Victory Capital proposes acquisition of Janus Henderson at $57.04 per share
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 26 2026
0mins
Victory Capital Holdings Inc's shares fell 7.88% as it crossed below the 5-day SMA amid broader market declines, with the Nasdaq-100 down 1.82% and the S&P 500 down 1.14%.
Victory Capital has proposed to acquire Janus Henderson for $57.04 per share, totaling approximately $740 million. The deal includes 0.350 shares of Victory Capital and $30 in cash per Janus Henderson share, reflecting confidence in Janus Henderson's growth potential. However, the market reacted negatively to the financing structure, leading to a decline in Victory Capital's shares.
This acquisition aims to enhance Victory Capital's market competitiveness and operational efficiency. Despite the current stock decline, the strategic implications of this deal could position Victory Capital favorably in the asset management industry.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy VCTR?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on VCTR
Wall Street analysts forecast VCTR stock price to fall
6 Analyst Rating
2 Buy
4 Hold
0 Sell
Moderate Buy
Current: 86.420
Low
68.00
Averages
72.00
High
78.00
Current: 86.420
Low
68.00
Averages
72.00
High
78.00
About VCTR
Victory Capital Holdings, Inc. is a diversified global asset management company. The Company provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors with multiple autonomous Investment Franchises and a Solutions Platform. It offers an array of investment products, including actively and passively managed mutual funds, rules-based and active exchange traded funds (ETFs), institutional separate accounts, variable insurance products (VIPs), alternative investments, private closed-end funds, and a 529 Education Savings Plan. Its strategies are also offered through third-party investment products, including mutual funds, third-party ETF model strategies, retail separately managed accounts (SMAs) and unified managed accounts (UMAs) through wrap account programs, Collective Investment Trusts (CITs), and undertakings for collective investment in transferable securities (UCITS).
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Victory Capital Reports $338.9B AUM as of May 2026
- AUM Growth: As of May 31, 2026, Victory Capital reported a total AUM of $338.9 billion, indicating robust growth in asset management and reinforcing its market position.
- Total Client Assets: By the end of May 2026, total client assets reached $342.4 billion, reflecting the company's success in attracting clients and managing assets, which enhances its future profitability.
- Average Asset Metrics: In May 2026, the average total AUM was $333.6 billion, with average other assets totaling $3.5 billion, demonstrating effective management of other assets while maintaining stable AUM, thereby improving overall financial performance.
- Growth Strategy: Victory Capital aims to reach a $1 trillion AUM goal while keeping its fee rate at 46-47 basis points, showcasing confidence in future growth and clarity in strategic planning.
See More
Victory Capital Reports $342.4 Billion in Total Client Assets
- AUM Growth: As of May 31, 2026, Victory Capital reported Total Assets Under Management (AUM) of $338.9 billion, reflecting a $9.8 billion increase from the previous month, indicating robust growth and enhanced market confidence in the firm's capabilities.
- Client Asset Structure: Total client assets reached $342.4 billion, with fixed income assets comprising 24% of the total, showcasing the company's success in diversifying investment strategies to effectively navigate market fluctuations.
- Regional Distribution Strength: U.S. client assets accounted for 81.9%, totaling $280.6 billion, highlighting Victory Capital's strong influence in the U.S. market while laying the groundwork for future international expansion.
- Diverse Investment Platform: Victory Capital offers clients a variety of investment strategies through its platform, covering both traditional and alternative asset classes, which enhances client investment choices and potential returns, further solidifying its market position.
See More
Granahan Investment Management Sells Zeta Global Shares
- Share Reduction Details: Granahan Investment Management sold 1,593,143 shares of Zeta Global in Q1 2026, with an estimated transaction value of $29.50 million, indicating a cautious outlook on the company's future performance.
- Decline in Position Value: The fund's quarter-end position value in Zeta Global decreased by $36.96 million, reflecting not only the impact of the share sale but also stock price fluctuations, suggesting a weakening market confidence in Zeta.
- Strong Performance Metrics: Despite the reduction, Zeta Global reported a 50% year-over-year revenue increase to $396 million in Q1, surpassing guidance by $26 million, showcasing the company's robust performance and growth potential in the market.
