14.99 2,827,008 Granted 32.19 514,223 26.49 231,568 Vested 17.07 (480,645 ) 14.61 (952,696 ) Forfeited 24.99 (438 ) 15.24 (47,301 ) Unvested at end of period $ 23.34 1,385,979 $ 16.45 2,058,579

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Summary of Reconciliation of Basic Earnings Per Share and Diluted Earnings Per Share	The following table sets forth the reconciliation of basic earnings per share and diluted earnings per share from net income for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, (in thousands except per share amounts) 2022 2021 Net income $ 71,273 $ 65,202 Shares: Basic 68,747 67,761 Plus 4,905 6,347 Diluted 73,652 74,108 Earnings per share Basic: $ 1.04 $ 0.96 Diluted: $ 0.97 $ 0.88

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2022
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Summary of Changes in Accumulated Other Comprehensive Income (Loss) by Component	The following table presents changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2022 and 2021. Cumulative Cash Flow Translation (in thousands) Hedges (a) Adjustment Total Balance, December 31, 2021 $ 5,895 $ 77 $ 5,972 Other comprehensive income (loss) before reclassification and tax 20,612 (102 ) 20,510 Tax impact (4,980 ) 25 (4,955 ) Reclassification adjustments, before tax 849 — 849 Tax impact (205 ) — (205 ) Net current period other comprehensive income (loss) 16,276 (77 ) 16,199 Balance, March 31, 2022 $ 22,171 $ — $ 22,171 Balance, December 31, 2020 $ (7,573 ) $ 113 $ (7,460 ) Other comprehensive income (loss) before reclassification and tax 13,414 (3 ) 13,411 Tax impact (3,260 ) 1 (3,259 ) Reclassification adjustments, before tax 818 — 818 Tax impact (199 ) — (199 ) Net current period other comprehensive income (loss) 10,773 (2 ) 10,771 Balance, March 31, 2021 $ 3,200 $ 111 $ 3,311 (a) Reclassifications out of accumulated other comprehensive income (loss) related to cash flow hedges are recorded in interest expense and other financing costs.

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Classification of Swap in Unaudited Condensed Consolidated Balance Sheets and Notional Amount	The following table summarizes the classification of the Swap in the unaudited Condensed Consolidated Balance Sheets and the notional amount at March 31, 2022 and December 31, 2021 (in thousands): Balance Sheets Description March 31, 2022 December 31, 2021 Other assets Fair value of interest rate swap $ 29,234 $ 7,774 Notional amount 450,000 450,000
Summary of Effects of Swap in Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	The following tables summarize the effects of the Swap in the unaudited Condensed Consolidated Statements of Operations and unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31 Statement of Operations Description 2022 2021 Interest expense and other financing costs Loss reclassified from AOCI(L) $ 849 $ 818 Three Months Ended March 31 Statements of Comprehensive Income Description 2022 2021 Other comprehensive income Income recognized in AOCI(L), net of tax $ 16,276 $ 10,773

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information	Supplemental balance sheet information related to the Company’s operating leases as of March 31, 2022 was as follows (in thousands): March 31, 2022 Operating lease ROU assets (1) $ 18,899 Current portion of operating lease liabilities (2) 4,279 Noncurrent portion of operating lease liabilities (2) 16,397 Total operating lease liabilities $ 20,676 (1) ROU assets are recorded in other assets on the unaudited Condensed Consolidated Balance Sheets. (2) Current portion and noncurrent portion of operating lease liabilities are recorded in other liabilities on the unaudited Condensed Consolidated Balance Sheets. March 31, 2022 Weighted-average remaining lease term 5.1 years Weighted-average discount rate 3.9 %
Schedule of Components of Lease Expense and Other Lease Information	The components of lease expense and other lease information as of and during the three-month period ended March 31, 2022 are as follows (in thousands): March 31, 2022 Operating lease cost $ 1,365 Short-term lease cost 21 Variable lease cost 498 Gross lease cost $ 1,884 Sub-lease income (209 ) Net lease cost $ 1,675 Other lease information Cash paid for amounts included in measurement of lease liabilities Operating cash flows for operating leases $ 1,277
Summary of Maturity of Operating Lease Liabilities	The following table summarizes the maturity of our operating lease liabilities as of March 31, 2022 (in thousands): Operating Leases 2022 $ 3,644 2023 5,269 2024 4,214 2025 3,859 2026 3,070 Thereafter 2,739 Total undiscounted lease payments 22,795 Less: imputed interest 2,119 Total lease liabilities $ 20,676

