CEO Dave Brown outlined a long-term objective to grow Victory Capital’s assets under management to $1 trillion, roughly three times its current level near $300 billion. He forecasts a mass consolidation in the asset management sector, positioning Victory as an active consolidator after eight acquisitions since 2013.

The Pioneer deal added about $100 billion in AUM and introduced new investment capabilities in fixed income, equities and multi-asset. Victory raised expected net expense synergies to $110 million and reports deal accretion approaching 20%, surpassing initial low-double-digit forecasts.

Victory logged a record $17.1 billion in gross flows for the quarter and now oversees $55 billion in international AUM across 60 countries. The firm doubled intermediary distribution efforts and secured a 15-year partnership with Amundi to broaden ETF and mutual fund sales globally.

Brown acknowledged $800 billion of net outflows from active mutual funds over the past year but expects an inflection point for organic growth. He is focusing on active ETFs, international “white space,” and embedding private markets exposure into client offerings.