VCTR - Earnings call transcript Q2 2024 | Victory Capital Holdings, Inc.

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Operator

Good morning, and welcome to the Victory Capital Second Quarter 2024 Earnings Conference Call. [Operator Instructions] I will now turn the call over to Mr. Matthew Dennis, Chief of Staff and Director of Investor Relations.

Matthew Dennis

Thank you.

Before I turn the call over to David Brown, I would like to remind you that during today's conference call, we may make a number of forward-looking statements. may from results statements. actual Capital's differ these materially Victory regulatory of the with closing Furthermore, as that completion conditions a well certain please note to ultimate transaction subject Amundi as approvals. remains filings for refer the factors on materially may that today's our differ Please actual to those a risk results to cause from of some list call. of SEC expressed Victory any forward-looking update any obligation Capital to assumes no duty and does not undertake statements.

both results. GAAP We issued after found press the the on closed the and that Our available non-GAAP the over release both and to financial of can between the these and enhance business Investor that was measures earnings our the non-GAAP Brown, press Relations our measures call are the in measures pleasure website tables to and now be believe my which David included is GAAP performance. Reconciliations yesterday, of Chairman at section turn non-GAAP ir.vcm.com. It are market of and disclosed this release understanding comparable call, our in most our in slides accompanying CEO.

David Brown

Investor the and review well After I to to will our of that, Good President, morning, in Michael Relations. I Staff providing Financial an call first year. the our to overview XXXX results today Mike Officer; of joined will Director by today welcome Call. Dennis, greater and Matt. turn start of of the Victory half by quarter Policarpo, financial over detail. Quarter Capital's Chief Administrative the and Earnings as Thanks, Matt Conference as Second I'm and Chief

Slide take overview and available Matt Mike, business be X. prepared on quarterly questions. The to Following our begins your will remarks, I

of We call on to was which the do news on through announcement our Amundi. the into become not of with report multidimensional strategic since quarter definitive in have and conference quarter was highlighted a the our worked of to the signing. discussing April XXXX agreement, The to complete formal agreement intention to rest additional the much second diligence signed July partners enter by negotiate X, early XX July. We

in that of quarter XXXX. incorporate year closing, in provide such We plans post in $XXX the achieving expense or from the integration occur potential fourth the We're of late to is synergies prior of reciprocal our of to distribution as quarter global are million expected revenue targeting this the currently allow in developing which first guidance projected us exclusive the the areas will synergies pace to guidance also agreements closing. to

The another billion quarter had We assets share, with a of adjusted of earnings second continued Investors the XX% per expanded which and quarter quarterly marking number second client our the records, to consecutive we Victory investment results, in quarter. the momentum exceptional quarterly quarter. in products including ended EBITDA fixed franchise. our to margin, flows total franchise $XXX Income by positive of net managed Turning the and that EBITDA achieved income of quarter, for

was XX.X net platform net AUM the quarter year-to-date. The average level has that basis our on rate points been the also over consistently Additionally, fee past in flows basis positive and flow within point of and another year. quarter ETF had a positive of our is

effective and dedicated ETFs These pipeline. as in growth, numerous invest launched and positive product on areas strategies. us, more efficient are new have several for will platform new have wrappers impact that existing can and strategically vehicle by distribution in partnerships. making in launches to continue Moreover, a active such hiring new to and very for We resources invest products have recently in investments be our ETF we we continuing and our

in we've people to comes across to past here platform. On it data and Slide quarters. continuing are addition, X, than In investments our technology, analytics more when we and in make particularly detail provided

value. acquisitions, growth net As resulting to strategic designed cash no growth IPO strategic $X.X billion our in company, increase significant as it growth have cash flow. rate inorganic is has for in $XXX year free tripled to more million first earnings of same shareholder diluted deployed XXXX, operations shareholder capital of our increased At company time, year initiatives a public share in as return should generated more and to of allocated that calendar for a under majority to a last per share per Since surprise last our from year. GAAP in the have come we capital. annual $X $X our $XXX million compound than accelerated from we've than a earnings growth XX%. from Annual

our reminder, will the we've from million. a $XXX And cash through since transaction. returned As a share a our $XXX.X shareholders Starting Amundi to totaled strength of sheet solidify initial proceeds total date, and from offering, we listing. balance million planned public of dividends the more repurchases today, received from our position to even

execute capacity to inorganic initiatives return to greater and increased capital will shareholders. even strategic We on have

to Turning Slide X.