Organization and Nature of Bu_2

Organization and Nature of Business - Additional Information (Details) - USD ($) $ in Thousands	Nov. 01, 2021	Mar. 01, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Subsidiary Sale Of Stock [Line Items]
Asset under management acquired			$ 327	$ 30
THB Acquisition
Subsidiary Sale Of Stock [Line Items]
Asset under management acquired		$ 547,000
NEC Acquisition
Subsidiary Sale Of Stock [Line Items]
Asset under management acquired	$ 795,000
WestEnd Acquisition
Subsidiary Sale Of Stock [Line Items]
Asset under management acquired					$ 19,300,000

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 01, 2022	Sep. 20, 2020
Significant Accounting Policies [Line Items]
Operating lease ROU assets	$ 18,899	$ 18,700
Reclassification of deferred rent liabilities		$ 1,700
Accounting Standards Update 2016-02
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 1, 2022
Accounting Standards Update 2018-15
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 1, 2021
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
Accounting Standards Update 2017-04
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 1, 2021
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
Cerebellum | Alderwood Partners LLP
Significant Accounting Policies [Line Items]
Equity interest percentage			15.00%

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Schedule of Impact of Adopting of New Lease Standard (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
Significant Accounting Policies [Line Items]
Total assets	$ 2,572,592	$ 2,596,777	$ 2,579,746
Total liabilities	1,586,318	1,666,850	1,649,819
Total liabilities and stockholders' equity	$ 2,572,592	2,596,777	$ 2,579,746
Accounting Standards Update 2016-02
Significant Accounting Policies [Line Items]
Total assets		17,031
Total liabilities		17,031
Total liabilities and stockholders' equity		$ 17,031

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue by Type and Product (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of revenue
Total revenue	$ 230,019	$ 212,949
Investment Management Fees
Disaggregation of revenue
Total revenue	179,465	160,284
Investment Management Fees | Mutual Funds
Disaggregation of revenue
Total revenue	127,473	127,746
Investment Management Fees | ETF's
Disaggregation of revenue
Total revenue	4,934	3,454
Investment Management Fees | Separate Accounts and Other Vehicles
Disaggregation of revenue
Total revenue	48,298	29,541
Performance-based Investment Fees | Mutual Funds
Disaggregation of revenue
Total revenue	(903)	(1,439)
Performance-based Investment Fees | Separate Accounts and Other Vehicles
Disaggregation of revenue
Total revenue	(337)	982
Administration Fees | Mutual Funds
Disaggregation of revenue
Total revenue	28,384	29,004
Administration Fees | ETF's
Disaggregation of revenue
Total revenue	521	441
Fund Distribution Fees | Mutual Funds
Disaggregation of revenue
Total revenue	6,794	6,938
Transfer Agent Fees | Mutual Funds
Disaggregation of revenue
Total revenue	14,855	16,282
Fund Administration and Distribution Fees
Disaggregation of revenue
Total revenue	$ 50,554	$ 52,665

Revenue - Schedule of Balances

Revenue - Schedule of Balances of Receivables from Contracts with Customers (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Disaggregation of revenue
Receivables from contracts with customers	$ 93,512	$ 97,757
Non-customer receivables	201	6,548
Total receivables	93,713	104,305
Mutual Funds
Disaggregation of revenue
Receivables from contracts with customers	61,759	65,304
ETF's
Disaggregation of revenue
Receivables from contracts with customers	2,036	1,934
Separate Accounts and Other Vehicles
Disaggregation of revenue
Receivables from contracts with customers	$ 29,717	$ 30,519

Revenue - Additional Informatio

Revenue - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022
Class C
Disaggregation of revenue
Upfront sales commission percentage	1.00%

