EX-99.1 2 a991-2019q1earningspressre.htm PRESS RELEASE Exhibit
Exhibit 99.1

image011a22.jpg

Federated Investors, Inc. Reports First Quarter 2019 Earnings
•
Q1 2019 EPS of $0.54
•
Managed assets reach a record $484.9 billion
•
Board declares $0.27 per share quarterly dividend
(PITTSBURGH, Pa., April 25, 2019) — Federated Investors, Inc. (NYSE: FII), one of the world's largest investment managers, today reported earnings per diluted share (EPS) of $0.54 for Q1 2019, compared to $0.60 for the same quarter last year on net income of $54.5 million for Q1 2019 compared to $60.3 million for Q1 2018.
Federated's total managed assets were a record $484.9 billion at March 31, 2019, up $92.7 billion or 24% from $392.2 billion at March 31, 2018 and up $25.0 billion or 5% from $459.9 billion at Dec. 31, 2018. Total average managed assets for Q1 2019 were $475.4 billion, up $77.4 billion or 19% from $398.0 billion reported for Q1 2018 and up $31.7 billion or 7% from $443.7 billion reported for Q4 2018. The results in this press release include activity of Hermes Fund Managers Limited (Hermes), beginning July 1, 2018.
"Liquidity management products saw strong flows in the first quarter, as Federated's money market funds offered the potential for higher yields than deposit accounts," said J. Christopher Donahue, president and chief executive officer. "Assets in our prime, government and tax-free money market funds were up from the previous quarter, and investors turned to Federated for liquidity management solutions that provide diligent credit analysis, broad diversification and competitive yields."
Federated's board of directors declared a quarterly dividend of $0.27 per share. The dividend is payable on May 15, 2019 to shareholders of record as of May 8, 2019. During Q1 2019, Federated purchased 60,833 shares of Federated class B common stock for $1.5 million.
Federated's equity assets were $80.2 billion at March 31, 2019, up $21.4 billion or 36% from $58.8 billion at March 31, 2018 and up $7.7 billion or 11% from $72.5 billion at Dec. 31, 2018. Top-selling equity funds during Q1 2019 on a net basis were Federated Kaufmann Small Cap Fund, Hermes Global Emerging Markets Fund, Federated MDT Small Cap Growth Fund, Federated MDT Small Cap Core Fund and Federated MDT Mid Cap Growth Fund.
Federated's fixed-income assets were $64.1 billion at March 31, 2019, up $1.9 billion or 3% from $62.2 billion at March 31, 2018 and up $0.9 billion or 1% from $63.2 billion at Dec. 31, 2018. Top-selling fixed-income funds during Q1 2019 on a net basis included Federated Total Return Bond Fund, Federated Municipal Ultrashort Fund, Federated U.S. Government Securities Fund: 1-3 Years, Federated Sterling Cash Plus Fund and Federated Mortgage Fund.
Money market assets were $318.4 billion at March 31, 2019, up $52.5 billion or 20% from $265.9 billion at March 31, 2018 and up $16.6 billion or 6% from $301.8 billion at Dec. 31, 2018. Money market fund assets were $214.8 billion at March 31, 2019, up $32.4 billion or 18% from $182.4 billion at March 31, 2018 and up $6.3 billion or 3% from $208.5 billion at Dec. 31, 2018. Federated's money market separate account assets were $103.6 billion at March 31, 2019, up $20.1 billion or 24% from $83.5 billion at March 31, 2018 and up $10.3 billion or 11% from $93.3 billion at Dec. 31, 2018.

MEDIA:
MEDIA:
ANALYSTS:
Ed Costello 412-288-7538
Meghan McAndrew 412-288-8103
Ray Hanley 412-288-1920
 
