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Asset Management

Victory Capital Holdings Executive Compensation (FY25)

VCTR · Brooklyn, OH · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
David Brown
Latest say-on-pay support
=
May 6, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 22, 2026Latest filing (8-K): May 12, 2026
6 filings cited on this page
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174 figures on this page: 172 cited to the filing that reported them, 2 calculated from figures it prints. See the citations

More on Victory Capital Holdings

Five data products on this company. Each one is requested through the developer setup page.
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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
David C. BrownRSU◇——◇——◇
Mannik S. DhillonRSU◇——◇——◇
Michael D. PolicarpoRSU◇——◇——◇
Nina GuptaRSU◇——◇——◇
Thomas M. SippRSU◇——◇——◇
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
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Mannik DhillonRSU◇◇——
RSU◇◇——
RSU◇◇——
Nina GuptaRSU◇◇——
RSU◇◇——
RSU◇◇——
Michael PolicarpoRSU◇◇——
RSU◇◇——
RSU◇◇——
David BrownRSU◇◇——
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.
David Brown
Chairman and Chief Executive Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇
Mannik Dhillon
President, Investment Franchises and Solutions; Head of Product and Strategy · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance base◇
Severance cash amount◇
Michael Policarpo
President, Chief Financial Officer and Chief Administrative Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance base◇
Severance cash amount◇
Change-in-control trigger◇
Equity acceleration on change in control◇
Nina Gupta
Chief Legal Officer and Head of Human Resource Administration · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance base◇
Severance cash amount◇
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
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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◇
Total board retainer◇

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.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 6, 2026=◇◇◇
2024May 7, 2025=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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- David Brown (Chairman and Chief Executive Officer), FY2025 total compensation $16,198,444 (base salary $600,000) [exec_comp, SEC accession 0001193125-26-127653, filed 2026-03-27]

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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 — $1,500
Written 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 — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable 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.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
174 figures on this page: 172 cited to the filing that reported them, 2 calculated from figures it prints.
172 cited to the filing
2 calculated from the filing

Documents cited

  1. 0001193125-26-219291
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001193125-26-127653
    2025 Grants of Plan-Based Awards · 2025 Outstanding Equity Awards at Fiscal Year End · 2025 Summary Compensation Table · CEO Pay Ratio · and 4 more sections
  3. 0000950170-25-065790
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001193125-25-066325
    2024 Summary Compensation Table
  5. 0001193125-24-079836
    2023 Summary Compensation Table
  6. 0001193125-23-085645
    Summary Compensation Table
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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The paid brief for Victory Capital Holdings

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
Get the executive briefGet the board briefNo account needed.
6 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Asset Management rankings

Chief executive pay — Asset ManagementCEO pay ratio — Asset ManagementSay-on-pay support — Asset Management

Peers Victory Capital Holdings discloses

The companies named in VCTR's own disclosed peer group.

Affiliated Managers Group, Inc.AllianceBernstein Holding L.P.Artisan Partners Asset Management, Inc.BlackRock, Inc.Cohen & Steers, Inc.Federated HermesFranklin Resources, Inc.Invesco Ltd.Janus Henderson Group plcT. Rowe Price Group, Inc.Virtus Investment Partners, Inc.WisdomTree, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

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}
}
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