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - USD ($)	Nov. 01, 2021	Mar. 01, 2021	Jul. 01, 2019	Dec. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Contingent consideration liability				$ 309,380,000	$ 305,553,000		$ 309,380,000
Decrease in contingent consideration liability					3,500,000	$ (2,500,000)
Goodwill				981,805,000	981,805,000		$ 981,805,000
USAA AMCO
Business Acquisition [Line Items]
Maximum aggregate contingent payment			$ 150,000,000		75,000,000
Maximum annual contingent payment			$ 37,500,000		$ 37,500,000
Period of time over which contingent payments will be made			4 years
Contingent consideration threshold percentage			80.00%
Annual revenue percentage requirement to achieve the maximum contingent payment			100.00%
Years remaining in earn out period					1 year 7 months 6 days		1 year 10 months 24 days
Contingent consideration liability				68,800,000	$ 66,000,000		$ 68,800,000
Decrease in contingent consideration liability					2,800,000
THB Acquisition
Business Acquisition [Line Items]
Purchase price		$ 547,000,000
THB Acquisition | Customer Relationship
Business Acquisition [Line Items]
Estimated acquisition costs allocated to definite- lived intangible asset		$ 600,000
NEC Acquisition
Business Acquisition [Line Items]
Contingent consideration liability					2,900,000
Purchase price	$ 63,100,000
Business acquisition, acquired percentage	100.00%
Payments to acquire business	$ 62,800,000
Net working capital adjustments	300,000						300,000
Additional payments in cash to acquire business based on revenue growth	$ 35,000,000
Cash based on revenue growth period	6 years
Contingent payment period one	36 months
Contingent payment period two	48 months
Contingent payment period three	60 months
Contingent payment compensation expense					$ 1,800,000
Assets acquired and liabilities assumed based upon their estimated fair values	$ 63,100,000
Goodwill expected to be deductible for tax purposes	41,000,000
Goodwill	$ 41,032,000
WestEnd Acquisition
Business Acquisition [Line Items]
Maximum aggregate contingent payment				320,000,000			320,000,000
Maximum annual contingent payment				$ 80,000,000
Period of time over which contingent payments will be made				4 years
Years remaining in earn out period				5 years 9 months 18 days	5 years 7 months 6 days
Contingent consideration liability				$ 239,700,000	$ 239,000,000		$ 239,700,000
Decrease in contingent consideration liability					700,000
Purchase price				$ 716,100,000
Business acquisition, acquired percentage				100.00%			100.00%
Payments to acquire business				$ 475,800,000
Net working capital adjustments				600,000	$ 600,000		$ 600,000
Cash payable for net working capital adjustments				$ 600,000			600,000
Period of time over which contingent "catch-up" provisions payments will be made				5 years 6 months
Maximum aggregate earn-out payments				$ 320,000,000			320,000,000
Maximum annual earn-out payments				80,000,000
Cash paid at closing placed in escrow				2,900,000			2,900,000
Amount available for purchase price adjustments				500,000			500,000
Amount available to compensate for eligible claims under purchase agreement indemnification provisions				2,400,000			2,400,000
Escrow funds reserved				500,000			500,000
Goodwill				536,023,000			536,023,000
WestEnd Acquisition | Third Amendment to 2019 Credit Agreement
Business Acquisition [Line Items]
Aggregate principal amount				$ 505,000,000			$ 505,000,000

Acquisitions - Summary of Signi

Acquisitions - Summary of Significant Inputs to Valuation of Contingent Consideration Payable (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2022	Dec. 31, 2021
USAA AMCO
Business Acquisition [Line Items]
Non-managed money revenue average annual growth rate		1.00%	5.00%
Market price of risk		6.00%	6.00%
Revenue volatility		16.00%	17.00%
Discount rate		5.00%	3.00%
Years remaining in earn out period		1 year 7 months 6 days	1 year 10 months 24 days
USAA AMCO | Minimum
Business Acquisition [Line Items]
Undiscounted estimated remaining earn out payments in millions		$ 70	$ 72
USAA AMCO | Maximum
Business Acquisition [Line Items]
Undiscounted estimated remaining earn out payments in millions		$ 75	$ 75
WestEnd Acquisition
Business Acquisition [Line Items]
Net revenue average annual growth rate	37.00%	34.00%
Market price of risk	11.00%	11.00%
Revenue volatility	21.00%	20.00%
Discount rate	4.00%	5.00%
Years remaining in earn out period	5 years 9 months 18 days	5 years 7 months 6 days
WestEnd Acquisition | Minimum
Business Acquisition [Line Items]
Undiscounted estimated remaining earn out payments in millions	$ 277	$ 280
WestEnd Acquisition | Maximum
Business Acquisition [Line Items]
Undiscounted estimated remaining earn out payments in millions	$ 320	$ 320