- AI Platform Driving Growth: Zeta's Athena platform captured over 60% of AI platform usage in its first week, indicating a proactive approach to technological innovation; although investor sentiment is cautious, continued strong execution by management could provide future growth opportunities.
See More
Victory Capital Reports $332.6 Billion in Total Client Assets
- Total AUM: As of April 30, 2026, Victory Capital's total assets under management reached $329.1 billion, reflecting a 6.2% increase from $309.8 billion in March 2026, indicating the company's ongoing expansion in asset management and growing market confidence.
- Client Asset Growth: The company's total client assets amounted to $332.6 billion, up 6.2% from $313.1 billion the previous month, showcasing Victory Capital's successful strategies in attracting new clients and retaining existing ones.
- Asset Class Distribution: Among various asset classes, solutions assets reached $99.33 billion, while fixed income assets totaled $80.44 billion, demonstrating the effective execution of the company's diversified investment strategies, which enhances its competitive position in the market.
- Regional Asset Distribution: U.S. client assets accounted for $272.98 billion, with non-U.S. client assets at $59.60 billion, indicating Victory Capital's increasingly comprehensive global market presence, enabling better service to clients across different regions.
See More
Victory Capital Reports Record Q1 2026 Earnings
- Strong Performance: In Q1 2026, Victory Capital reported total revenue of $388 million and adjusted EBITDA of $204 million, achieving an EBITDA margin of 52.6%, reflecting the company's robust performance and profitability in the market.
- Client Asset Growth: By the end of March, total client assets reached $313 billion, with long-term net flows significantly improving to $18.9 billion, indicating the company's success in attracting new clients and capital.
- ETF Platform Expansion: The VictoryShares ETF platform ended the quarter with over $20 billion in AUM and net flows of $1.3 billion, with the company commencing sales of its U.S.-listed ETFs across Asia and Latin America, further enhancing its growth potential in international markets.
- Strategic Acquisition Focus: Management reiterated that strategic acquisitions remain the primary use of capital, aiming for a $1 trillion assets under management goal by 2026, demonstrating the company's confidence and proactive positioning for future growth.
See More
Victory Capital Q1 Earnings Analysis
- Earnings Performance: Victory Capital reported a Q1 GAAP EPS of $1.33, missing expectations by $0.08, indicating pressure on profitability that may affect investor confidence.
- Revenue Growth: The company achieved revenues of $388 million, a 76.7% year-over-year increase, surpassing market expectations by $23.03 million, demonstrating strong growth momentum in asset management.
- Client Asset Scale: Total client assets reached $313.1 billion at the end of the reporting period, reflecting the company's success in attracting client assets and enhancing its market position.
- Flow Dynamics: Long-term net flows were negative at $457 million, despite long-term gross flows of $18.9 billion, suggesting that net outflows could pose challenges to future asset management revenues.
See More
Victory Capital Reports $338.9B AUM as of May 2026
- AUM Growth: As of May 31, 2026, Victory Capital reported a total AUM of $338.9 billion, indicating robust growth in asset management and reinforcing its market position.
- Total Client Assets: By the end of May 2026, total client assets reached $342.4 billion, reflecting the company's success in attracting clients and managing assets, which enhances its future profitability.
- Average Asset Metrics: In May 2026, the average total AUM was $333.6 billion, with average other assets totaling $3.5 billion, demonstrating effective management of other assets while maintaining stable AUM, thereby improving overall financial performance.
- Growth Strategy: Victory Capital aims to reach a $1 trillion AUM goal while keeping its fee rate at 46-47 basis points, showcasing confidence in future growth and clarity in strategic planning.
See More
Victory Capital Reports $342.4 Billion in Total Client Assets
- AUM Growth: As of May 31, 2026, Victory Capital reported Total Assets Under Management (AUM) of $338.9 billion, reflecting a $9.8 billion increase from the previous month, indicating robust growth and enhanced market confidence in the firm's capabilities.