Federated Reports Q1 2019 Earnings
Page 2 of 10

Financial Summary
Q1 2019 vs. Q1 2018
Revenue increased $43.2 million or 16% primarily due to the consolidation of Hermes' revenue, which included performance fees of $2.8 million, and higher average money market assets. These increases in revenue were partially offset by a decrease in revenue from lower average equity and fixed-income assets (excluding Hermes).
During Q1 2019, Federated derived 61% of its revenue from long-term assets (40% from equity assets, 14% from fixed-income assets and 7% from alternative/private markets and multi-asset), 38% from money market assets and 1% from sources other than managed assets.
Operating expenses increased $52.0 million or 28% primarily due to the consolidation of Hermes' expenses.
Nonoperating income (expenses), net increased $2.4 million primarily due to an increase in the market value of investments.
Q1 2019 vs. Q4 2018
Revenue was down slightly, primarily due to two fewer days in the quarter and lower performance fees, offset by higher average money market assets. Operating expenses increased $16.9 million or 8% primarily due to higher compensation and related expenses resulting from higher incentive compensation and seasonality in payroll taxes, and an increase in distribution expenses primarily due to the increase in money market fund assets.
Nonoperating income (expenses), net increased $7.8 million primarily due to an increase in the market value of investments.
Federated's level of business activity and financial results are dependent upon many factors, including market conditions, investment performance and investor behavior. These factors and others, including asset levels and mix, product sales and redemptions, market appreciation or depreciation, revenues, fee waivers, expenses and regulatory changes, can significantly impact Federated's business activity levels and financial results. Risk factors and uncertainties that can influence Federated's financial results are discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission (SEC).
Federated will host an earnings conference call at 9 a.m. Eastern on April 26, 2019. Investors are invited to listen to Federated's earnings teleconference by calling 877-407-0782 (domestic) or 201-689-8567 (international) prior to the 9 a.m. start time. The call may also be accessed online in real time via the About section of FederatedInvestors.com. A replay will be available from approximately 12:30 p.m. Eastern on April 26, 2019 until May 3, 2019 by calling 877-481-4010 (domestic) or 919-882-2331 (international) and entering access code 46069. An online replay will be available via FederatedInvestors.com for one year.
Federated Investors, Inc. is a leading global investment manager with $484.9 billion in assets under management as of March 31, 2019. Our investment solutions span 129 equity, fixed-income, alternative/private markets, multi-asset and money market funds and a range of separately managed account strategies. Providing comprehensive investment management to approximately 9,500 institutions and intermediaries, our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh, Federated’s nearly 1,900 employees include those in New York, Boston, London and several other offices worldwide. In 2018, Federated acquired a majority interest in Hermes Investment Management, which provides world-class active management and stewardship services.
Federated ranks in the top 6% of equity fund managers in the industry, the top 7% of money market fund managers and the top 11% of fixed-income fund managers1. Federated also ranks as the 10th-largest SMA manager2. Information regarding Hermes is


 
Federated Reports Q1 2019 Earnings
Page 3 of 10

available at Hermes-Investment.com. An analyst presentation that includes information about Hermes also is available. For more information, visit FederatedInvestors.com.
###
1) Strategic Insight, March 31, 2019. Based on assets under management in open-end funds.
2) Money Management Institute/Cerulli, Q4 2018.
Federated Securities Corp. is distributor of the Federated funds.
Separately managed accounts are made available through Federated Global Investment Management Corp., Federated Investment Counseling, Federated MDTA LLC, Hermes Investment Management Limited and Hermes European Equities Limited, each a registered investment adviser.
Certain statements in this press release, such as those related to liquidity management solution attributes, performance, investor preferences and demand, and asset flows and mix, constitute or may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the company, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Other risks and uncertainties include the ability of the company to predict the level of fee waivers and expenses in future quarters, predict whether performance fees or carried interest will be earned, sustain product demand, and asset flows and mix, which could vary significantly depending on various factors, such as market conditions, investment performance and investor behavior. Other risks and uncertainties include the risk factors discussed in the company's annual and quarterly reports as filed with the SEC. As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the company nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.


 
Federated Reports Q1 2019 Earnings
Page 4 of 10

Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
 
 
 
 
 
 
 
Quarter Ended
% Change Q1 2018 to Q1 2019
 
Quarter Ended
% Change Q4 2018 to Q1 2019
 
March 31, 2019
March 31, 2018
 
Dec. 31, 2018
Revenue
 
 
 
 
 
 
Investment advisory fees, net
$
211,199

$
174,266

21
 %
 
$
213,990

(1)
 %
Administrative service fees, net—affiliates
54,135

49,023

10

 
52,022

4

Other service fees, net
41,716

40,563

3

 
41,204

1

Total Revenue
307,050

263,852

16

 
307,216

0

 
 
 
 
 
 
 
Operating Expenses
 
 
 
 
 
 
Compensation and related
111,216

78,374

42

 
99,153

12

Distribution
77,632

72,498

7

 
73,482

6

Systems and communications
12,794

8,433

52

 
11,528

11

Office and occupancy
11,362

7,541

51

 
10,384

9

Professional service fees
10,486

9,631

9

 
10,461

0

Advertising and promotional
4,190

3,228

30

 
5,174

(19
)
Travel and related
3,848

2,821

36

 
4,627

(17
)
Other
4,633

1,655

180

 
4,453

4

Total Operating Expenses
236,161

184,181

28

 
219,262

8

Operating Income
70,889

79,671

(11
)
 