Acquisitions - Summary of Alloc

Acquisitions - Summary of Allocation of Purchase Price (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Nov. 01, 2021
Business Acquisition [Line Items]
Goodwill	$ 981,805	$ 981,805
NEC Acquisition
Business Acquisition [Line Items]
Investment management fees receivable			$ 118
Other receivables and prepaid expenses			60
Property and equipment			19
Other intangible assets (1)			23,700
Goodwill			41,032
Accounts payable and accrued expenses			(1,780)
Purchase price, net of cash acquired			$ 63,149
WestEnd Acquisition
Business Acquisition [Line Items]
Investment management fees receivable		4,560
Prepaid expenses and other assets		256
Property and equipment		2,011
Other intangible assets (1)		175,500
Goodwill		536,023
Accounts payable and accrued expenses		(115)
Accrued compensation and benefits		(1,480)
Other liabilities		(693)
Purchase price, net of cash acquired		$ 716,062

Acquisitions - Summary of All_2

Acquisitions - Summary of Allocation of Purchase Price (Parenthetical) (Details) - USD ($) $ in Thousands	Nov. 01, 2021	Dec. 31, 2021
NEC Acquisition
Business Acquisition [Line Items]
Other intangible assets, net	$ 23,700
NEC Acquisition | Customer Relationship
Business Acquisition [Line Items]
Other intangible assets, net	$ 14,000
other intangible asset estimated useful life	6 years
NEC Acquisition | Investment Advisory Contracts
Business Acquisition [Line Items]
Other intangible assets, net	$ 9,700
other intangible asset estimated useful life	2 years
WestEnd Acquisition
Business Acquisition [Line Items]
Other intangible assets, net		$ 175,500
WestEnd Acquisition | Customer Relationship
Business Acquisition [Line Items]
Other intangible assets, net		$ 172,500
other intangible asset estimated useful life		10 years
WestEnd Acquisition | Trade Name
Business Acquisition [Line Items]
Other intangible assets, net		$ 3,000
other intangible asset estimated useful life		7 years

Acquisitions - Summary of Reven

Acquisitions - Summary of Revenue (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
WestEnd Acquisition
Business Acquisition [Line Items]
Revenue	$ 14.6

Acquisitions - Summary of Unaud

Acquisitions - Summary of Unaudited Pro Forma Information (Details) - WestEnd Acquisition $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
Business Acquisition [Line Items]
Revenue | $	$ 222,013
Net income | $	$ 63,809
Basic | $ / shares	$ 0.94
Diluted | $ / shares	$ 0.86
Basic | shares	67,761
Diluted | shares	74,108

Acquisitions - Summary of Acqui

Acquisitions - Summary of Acquisition Related Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Acquisition-related costs	$ 117	$ (164)
NEC Acquisition
Business Acquisition [Line Items]
Acquisition-related costs	29
WestEnd Acquisition
Business Acquisition [Line Items]
Acquisition-related costs	41
Other
Business Acquisition [Line Items]
Acquisition-related costs	$ 47	$ (164)

Acquisitions - Summary of Rollf

Acquisitions - Summary of Rollforward of Restructuring and Integration Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Rollforward of restructuring and integration liabilities
Liability balance, beginning of period	$ 300	$ 1,000
Restructuring and integration costs	9	2,053
Settlement of liabilities	$ (300)	(1,700)
Liability balance, end of period		1,400
USAA AMCO
Rollforward of restructuring and integration liabilities
Integration costs		400
Severance expense | USAA AMCO
Rollforward of restructuring and integration liabilities
Severance expense		1,600
Severance expense | THB Acquisition
Rollforward of restructuring and integration liabilities
Severance expense		$ 100

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial Liabilities
Contingent consideration arrangements	$ (305,553)	$ (309,380)
Fair Value on Recurring Basis
Financial Assets
Investments in proprietary funds	800	912
Deferred compensation plan investments	31,588	30,812
Interest rate swap asset	29,234	7,774
Total Financial Assets	61,622	39,498
Financial Liabilities
Contingent consideration arrangements	(305,000)	(308,500)
Total Financial Liabilities	(305,000)	(308,500)
Fair Value on Recurring Basis | Level 1
Financial Assets
Investments in proprietary funds	800	912
Deferred compensation plan investments	31,588	30,812
Total Financial Assets	32,388	31,724
Fair Value on Recurring Basis | Level 2
Financial Assets
Interest rate swap asset	29,234	7,774
Total Financial Assets	29,234	7,774
Fair Value on Recurring Basis | Level 3
Financial Liabilities
Contingent consideration arrangements	(305,000)	(308,500)
Total Financial Liabilities	$ (305,000)	$ (308,500)