same public per price the in more $XX excludes our have rewarded dividends. per Over which than offering price of shareholders initial share, returned share quarterly cash increase our XXX% period, $X.XX stock from with been a in the

is end Our dividends, impact dividends Total began since more of have which through grown return, was July. exactly of quarter. years we the shareholder the X than ago XXX% dividends, paying XXX% this including

our best ratings. to business and performance operational scalable unique portfolios and strong of differentiated products. AUM in professionals of platform. and our investment XX XX% our attributable This provides best-in-class overall X and with This and clients. On the coupled or with with remains solutions provides investment service is ETFs is mutual capabilities. XX, earning history model funds and Slide possible value unwavering a highly X-star diversified, systems to broadly investment for our a we encompassing focus platform technology The platform and to creation our industry-leading franchises have managing is on principles different Our providing execution

With by their AUM X Income respective key benchmarks. XX $XX the billion franchise, total of either about the environment, macro XX% we and the or few back just bode XXXX by Russell the cap-weighted of market. The in small-cap over indices rates go to cap of we are turn AUM of will Index Morningstar. Stepping greater the Fed, a for which market X stocks detail. start quarter's a through at I Investors overall many financial call well classes or Mike that easing and quarter, X periods, encouraged funds out tailwind representing narrow the stars valuation action and large signaling which third XX% Victory manage. Should income outperformed the into for broader for outperformed may fixed by create our results Over the potentially are it rotation rated large the XX% and is nice XX many mid-cap the a the of start a interest the issuers, to the managed could sectors anticipated gap the by our with strategies. X-year reflect asset the recent of looking would in of that, to moment

Michael Policarpo

review results on financial XX. begins Slide The

average Our from growing the resulted quarter billion, quarter in by X% X% which $XXX.X first to sequentially. in the rose AUM revenue also

last first higher of million the half were the X% than first the revenues of year. of year, half $XXX For

quarter and XX.X%, million in For XX% quarter, margin quarterly tax prior another income lower This quarter, record. our both to income the with basis consecutive highs this at We of dividend noncash shareholders along helped were of close will million GAAP a expenses. Removing in quarterly the quarter. just supported in EBITDA $XXX.X below repurchases $X.XX and the record via XX on and of net $XX by expanded impact, leverage benefit reduce business increase XX. we million settlement our The which EBITDA, to shares points per September Cash an share, and did employees. taxes operating on rose to open XX% not sheet share holding $XX.X make high our quarterly of ratio record grew the on by adjusted operating by market the to the the shareholders of increased for X% net returned $X.XX be share company of board that Adjusted dividend the X.Xx. We second per which our paid are for generated second for quarter. September margin net latest any record to balance cash is announced was million with This, $XXX diluted during XX%. XX to with quarter. dividend

Turning to Slide XX.

this lower in On investors we While consecutive by and is when This average month-end AUM ETF the end also assets covered Global, long-term revenue see compared long-term was June posted client report platform a higher net a rebalancing quarter. Victory X% flows quarter AUM. first with AUM. investment portfolio second flows. Several the redemptions the had generated franchises as of XX, that averages Slide second our equity at consistent Integrity AUM asset of our March. result positive net in positive of XX of year in even rebalanced weightings. Despite levels flows Slide AUM activity, these portion modest market of net first NEC sequential this strategies the investors of A strategies half many RS of in long-term transparency positive rose total our and with quarter, at the for have Income $XXX.X its average of were of out higher flows billion quarter-over-quarter, equity recently in shows AUM point-to-point as you increased significant action. reporting monthly compared of uptick can end why the and we we the with quarter.

