Victory Capital Holdings VCTR reported first-quarter 2020 adjusted earnings of 92 cents per share that surpassed the Zacks Consensus Estimate of 90 cents. Also, it compared favorably with 35 cents reported in the prior-year quarter.Results benefited from a rise in assets under management (AUM). However, a decline in revenues and higher expenses were undermining factors. Also, net outflows were major headwinds.Net income attributable to Victory Capital totaled $57.2 million or 77 cents per share compared with $14.5 million or 20 cents per share in the prior-year quarter.Revenues Increase, Expenses EscalateTotal revenues rose significantly year over year to $204.4 million. However, the top line missed the Zacks Consensus Estimate of $210.5 million. The rise was primarily attributed to higher average AUM and reported average fee rate.Adjusted earnings before interest, taxes, depreciation and amortization were $91.5 million, up from $33.6 million in the year-ago quarter.Total operating expenses increased 74% to $113.8 million. Increase in almost all the components, except for acquisition-related costs, led to the rise.As of Mar 31, 2020, total AUM was $123.8 billion, up from $58.1 million in the prior-year quarter. Net outflows of $2.9 billion slightly affected AUM.Capital & Liquidity Position DecentAs of Mar 31, 2020, Victory Capital had $37.1 million in cash and cash equivalents, almost stable with that reported on Dec 31, 2019. Notably, the company had $888.6 million of debt, down 3.8% from the Dec 31, 2019 level.Shareholders’ equity as of Mar 31, 2020, was $581.1 million, up from $537.9 million as of Dec 31, 2019.Our TakeVictory Capital’s first-quarter results reflect benefits from the acquisition of the USAA Asset Management Company, which closed on Jul 1, 2019. It is well-positioned for growth, based on successful partnerships and global distribution capability along with a diverse product mix.Nevertheless, muted revenue growth, owing to significant market volatility, remains a major concern. Also, consistently rising cost base might hamper bottom-line expansion.Victory Capital Holdings Inc Price, Consensus and EPS Surprise Victory Capital Holdings Inc price-consensus-eps-surprise-chart | Victory Capital Holdings Inc QuoteVictory Capital currently carries a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other Asset ManagersWaddell & Reed Financial Inc.’s WDR first-quarter 2020 earnings per share of 32 cents missed the Zacks Consensus Estimate by a penny. Also, the bottom line declined 24% year over year. The company currently carries a Zacks Rank #3 (Hold).Affiliated Managers Group Inc.’s AMG first-quarter 2020 economic earnings of $3.16 per share surpassed the Zacks Consensus Estimate of $3.14. However, the bottom line declined 3.1% year over year. The company presently carries a Zacks Rank #3.T. Rowe Price Group, Inc. TROW has reported first-quarter 2020 adjusted earnings per share of $1.87, which outpaced the Zacks Consensus Estimate of $1.85. The reported figure was in line with the year-ago quarter. The company currently carries a Zacks Rank #3.Just Released: Zacks’ 7 Best Stocks for TodayExperts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.1% per year.These 7 were selected because of their superior potential for immediate breakout.See these time-sensitive tickers now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Waddell Reed Financial Inc (WDR): Free Stock Analysis Report T Rowe Price Group Inc (TROW): Free Stock Analysis Report Affiliated Managers Group Inc (AMG): Free Stock Analysis Report Victory Capital Holdings Inc (VCTR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research