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Financial Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Details) - USD ($) $ in Thousands	Nov. 01, 2021	Dec. 31, 2021	Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Consideration payable for acquisition of business		$ 309,380	$ 305,553	$ 309,380
WestEnd Acquisition
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net working capital adjustments		600	600	600
Consideration payable for acquisition of business		239,700	239,000	239,700
NEC Acquisition
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net working capital adjustments	$ 300			300
Consideration payable for acquisition of business			2,900
Contingent Consideration Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration arrangement liabilities		$ 308,500	$ 305,000	$ 308,500

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Mar. 27, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Transfers between levels	$ 0	$ 0
Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional amount	$ 450,000,000	$ 450,000,000	$ 450,000,000
Rate of interest	0.965%		3.22%

Fair Value Measurements - Sum_3

Fair Value Measurements - Summary of Change in Contingent Consideration Arrangement Liabilities (Details) - Contingent Consideration Liability $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	$ (308,500)
Ending balance	(305,000)
USAA AMCO
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Change in fair value measurement	2,800
WestEnd
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Change in fair value measurement	$ 700

Related-Party Transactions - Su

Related-Party Transactions - Summary of Related-Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related party revenue
Total revenue	$ 230,019	$ 212,949
Investment Management Fees
Related party revenue
Total revenue	179,465	160,284
Fund Administration and Distribution Fees
Related party revenue
Total revenue	50,554	52,665
VCH
Related party assets
Receivables (investment management fees)	50,694		$ 53,256
Receivables (fund administration and distribution fees)	16,031		17,123
Prepaid expenses	569		304
Investments (investments in proprietary funds, fair value)	800		912
Deferred compensation plan investments	29,089		28,643
Total	97,183		100,238
Related party liabilities
Accounts payable and accrued expenses (fund reimbursements)	6,249		$ 6,695
Related party revenue
Total revenue	189,391	185,959
Related party expense
General and administrative	115	130
Total	115	130
Related party other (expense) income
Interest income and other (expense) income	(345)	2,675
VCH | Investment Management Fees
Related party revenue
Total revenue	138,837	133,294
VCH | Fund Administration and Distribution Fees
Related party revenue
Total revenue	$ 50,554	$ 52,665

Investments - Summary of Cost a

Investments - Summary of Cost and Fair Value of Investments in Proprietary Funds (Details) - Proprietary Funds - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Cost	$ 721	$ 769
Gross Unrealized Gains	130	169
Gross Unrealized (Losses)	(51)	(26)
Investments in proprietary funds, at fair value	$ 800	$ 912

Investments - Summary of Procee

Investments - Summary of Proceeds from Sales of Investments in Proprietary Funds and Realized Gains and Losses Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Proceeds and realized gains and losses recognized
Sales of investments	$ 1,249	$ 1,909
Proprietary Funds
Proceeds and realized gains and losses recognized
Sales of investments	65	$ 19
Realized (Losses)	$ (2)

Investments - Summary of Cost_2

Investments - Summary of Cost and Fair Value of Deferred Compensation Plan Investments (Details) - Deferred Compensation Plan Investments - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cost	$ 28,426	$ 27,174
Gross Unrealized Gains	4,493	4,266
Gross Unrealized (Losses)	(1,331)	(628)
Trading securities, at fair value	$ 31,588	$ 30,812

Investments - Summary of Proc_2

Investments - Summary of Proceeds from Sales of Deferred Compensation Plan Investments and Realized Gains and Losses Recognized (Details) - Deferred Compensation Plan Investments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Proceeds and realized gains and losses recognized
Sale Proceeds	$ 1,184	$ 1,890
Realized Gains	103	89
Realized (Losses)	$ (12)	$ (28)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 19,271,000	$ 17,662,000
Federal income tax at U.S. statutory rate	21.30%	21.30%
Valuation allowance, deferred tax assets	$ 0	$ 0