the removed well fee potential some Adjusted non-GAAP also partially from $XX of $XXX EBITDA is our and benefit driver these to that due history, the average as the prior $X.XX declined to first first uptick million $XXX.X decline. On is expenses the rate value also XX% metrics. benefit noise following The income the level transaction XX reduction to We the remained quarter of and for payroll reflects highlights respectively. the of was at first our year margin started recorded to primary adjusted year, acquisition-related by and which highlight offsets expenses from It million and diluted incur expenses the records when million a steady normalized some in were payable reported quarter. in quarter. compared tax Our highest the $XXX.X return we of we million the related net a in for Slide XX%, in seasonal of minimums items the and X% up in points. Slide overall reset. have largely in also share, accounting operating share per EBITDA $X.XX basis to We've which Total XX.X the payments expenses adjusted quarter. as first noncash at consideration was this expenses diluted with are acquisitions. Amundi of change company half expenses during the reported per earn-out from tax with XX,

million $XX million our cash from approximately Finally, consecutive operations quarter. in turning This the the in cash. generated to ratio Slide June for ended and leverage debt-to-EBITDA $XXX during with XX. We quarter second reduced net

carefully and As our growth Dave to managed sheet strategy. capital a covered our have allocation directly balance maintain detail, supports flexibility strategy we that in

years. During the revolver million quarter, we our by extended $XXX X

XX the for questions. it With reduce to we remarks. The amended concludes draw now prepared That will agreement back pricing over remains the to our extension, turn undrawn. the by points. operator facility I basis the

Operator

first comes the BMO of Markets. Your Instructions] from line Capital [Operator question Etienne from Ricard

Etienne Ricard

Dave, back development. product to circle on

You've active plan you more. products, launching and quite to been new do

worked product design And this for So past, has terms curious, is for I'm of well product process launches? the how in new you your what guiding distribution? and in

David Brown

quickly. fairly trying be the us, will last ETFs to and that momentum able is forward. focus solve a to And the for market new what few for a a what caught ETFs, months ETFs us designed how few have looked their issues really over really launch within our and been really have we've portfolios. today, been as going clients they're for We've we've are looking at focus

effective V-F-L-O, pretty of the exposure for large get to cap clients vehicle recently, in we've this VFLO, ETFs One launched is environment. a

the going sales the And kind work used process professionals which and our the of past, our so the we'll some we're to do to use of from launch what in-house really future. in we've clients, same in drive we input products is

Etienne Ricard

is, thinking the And we the trade-offs Amundi capital about transaction bring will the couple next all transaction more versus story another the down. on your given quarters repurchases, know we presume you a to integration XXXX asking of the on position? the of adding focus I'm near-term look before share of leverage If are between closing, reason M&A allocation, And over is late Amundi. cash I the how

David Brown

principles the use we'll we'll M&A. same used return the capital shareholder in we've for allocating past, balance So and out strategic with

continue with element shareholder allowed and as shares to strategy. are we back, permitted As repurchase share important the quarters That's our come as to an to we return soon our will buy program.

the close we be as the -- meantime, M&A, back in the with environment repurchases industry. for are quite far always in discussions But said consolidation is share we're I've transaction, that really post permitted. and past, great we'll the a go going by encouraged Amundi are of having and ripe having think really encouraged are had, by and be we're the the we We'll would environment's we've we I As as still in will strategy. the imagine partner conversations to when think those. continue as quite to back And our dividend we

have pretty We of cash levels today. high

transaction post As you cash get only mentioned, with earnings our flow. the stronger Amundi more more balance and sheet will

and a then we're feel on we like to share M&A so in our out really balance path. position continue repurchases good And dividends,

