In an earnings call with analysts, Mr. Brown said of potential M&A deals: "Our focus here remains the same as it has for the last decade, every potential acquisition we look at must have a strategic aspect that will make us a better company."
Victory saw total net outflows in the second quarter of $683 million, compared with net inflows of $3 billion in the first quarter and net inflows of $176 million in the year-ago quarter.
Victory attributed the second quarter outflows primarily to "unprecedented pullbacks in the market."
By asset type, U.S. small-cap equity, U.S. midcap equity, U.S. large-cap equity, fixed income and money markets witnessed net outflows of $1.1 billion, $174 million, $270 million, $1.3 billion and $53 million, respectively, in the second quarter. Meanwhile, global non-U.S. equity, the solutions platform and alternative investments saw net inflows of $50 million, $488 million and $1.65 billion in the second quarter, respectively.
Market depreciation and acquired assets/net transfers further lowered AUM by $21.7 billion and $797 million, respectively, in the second quarter.
The firm reported revenues of $216 million in the second quarter, a 6.1% drop from the first quarter, and a 2.7% decline from the year-ago quarter.
Victory attributed the sequential decline in revenue primarily to a "decrease in average AUM and revenue realization partially offset by one extra day in the quarter."
Net income as $71.4 million, down 12% from the first quarter and an 11% decline from second quarter 2021.