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Feb. 18, 2021	Jul. 01, 2019	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Original issue discount			$ 6,214,000		$ 6,879,000
Loss on debt extinguishment			1,555,000	$ 2,781,000
Unamortized debt issuance costs			14,496,000		$ 16,436,000
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowing			$ 0
Repriced Term Loans
Debt Instrument [Line Items]
Principal amount	$ 755,700,000
Debt maturity date	2026-07
Debt instrument interest rate description			Repriced Term Loans provide for a reduced applicable margin on LIBOR of 25 basis points.
Basis spread on variable rate, increase (decrease)	0.25%
Repriced Term Loans | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Base spread (as a percent)	2.25%
2021 Incremental Term Loans
Debt Instrument [Line Items]
Principal amount			$ 505,000,000
Debt maturity date			2028-12
Debt instrument interest rate description			The 2021 Incremental Term Loans mature in December 2028 and bear interest at an annual rate equal to, at the option of the Company, either LIBOR (adjusted for reserves and subject to a 50 basis point floor) plus a margin of 2.25% or an alternate base rate plus a margin of 1.25%.
Basis spread on variable rate, increase (decrease)			0.50%
Original issue discount			$ 2,500,000
Debt issuance costs, gross			$ 9,100,000
2021 Incremental Term Loans | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Base spread (as a percent)			2.25%
2021 Incremental Term Loans | Adjusted London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Base spread (as a percent)			2.25%
2021 Incremental Term Loans | Base Rate
Debt Instrument [Line Items]
Base spread (as a percent)			1.25%
Credit Agreement
Debt Instrument [Line Items]
Maximum percentage of borrowings for revolving credit facility as a percent of total commitments		35.00%
Maximum first lien leverage ratio on last day of quarter (as a percent)		380.00%
Term Loans
Debt Instrument [Line Items]
Original issue discount			$ 400,000	1,000,000
Repayments of Debt			70,000,000	50,000,000
Loss on debt extinguishment			1,600,000	2,800,000
Unamortized debt issuance costs			$ 1,200,000	$ 1,800,000

Debt - Schedule of Components o

Debt - Schedule of Components of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (14,496)	$ (16,436)
Unamortized debt discount	(6,214)	(6,879)
Long-term debt, net	1,060,529	1,127,924
Term Loans
Debt Instrument [Line Items]
Principal outstanding	1,081,239	1,151,239
Unamortized debt issuance costs	(1,200)		$ (1,800)
Unamortized debt discount	(400)		$ (1,000)
Due July 2026, 2.47% interest rate, resets April 6, 2022
Debt Instrument [Line Items]
Principal outstanding	$ 646,239	646,239
Effective interest rate (as a percent)	2.86%
Due December 2028, 3.26% interest rate, reset March 31, 2022
Debt Instrument [Line Items]
Principal outstanding	$ 435,000	$ 505,000
Effective interest rate (as a percent)	3.58%

Debt - Schedule of Components_2

Debt - Schedule of Components of Long-Term Debt (Parenthetical) (Details)	Mar. 31, 2022	Dec. 31, 2021
Due July 2026, 2.47% interest rate, resets April 6, 2022
Debt Instrument [Line Items]
Fixed interest rate (as a percent)	2.47%	2.47%
Due December 2028, 3.26% interest rate, reset March 31, 2022
Debt Instrument [Line Items]
Fixed interest rate (as a percent)	3.26%	3.26%

Debt - Schedule of Components_3

Debt - Schedule of Components of Interest Expense and Other Financing Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Disclosure [Abstract]
Interest expense	$ 7,120	$ 4,929
Amortization of debt issuance costs	843	662
Amortization of debt discount	328	321
Interest rate swap expense	849	818
Other	93	115
Total	$ 9,233	$ 6,845

Equity - Schedule of Changes in

Equity - Schedule of Changes in Number of Shares of Common Stock Issued and Repurchased (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Common Stock
Balance at beginning of period (in shares)	77,242	19,389
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares	3	1
Share conversion - Class B to A		221
Vesting of restricted share grants	481
Exercise of options	222
Balance at end of period (in shares)	77,948	19,611
Common Stock | Class B
Balance at beginning of period (in shares)		54,767
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share conversion - Class B to A		(221)
Vesting of restricted share grants		953
Exercise of options		109
Balance at end of period (in shares)		55,608
Treasury Stock
Balance at beginning of period (in shares)	(8,580)	(3,183)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of shares	(293)	(287)
Shares withheld related to net settlement of equity awards	(285)
Balance at end of period (in shares)	(9,158)	(3,470)
Treasury Stock | Class B
Balance at beginning of period (in shares)		(3,431)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld related to net settlement of equity awards		(431)
Balance at end of period (in shares)		(3,862)