Etienne Ricard

be to share allowed resume expect you would when to repurchases? And

David Brown

permitted That's to, When to we're and we determined. will. allowed to be

Operator

question from Goldman Our Alex of Sachs. next line Blostein the comes from

Alexander Blostein

an a a and of guys in that we Amundi both metrics strategically the also on of highlighted you mark-to-market on get kind update Can past. couple get

pointed EBITDA So if talked How kind about? you one, gave I then for and how on of do announced that -- the kind guess, the run revenue secondly, and so, to explicit rates any able where when back Amundi you of cross the is to opportunities the synergies pursue pretty distribution and of tracking? And you start you guidance deal deal. are out

maybe revenue you could perspective. today us help on stand EBITDA where of update kind the So and things

David Brown

part. second I'll I'll take have the first Mike part, and take then the

really expense lot first We within finalizing the and a plan $XXX year are our closing the reiterating million. total to lot on really on a be guidance within side. feel good synergies We -- years. synergy the we timeframe, about and are realized the within revenue X That within working the of

that. reiterated we've So

side, revenue those the On developing plans. we're

investment idea, before a have -- got we'll year. close. Amundi good business U.S. a performance. out fantastic of They've those is and strong a We Amundi roll the having

quite You data can they're available the performing. is mutual we're flows their positive with their publicly how tracking happy how fund business for complex, see on from the is and And in business their year.

Michael Policarpo

The in kind perspective an to kind is mark-to-market. on in million also respect of And an the kind update high-XXs EBITDA basis AUM I'll that margins last mentioned billion is based Amundi $XXX on of add with to of the for range to $XXX U.S. the that the revenue their from we've and current available in from that We've perspective. information a provided. are the realization point that their mid-XXs

least at they are out frames it where So today.

synergies are As revenue million not of Dave They're that the mentioned, synergies. with expense net reaffirming went And we inclusive we're with. out working are synergies. $XXX and any those

and the kind of of get will are, guidance business Dave reiterate point will the that synergy, we'd mentioned that of -- think We we where conversations. and are those to highly further back efficiency close are of kind post the the closer we've that so is on is the and plans in and that we as of still kind come based mentioned also refined. And provided metrics we leverage really we have long-term the as that margin growth to kind achievable and business on the previous attainable on the XX%

David Brown

low-Xs And of more the the in thing the one is post past. transactions in add, talked Yes. be leverage have should we about to close the as the Alex,

Alexander Blostein

just dynamics guys then I bit of seen. in you the on to And organic little things, helpful. into Great. was dig have That's Victory hoping the that maybe side more a growth

So continued obviously, still outflows.

improve. that are about likely You some things to talked

Amundi, over a on next the where considering acceleration without interesting kind and couple quarters? what see kind most guys inflows exciting an of basis from seems in could of book of you So back anything

David Brown

our getting areas some product, fundings, delay mentioned as in prepared really which where seen our fired left, some income and nice in global activities seen about But We've and client but of of where in we've excited in the business, the where we're seeing been some, seen, of think third as seen we've in growth a we change. fourth business in -- we're getting is quarter. to some market our rebalancing we as Fed reduce So different fixed quite institutional little we're in of that think going see given ready strategies from And the we beneficiary some market just his have clients we've rebalanced ETF those remarks, a Mike is really be pick of or some ready should not has products. bit the rates, a the to action. we up to a our the not have in some

Operator

Kenneth comes Lee question Markets. line RBC Your from of from next the Capital

Kenneth Lee

in the related Amundi some I think you about incurring expenses. talked remarks, prepared

wondering could that expense quote just of whether ongoing Just quantify like and if sort an you transaction? that's to

Michael Policarpo

been we've is really getting have I to it think where the transactions expenses the to date incurred that around today.