- Client Asset Structure: Total client assets reached $342.4 billion, with fixed income assets comprising 24% of the total, showcasing the company's success in diversifying investment strategies to effectively navigate market fluctuations.
- Regional Distribution Strength: U.S. client assets accounted for 81.9%, totaling $280.6 billion, highlighting Victory Capital's strong influence in the U.S. market while laying the groundwork for future international expansion.
- Diverse Investment Platform: Victory Capital offers clients a variety of investment strategies through its platform, covering both traditional and alternative asset classes, which enhances client investment choices and potential returns, further solidifying its market position.
See More
Granahan Investment Management Sells Zeta Global Shares
- Share Reduction Details: Granahan Investment Management sold 1,593,143 shares of Zeta Global in Q1 2026, with an estimated transaction value of $29.50 million, indicating a cautious outlook on the company's future performance.
- Decline in Position Value: The fund's quarter-end position value in Zeta Global decreased by $36.96 million, reflecting not only the impact of the share sale but also stock price fluctuations, suggesting a weakening market confidence in Zeta.
- Strong Performance Metrics: Despite the reduction, Zeta Global reported a 50% year-over-year revenue increase to $396 million in Q1, surpassing guidance by $26 million, showcasing the company's robust performance and growth potential in the market.
- AI Platform Driving Growth: Zeta's Athena platform captured over 60% of AI platform usage in its first week, indicating a proactive approach to technological innovation; although investor sentiment is cautious, continued strong execution by management could provide future growth opportunities.
See More
Victory Capital Reports $332.6 Billion in Total Client Assets
- Total AUM: As of April 30, 2026, Victory Capital's total assets under management reached $329.1 billion, reflecting a 6.2% increase from $309.8 billion in March 2026, indicating the company's ongoing expansion in asset management and growing market confidence.
- Client Asset Growth: The company's total client assets amounted to $332.6 billion, up 6.2% from $313.1 billion the previous month, showcasing Victory Capital's successful strategies in attracting new clients and retaining existing ones.
- Asset Class Distribution: Among various asset classes, solutions assets reached $99.33 billion, while fixed income assets totaled $80.44 billion, demonstrating the effective execution of the company's diversified investment strategies, which enhances its competitive position in the market.
- Regional Asset Distribution: U.S. client assets accounted for $272.98 billion, with non-U.S. client assets at $59.60 billion, indicating Victory Capital's increasingly comprehensive global market presence, enabling better service to clients across different regions.
See More
Victory Capital Reports Record Q1 2026 Earnings
- Strong Performance: In Q1 2026, Victory Capital reported total revenue of $388 million and adjusted EBITDA of $204 million, achieving an EBITDA margin of 52.6%, reflecting the company's robust performance and profitability in the market.
- Client Asset Growth: By the end of March, total client assets reached $313 billion, with long-term net flows significantly improving to $18.9 billion, indicating the company's success in attracting new clients and capital.
- ETF Platform Expansion: The VictoryShares ETF platform ended the quarter with over $20 billion in AUM and net flows of $1.3 billion, with the company commencing sales of its U.S.-listed ETFs across Asia and Latin America, further enhancing its growth potential in international markets.
- Strategic Acquisition Focus: Management reiterated that strategic acquisitions remain the primary use of capital, aiming for a $1 trillion assets under management goal by 2026, demonstrating the company's confidence and proactive positioning for future growth.
See More
Victory Capital Q1 Earnings Analysis
- Earnings Performance: Victory Capital reported a Q1 GAAP EPS of $1.33, missing expectations by $0.08, indicating pressure on profitability that may affect investor confidence.
- Revenue Growth: The company achieved revenues of $388 million, a 76.7% year-over-year increase, surpassing market expectations by $23.03 million, demonstrating strong growth momentum in asset management.
- Client Asset Scale: Total client assets reached $313.1 billion at the end of the reporting period, reflecting the company's success in attracting client assets and enhancing its market position.
- Flow Dynamics: Long-term net flows were negative at $457 million, despite long-term gross flows of $18.9 billion, suggesting that net outflows could pose challenges to future asset management revenues.
See More