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended	51 Months Ended
	Dec. 31, 2021	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Class Of Stock [Line Items]
Authorized amount for share repurchase program	$ 15,000,000		$ 15,000,000
Share repurchase program expiration period	Dec. 31, 2022
Number of shares acquired		292,570		4,361,057
Average cost of acquired shares (in dollars per share)		$ 32.26		$ 19.13
Cost of acquired shares		$ 9,400,000		$ 83,400,000
Remaining authorized amount for share repurchase program		6,600,000		$ 6,600,000
Total dividends		17,600,000
Dividends paid		17,200,000
Special dividends paid		400,000
Unvested And Outstanding Restricted Share Awards And Stock Options
Class Of Stock [Line Items]
Special dividends paid		$ 800,000	$ 1,000,000

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 3.9	$ 5.5
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of restricted shares granted	514,223	231,568
Vested (in shares)	480,645	952,696
Restricted Shares | Vest Over Two Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of restricted shares granted	345,069
Vested (in shares)	7,995
Vesting period from grant date	2 years
Restricted Shares | Vest Over Thirty Three Months
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of restricted shares granted	3,108
Vesting period from grant date	33 months
Restricted Shares | Vest Over Three Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of restricted shares granted	158,051
Vesting period from grant date	3 years

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Activity Related to Stock Options Awards and Restricted Stock Awards (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock Options
Avg wtd grant-date fair value
Outstanding at beginning of period	$ 3.94	$ 3.91
Forfeited	6.39	5.12
Exercised	3.72	4.28
Outstanding at end of period	3.95	3.89
Vested	3.91	3.81
Unvested	5.05	5.11
Avg wtd exercise price
Outstanding at beginning of period	6.71	6.50
Forfeited	14	10.19
Exercised	5.55	7.23
Outstanding at end of period	6.76	6.45
Vested	6.63	6.20
Unvested	$ 9.92	$ 10.07
Units
Outstanding at beginning of period	5,315,210	6,865,101
Forfeited	(206)	(69,989)
Exercised	(222,057)	(109,237)
Outstanding at end of period	5,092,947	6,685,875
Vested	4,888,331	6,254,734
Unvested	204,616	431,141
Restricted Shares
Avg wtd grant-date fair value
Unvested at beginning of period	$ 17.75	$ 14.99
Granted	32.19	26.49
Vested	17.07	14.61
Forfeited	24.99	15.24
Unvested at end of period	$ 23.34	$ 16.45
Units
Unvested at beginning of period	1,352,839	2,827,008
Granted	514,223	231,568
Vested	(480,645)	(952,696)
Forfeited	(438)	(47,301)
Unvested at end of period	1,385,979	2,058,579

Earnings Per Share - Summary of

Earnings Per Share - Summary of Reconciliation of Basic Earnings Per Share and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share Reconciliation [Abstract]
Net income	$ 71,273	$ 65,202
Shares:
Basic: Weighted average number of shares outstanding	68,747	67,761
Plus: Incremental shares from assumed conversion of dilutive instruments	4,905	6,347
Diluted: Weighted average number of shares outstanding	73,652	74,108
Earnings per share
Basic:	$ 1.04	$ 0.96
Diluted:	$ 0.97	$ 0.88

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021shares
Earnings Per Share [Abstract]
Number of shares excluded from the computations of weighted average shares for diluted earnings per share because the effects would be anti dilutive	0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	$ 929,927	$ 707,541
Total other comprehensive income (loss), net of tax	16,199	10,771
Balance at end of period	986,274	765,376
Cash Flow Hedges
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	5,895	(7,573)
Other comprehensive income (loss) before reclassification and tax	20,612	13,414
Tax impact	(4,980)	(3,260)
Reclassification adjustments, before tax	849	818
Tax impact	(205)	(199)
Total other comprehensive income (loss), net of tax	16,276	10,773
Balance at end of period	22,171	3,200
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	77	113
Other comprehensive income (loss) before reclassification and tax	(102)	(3)
Tax impact	25	1
Total other comprehensive income (loss), net of tax	(77)	(2)
Balance at end of period		111
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	5,972	(7,460)
Other comprehensive income (loss) before reclassification and tax	20,510	13,411
Tax impact	(4,955)	(3,259)
Reclassification adjustments, before tax	849	818
Tax impact	(205)	(199)
Total other comprehensive income (loss), net of tax	16,199	10,771
Balance at end of period	$ 22,171	$ 3,311