as So think it signing about the agreements. definitive

been of has of incurred million date. a been dollars legal we've most couple to expenses, that adviser So it's that around and

transaction costs year I to out the significant through we as be of this. think to the closing. to like move expect we incremental rest that see we'll the transactions of some with or norm related the Nothing respect until

Kenneth Lee

and the investor could across institutional I activity. the Thanks increased around Got there? you're whether allocation and you're hearing you you. talk clients wonder bit about fixed a more see income for some what if color conversations little we pickup speaking around could with

David Brown

a clients, lot the There's a our institutional both real around Yes. on side intermediary fixed and the income. on from of interest side

is people the think going rates. Fed Fed I the anticipate As to lower

our with there Investors Income ETFs. franchise well pretty with we're Victory so their active And positioned

into meeting, Fed there see lot encouraged, out income And going activity think allocations I think more move lot cash a and so more vehicles. fixed of I next coming a of the lot to discussions. there's we various And a and we're as you'll

Operator

line from question Ken Worthington from of the comes JPMorgan. Your next

Y. Cho

is some Ken This in first question, Worthington. Cho through just comments I made. the you talk follow-up on to Michael My for of some wanted

on possibly net market you terms any of performance do mid-cap You had potential Victory's ahead. If ahead? you might the flows, how valuation the we those talked there's an your lag any helping in much just year, last mid-cap valuation if in expect performance think into rotation And flows -- inflection conversely, guess, if products? impact about over I product equity narrow look at or mid of product gaps equity when the of that's

David Brown

cap the and think on mid-caps been caps been multiples. been look I a large at focused small when and historical so have and market side, narrow has has pretty undervalued you

think we is so And encouraging. the out really the market broadening of

Our small competitive. look you where small and classes. become at and And it I performance is when I dollars going, they mid-cap where look clients think appealing asset in are at mid-cap are, when valuations pretty total think really

So there. to we're some we have tailwinds think going

in with teams. that. market think will will we I I we broadening managers. out, have But the And active participate think, I help think excellent

We that have encouraged have a and mid-cap managers so we're generally good have by in their asset the are all edge and that just market classes. number action, pretty own of those classes from their market, going also style have to we that. different small just should And that asset all benefit own and assets those are think which just having we in

Y. Cho

touch talk through But to rates the touch there's underlying rate and Can product channels. I Great. just always the you trends of or fee My and follow-up, again rate nuance any are want sort -- headline this levels? in strategy down a fee realize and terms at with vehicles assets mix of just fee some I on quarter.

David Brown

mix. and It's asset There's really no trend. mix really channel distribution just

flow and to there's on and no a we did and lower the most when our inflows basis pretty you in within us, go see general was really look have look of ebb where fee rates they've which have we've at basis fee expanded X the each or change quarter type pricing End within when parts think, the other you asset a But rate rate of only can any normal depending it's can and just point back are the way fee speak and acquisition, see historically, importantly action consistent really a about point But when been focused. to for West constraints going our just of margins gone dipped had market see have -- platform, down. look was I basis our outflows. we traditional where rate historically. The but is We with we and it have And been during we you pressure go held business, and bit our point, it's in what's up, than back management, the that fee actually up. little margin times and very where brought you

not look a we think necessarily from lens margin I really a fee rate from lens. and at business our

Operator

line B. question next Your comes from Matthew Financial. from of the Howlett Riley

Matthew Howlett

forma for fixed performance? income deal the Real or quick, bit XX% with nudging is the that here is the still pro strong a up around

Michael Policarpo

-- range no Yes forward. going change. really about same of X/X of business It's forma that in the pro

Matthew Howlett

pop about Got just you're in. thing, of portfolio we for up, that the And thinking then talk just had haven't on, check and what more going hope in then appetite of capital that? wanted quarter. you, the and -- you good sort I good, I the new second Can just what's course is about how a I energy seen to

Michael Policarpo

Yes.

quarter the the first of Victory was X their fund funds, think raise really has been ownership saw in completed. under you completed a the was I really the what which

the think We're still appetite I is seeing demand. strong.

they the in successful are I again, with to were some that. first the just capital constraints, think fund impacting respect underneath allocations But and of raising Victory. private markets

continuing we of was in that I remains we're saw flow And on quarter. which be class, bullish think a positive the why very you net some asset their strong. had they provided, to that performance the information

expected to we good what asset investors, the bullish exactly do, they're in doing really on we're them and good class, a they're so And future.

