Victory Capital Holdings announced the launch of three new UCITS funds on December 11, 2025. The funds—Amundi Funds Global Equity Core, Amundi Funds US Equity Large Cap Value, and Amundi Funds US Equity Small Cap—are managed by the firm’s RS Investments franchise and bring Victory’s total UCITS count to 22, up from 19 before the announcement.
The expansion is a direct result of Victory’s strategic partnership with Amundi, a European asset‑management leader that operates in 35 countries and employs 5,600 people. Under the partnership, Victory and Amundi have entered into reciprocal 15‑year distribution agreements: Victory will manufacture and distribute Amundi’s non‑U.S. products in the United States, while Amundi will distribute Victory’s U.S.‑manufactured active products outside the U.S. Amundi also holds a strategic equity stake in Victory, and the acquisition of Amundi’s U.S. business (formerly Pioneer Investments) closed in April 2025.
By adding these UCITS funds, Victory is positioning itself to capture a larger share of the growing European and global investor base. The firm’s non‑U.S. assets now represent 16 % of total AUM, up from 3 % a year earlier, and Victory has set a target of 15 % non‑U.S. AUM by 2026. The new funds provide diversified equity exposure that complements Victory’s existing product lineup and enhance fee‑generating capabilities outside the United States.
The launch reinforces Victory’s platform model, which blends boutique investment teams with a centralized operating infrastructure. The RS Investments franchise, acquired in 2016, brings deep expertise in equity research and portfolio construction, ensuring that the new UCITS funds maintain the firm’s high‑quality investment standards while benefiting from Amundi’s extensive distribution network.
"The launch of these UCITS is an important step in our evolution," said David C. Brown, Chairman and CEO. "Through our strategic partnership with Amundi, we are expanding the global reach of our investment capabilities and positioning the firm for growth outside of the U.S."
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