Derivatives - Additional Inform

Derivatives - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 27, 2020
Other Liabilities
Derivative [Line Items]
Amount payable to swap	$ 800,000
Other Assets
Derivative [Line Items]
Interest rate swap asset	29,200,000	$ 7,800,000
Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 450,000,000	450,000,000	$ 450,000,000
Fixed interest rate (as a percent)	0.965%		3.22%
Expiration date of swap	Jul. 1, 2026
Interest Rate Swap | Other Assets
Derivative [Line Items]
Interest rate swap asset	$ 29,234,000	$ 7,774,000

Derivatives - Summary of Classi

Derivatives - Summary of Classification of Swap in Unaudited Condensed Consolidated Balance Sheets and Notional Amount (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Mar. 27, 2020
Other Assets
Derivative [Line Items]
Fair value of interest rate swap	$ 29,200,000	$ 7,800,000
Interest Rate Swap
Derivative [Line Items]
Notional amount	450,000,000	450,000,000	$ 450,000,000
Interest Rate Swap | Other Assets
Derivative [Line Items]
Fair value of interest rate swap	$ 29,234,000	$ 7,774,000

Derivatives - Summary of Effect

Derivatives - Summary of Effects of Swap in Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative [Line Items]
Loss reclassified from AOCI(L)	$ 9,233	$ 6,845
Income recognized in AOCI(L), net of tax	16,276	10,773
Interest Rate Swap | Reclassified from AOCI(L) | Other Comprehensive Income | Cash Flow Hedges
Derivative [Line Items]
Income recognized in AOCI(L), net of tax	16,276	10,773
Interest Rate Swap | Interest Expense and Other Financing Costs
Derivative [Line Items]
Loss reclassified from AOCI(L)	$ 849	$ 818

Equity Method Investment - Addi

Equity Method Investment - Additional Information (Details) - Cerebellum - USD ($) $ in Millions	Jan. 31, 2022	Sep. 20, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Interest Income and Other Income (Expense)
Schedule Of Equity Method Investments [Line Items]
Gain (losses) from equity method investment			$ 0.1	$ 0.1
Private Fund
Schedule Of Equity Method Investments [Line Items]
Equity method commitments to contribute additional capital	$ 50
Alderwood Partners LLP
Schedule Of Equity Method Investments [Line Items]
Equity interest percentage		15.00%
Equity method investment		$ 1.5	$ 2.5		$ 1.1
Additional capital contribution equity method investment	1.5
Equity method commitments to contribute additional capital	$ 3	$ 4.5

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 01, 2022
Leases [Abstract]
Operating lease ROU assets	$ 18,899	$ 18,700
Current portion of operating lease liabilities	4,279
Noncurrent portion of operating lease liabilities	16,397
Total operating lease liabilities	$ 20,676

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense and Other Lease Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Leases [Abstract]
Operating lease cost	$ 1,365
Short-term lease cost	21
Variable lease cost	498
Gross lease cost	1,884
Sub-lease income	(209)
Net lease cost	1,675
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows for operating leases	$ 1,277

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lessee Lease Description [Line Items]
Operating Lease expenses	$ 1.9	$ 1.8
Minimum
Lessee Lease Description [Line Items]
Operating lease remaining lease terms	1 year
Operating lease renewal options term	2 years
Maximum
Lessee Lease Description [Line Items]
Operating lease remaining lease terms	10 years
Operating lease renewal options term	5 years

Leases - Summary of Maturity of

Leases - Summary of Maturity of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2022USD ($)
Operating Leases
2022	$ 3,644
2023	5,269
2024	4,214
2025	3,859
2026	3,070
Thereafter	2,739
Total undiscounted lease payments	22,795
Less: imputed interest	2,119
Total lease liabilities	$ 20,676

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	May 05, 2022	May 09, 2022	Mar. 31, 2022	Mar. 31, 2021
Subsequent Event [Line Items]
Dividends declared per share of common stock			$ 0.25	$ 0.09
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share of common stock	$ 0.25
Dividends, date of declared	May 5, 2022
Dividends payable date	Jun. 27, 2022
Dividends payable, date of record	Jun. 10, 2022
Subsequent Event | Maximum
Subsequent Event [Line Items]
Stock repurchase program, shares authorized		100,000,000
Subsequent Event | 2021 Incremental Term Loans
Subsequent Event [Line Items]
Reduced outstanding debt		$ 20