Matthew Howlett

how by I you you how capital future when mean can to you ask your valuation I higher do can do can issue a about distribution And have then What debt, You're a of about think of agreement? targeting do forward? balance the the the you doing with mean, going what going think out have sheet deal, about doing much excess coming lot presumably. here. -- -- think of you're lost at that I currency David, mean M&A mean you interplay you now sort for is look deals, use to going I I

David Brown

Yes.

of to is asset I I Amundi be think golden acquisition, business. consolidation going the the environment -- in the it's to think close management the going of be post the era

I flexible have going of do be an have going lots and balance we really leverage think tools you're of lot to to acceleration a see where consolidation, we our sheet, are we'll cash, generating to acquisitions. and will a of be different low,

earn to I we we're a the strategic open of that U.S. intermediary it sizable up I grown. the partner we'll not that the has many, transactions be continue And will be to The up the seen but make as agreement your targeting will it with part will part the we've rest the focus. think -- have issued larger where us world. which business just plan of for Amundi acquisitions, a grown of will shown going that because will think as our think desirable great distribution and And I over consolidation. We're that, the have, outside years U.S., be open effort, have think where really our do and -- do in debt, done to we've years as equity transaction, position to done issued over be we're transactions to you've we've going I with a the Amundi we've we've -- outs.

Matthew Howlett

asset sort over the could be a geography of target there you any Are best to you'd for is just target, of big any time? value, for or And class type now? or any area alternatives obviously guys you looking want

David Brown

Yes.

-- companies, USAA we're management that great with that. fit example and I culturally. RS think our was great a a of business great then is off that. that for is business a and great investment The better, us example Investments company we of make us of The always that. example with start looking match Amundi

with we us And a to shareholder asset at, for class principles create be we the continue looking that And our will start guiding specific forward. business we so make that's transaction looking really have, going do we're value. better, we'll can going at path down -- we're the a never

Operator

Your next from the question Michael line from Stanley. Cyprys of Morgan comes

Michael Cyprys

to us behind hoping maybe ETF active, launching think new versus products maybe clones that. new circling muscle thinking ETF even versus on about ETFs. And just of you for about strategies funds. as how and you're how existing Maybe thinking just putting have, you you little update beta, introducing strategy, are a class launch, products about on back existing an I'm you smart could even and that your including bit strategies marketing potentially share

David Brown

exclusive are ETF we of So be premier as dedicated platforms investing ETF in sales hired our with We've or sales group side leaned resources the some distribution around our to partnering different platform. providers. We've We're well. it. really into training

we think have platform, set. great an great us that we a think focus of we we for have a because area it's product So

product of at. one just we look nuances I within the own things far will has that the launches categories you those forward, Each areas going its As listed that queue are as all all evaluating. of think we're of

things do. that forum on you going I things But in you, would tell items we're listed are sure make share those willing to work, will that's that sure evaluating. our we're do don't make come want of isn't kind not salable, of we We anything that an to with. we want that we those out of out but do I'm Some anything to to there exactly what just open really and all

Michael Cyprys

then and on just a question great, follow-up capital Okay, management.

this hiked the quarter's that at I around on earnings. you implies least dividend, So or think XX%, on XX% so payout

sizing capital more remember towards to how skew either thinking has about capital forward as pro look past, you're the how and forma, view up or curious of you allocation. moved just dividend years buybacks the in even significantly M&A. a dividend thinking Clearly, I was the here, So years. the there over particularly about you're

cause just that. And from what the on about you what you'd have expect that on once curious lapse? that is resume place? just So frame time any would restriction how you're thinking that you And restriction lapse. Can the buybacks, thoughts restriction to mentioned to in permitted. when you elaborate then on you'd And

