Asset Management
Victory Capital Holdings Executive Compensation (FY25)
VCTR · Brooklyn, OH · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): May 12, 2026
157 figures on this page: 155 cited to the filing that reported them, 2 calculated from figures it prints. See the citations
David Brown, Chairman and Chief Executive Officer, received $16,198,444 in total compensation for fiscal 2025, and Brown's total was 39.7% higher than the $11,594,447 reported for fiscal 2024. The company reported a chief executive pay ratio of 86:1 for fiscal 2025, against median employee compensation of $187,945. The say-on-pay proposal drew 95.2% of votes cast including abstentions in favor at the meeting held May 6, 2026 for fiscal 2025. The disclosed peer group includes Affiliated Managers Group, Inc., AllianceBernstein Holding L.P., Artisan Partners Asset Management, Inc., BlackRock, Inc. and Cohen & Steers, Inc., among others.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — David Brown: $11,594,447 → $16,198,444 (39.7% higher)
Say-on-pay support: 96.2% → 95.2% (1.0 points lower)
CEO pay ratio: 50:1 → 86:1 (72.0% higher)
Frequently asked questions
Answers drawn from the data on this page.
Who is Victory Capital Holdings' chief executive and what were they paid?
David Brown, Chairman and Chief Executive Officer, received $16,198,444 in total compensation for fiscal 2025. Brown's total was 39.7% higher than the $11,594,447 reported for fiscal 2024.
What was Victory Capital Holdings' say-on-pay result?
The say-on-pay proposal drew 95.2% of votes cast including abstentions in favor at the meeting held May 6, 2026 for fiscal 2025.
Which companies are in Victory Capital Holdings' peer group?
The disclosed peer group includes Affiliated Managers Group, Inc., AllianceBernstein Holding L.P., Artisan Partners Asset Management, Inc., BlackRock, Inc. and Cohen & Steers, Inc., among others.
What is Victory Capital Holdings' chief executive pay ratio?
The company reported a chief executive pay ratio of 86:1 for fiscal 2025, against median employee compensation of $187,945.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
David Brown Chief Executive Officer and Chairman | ◇ | — | ◇ | ◇ | — | — | ◇ | ◇ |
Michael Policarpo President, Chief Financial Officer and Chief Administrative Officer | ◇ | — | ◇ | ◇ | — | — | ◇ | ◇ |
Nina Gupta Chief Legal Officer and Head of Human Resource Administration | ◇ | — | ◇ | ◇ | — | — | ◇ | ◇ |
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
David Brown Chief Executive Officer and Chairman | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Michael Policarpo President, Chief Financial Officer and Chief Administrative Officer | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Nina Gupta Chief Legal Officer and Head of Human Resources Administration | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Mannik Dhillon President, Investment Franchises and Solutions; Head of Product and Strategy | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Kelly Cliff Former President, Investment Franchises Departed during or after this year | ◇ | — | ◇ | — | — | — | ◇ | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
David Brown Chief Executive Officer and Chairman Chief Executive Officer and Chairman | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Michael Policarpo President & CFO | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Nina Gupta Chief Legal Officer and Head of Human Resources Administration Chief Legal Officer and Head of Human Resources Administration | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Mannik Dhillon President, Investment Franchises and Solutions; Head of Product and Strategy | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
David Brown Chairman and Chief Executive Officer | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Michael Policarpo President, Chief Financial Officer and Chief Administrative Officer | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Thomas Sipp Executive Vice President | ◇ | ◇ | ◇ | — | — | — | — | ◇ |
Nina Gupta Chief Legal Officer and Head of Human Resource Administration | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Mannik Dhillon President, Investment Franchises and Solutions; Head of Product and Strategy | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Equity awards granted
Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| David C. Brown | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Mannik S. Dhillon | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Michael D. Policarpo | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Nina Gupta | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Thomas M. Sipp | RSU | ◇ | — | — | ◇ | — | — | ◇ |
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.
Outstanding awards
Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Mannik Dhillon | RSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Nina Gupta | RSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Michael Policarpo | RSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| David Brown | RSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Severance and change in control
The terms as written in the agreements.
Thomas Sipp
Executive Vice President · Terms as described in the company’s compensation discussion · citing a 2026 filing
| Severance base | ◇ |
| Severance cash amount | ◇ |
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Alan H. Rappaport | ◇ | ◇ | — | — | — | — | ◇ |
Karin Hirtler-Garvey | ◇ | ◇ | — | — | — | — | ◇ |
Richard M. DeMartini Lead independent director | ◇ | ◇ | — | — | — | — | ◇ |
Lawrence Davanzo | ◇ | — | — | — | — | — | ◇ |
Robert V. Delaney, Jr | ◇ | — | — | — | — | — | ◇ |
Mary Jackson | ◇ | — | — | — | — | — | ◇ |
Robert J. Hurst | ◇ | ◇ | — | — | — | — | ◇ |
Celine Boyer-Chammard, Dominique Carrel-Billiard and David C. Brown served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director fee schedule
The standing retainers and premiums the board pays, as published.
| Board cash retainer | ◇ |
| Board equity retainer | ◇ |
| Compensation committee chair | ◇ |
| Compensation committee member | ◇ |
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
- Affiliated Managers Group, Inc. AMG
- AllianceBernstein Holding L.P. AB
- Artisan Partners Asset Management, Inc. APAM
- BlackRock, Inc. BLK
- Cohen & Steers, Inc. CNS
- Federated Hermes FHI
- Franklin Resources, Inc. BEN
- Invesco Ltd. IVZ
- Janus Henderson Group plc JHG
- T. Rowe Price Group, Inc. TROW
- Virtus Investment Partners, Inc. VRTS
- WisdomTree, Inc. WT
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | May 6, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | May 7, 2025 | = | ◇ | ◇ | ◇ |
Chief executive pay ratio
As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
What this page does not include
Everything above is a fact Victory Capital Holdings disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Victory Capital Holdings sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Enquire about accessMultiple companies at once
Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.
Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
157 figures on this page: 155 cited to the filing that reported them, 2 calculated from figures it prints.
155 cited to the filing
2 calculated from the filing
Documents cited
- 0001193125-26-219291Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001193125-26-1276532025 Grants of Plan-Based Awards · 2025 Outstanding Equity Awards at Fiscal Year End · 2025 Summary Compensation Table · CEO Pay Ratio · and 4 more sections
- 0000950170-25-065790Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001193125-25-0663252024 Summary Compensation Table
- 0001193125-24-0798362023 Summary Compensation Table
- 0001193125-23-085645COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Victory Capital Holdings executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/VCTR (accessed 2026).
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Asset Management rankings
Peers Victory Capital Holdings discloses
The companies named in VCTR's own disclosed peer group.
Terms on this page
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}