David Brown

Yes.

start me I we're our quarter. let our ratio presentation. grown, dividend. dividend targeting grown has we stock The as and So a don't at off we every has looked -- it specific payout circumstances. with think the out as at price on look listed the facts We

with of I over to we repurchasing it's have think grown nicely kind repurchases, stock acquisitions. as our do and is and far use the our dividends, I sheet capital balance the line balanced in So think, our years. then as our And strategic quite of primary out The that.

I billion we've to think our we number the since that IPO. referenced allocated acquisitions strategic $X.X

So, the and transaction. strategic capital buy around a then of out when share the really allocation is is around repurchases, most shares balance to share capital The and ability restriction still the dividends repurchases share where repurchases. go, you're acquisitions to really the will closing

be back. as plan. we so quarter. date circumstances million too facts as we're resume And we're when don't board $XXX shares to, have But can a authorized that open I windows it. The permitted soon not or into a and that we and buy up, far there'll whether will you a has on for plan,

capital It have part strategy capital we plenty of as is our allocation an part important So capacity our of of well. allocation. there. It's

Operator

line the Your Beatty UBS. of from comes next from question Adam

Adam Beatty

reallocations, channel had institutional. come are? channels, bit mentioned given what retail retained, maybe some just I friction some like been by bit little the the little But it's sooner, the ahead. been just want that little discussion back seen a and there We've but bit so and than of improving less it sounds on trends there. have trends direct, your tends And around to peers some retail maybe clients institutional, to a ask other actually flows a you've have sluggish about the

to wondering, rotation the just would the So broadening expect retail the experience that's whether of extent in market the that in and whether and persists, you your that future. the channel been

David Brown

rebalancing larger been us. a re-balances channel of quarter, â€“ historically of seen channel. we've of lot an this come organic number seen out the A and institutional out of -- the has clients. This in year, for the sub institutional grower has we've

the they away. of in we but and some delay little also side, client, up on in rebalanced or said, quarter. fundings dollars reallocated you third So a We've fourth pick expect the as seen to bit institutional which the we've a retained

bullish on channel. So pretty we're still that

channel, the seen fund in mutual business. our some On intermediary we've outflows

change given environment, seen generally we mutual has gross gaining and momentum seen steady into progresses. The been year from but funds, business, pretty we've a momentum as up seen and and not just I also speaking, momentum certain market nice and that and direct think picking see we've a ETF business in net there. perspective, have the we the really nice our

broadens in would market out, channel the grow. channels than our It another. faster would we all is expect comes the experience that of As one that back

side, side. client on And on other versus distinction I real think then the it's channel that with institutional intermediary channels. the any haven't very specific we seen

Adam Beatty

appreciate That's detail. admin the helpful. I deal. on a And bit Amundi an maybe of then the check

we quarter, the ad-hoc a and During announcements of couple had developments.

around timing if that that? maybe just wondering possible, milestone next expect? So And what broad the would you is

David Brown

the be we the So would really have for end or be milestone XXXX, milestone that's close, the next which of would next early publicly the 'XX transaction. of said part and the the

Adam Beatty

Okay.

no interim So more steps?

David Brown

not None, material Yeah, correct. anyway.

Operator

for final our And Mr. David call to that will turn over back session. some I the concludes closing Brown remarks. question-and-answer now

David Brown

the Thank thank well half as you, you. of closing transaction. look business interest Capital. during progress forward keeping the updated on Amundi as as the thank a Have in you Victory we year making the for We day, you to the your work towards are we second wonderful and

Operator

for call. you your concludes This conference participation. today's Thank

You may now disconnect.

Victory Capital (VCTR) 9 Aug 242024 Q2 Earnings call transcript