87,954

(19
)
 
 
 
 
 
 
 
Nonoperating Income (Expenses)
 
 
 
 
 
 
Investment income (loss), net
2,709

718

277

 
(1,666
)
263

Debt expense
(1,400
)
(1,330
)
5

 
(1,522
)
(8
)
Other, net
324

(143
)
327

 
(2,972
)
111

Total Nonoperating Income (Expenses), net
1,633

(755
)
316

 
(6,160
)
127

Income before income taxes
72,522

78,916

(8
)
 
81,794

(11
)
Income tax provision
17,911

18,910

(5
)
 
20,162

(11
)
Net income including the noncontrolling interests in subsidiaries
54,611

60,006

(9
)
 
61,632

(11
)
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries
65

(325
)
120

 
96

(32
)
Net Income
$
54,546

$
60,331

(10
)%
 
$
61,536

(11)
 %
 
 
 
 
 
 
 
Amounts Attributable to Federated Investors, Inc.
 
 
 
 
 
 
Earnings Per Share1
 
 
 
 
 
 
Basic and diluted
$
0.54

$
0.60

(10
)%
 
$
0.61

(11)
 %
Weighted-Average Shares Outstanding
 
 
 
 
 
 
Basic
96,994

97,187

 
 
96,758

 
Diluted
96,995

97,189

 
 
96,758

 
Dividends Declared Per Share
$
0.27

$
0.25

 
 
$
0.27

 
1) Unvested share-based awards that receive non-forfeitable dividend rights are deemed participating securities and are required to be considered in the computation of basic earnings per share under the "two-class method." As such, total net income of $2.1 million, $2.4 million and $2.3 million available to unvested restricted Federated shareholders for the quarterly periods ended March 31, 2019, March 31, 2018 and Dec. 31, 2018, respectively, was excluded from the computation of basic earnings per share. In addition to the amounts excluded from the basic earnings per share calculation, the computation of diluted earnings per share excludes net income available to unvested shareholders of a nonpublic consolidated subsidiary for the quarterly periods ended March 31, 2019 and Dec. 31, 2018.




 
Federated Reports Q1 2019 Earnings
Page 5 of 10

Unaudited Condensed Consolidated Balance Sheets
 
 
(in thousands)
March 31, 2019
Dec. 31, 2018
Assets
 
 
  Cash and other investments
$
162,111

$
190,490

  Other current assets
116,240

113,611

  Intangible assets, net, including goodwill
1,156,809

1,149,247

  Other long-term assets
200,016

90,335

  Total Assets
$
1,635,176

$
1,543,683

 
 
 
Liabilities, Redeemable Noncontrolling Interests and Equity
 
 
  Current liabilities
$
131,692

$
181,180

  Long-term debt
130,000

135,000

  Other long-term liabilities
289,545

187,869

  Redeemable noncontrolling interests
186,200

182,513

  Equity excluding treasury stock
1,174,731

1,144,458

  Treasury stock
(276,992
)
(287,337
)
  Total Liabilities, Redeemable Noncontrolling Interests and Equity
$
1,635,176

$
1,543,683




 
Federated Reports Q1 2019 Earnings
Page 6 of 10

Unaudited Changes in Long-Term Assets - By Asset Class
 
 
 
(in millions)
Quarter Ended
 
March 31, 2019
Dec. 31, 2018
March 31, 2018
Equity
 
 
 
Beginning assets
$
72,497

$
84,143

$
62,816

Sales1
5,136

4,274

3,193

Redemptions1
(5,926
)
(6,777
)
(5,258
)
Net redemptions1
(790
)
(2,503
)
(2,065
)
Net exchanges
13

(180
)
(127
)
Impact of foreign exchange2
(122
)
0

0

Market gains and losses3
8,647

(8,963
)
(1,794
)
Ending assets
$
80,245

$
72,497

$
58,830

 
 
 
 
Fixed Income
 
 
 
Beginning assets
$
63,158

$
65,369

$
64,160

Sales1
5,416

5,330

4,908

Redemptions1
(6,341
)
(7,424
)
(6,594
)
Net redemptions1
(925
)
(2,094
)
(1,686
)
Net exchanges
(33
)
214

127

Impact of foreign exchange2
8

0

0

Market gains and losses3
1,899

(331
)
(396
)
Ending assets
$
64,107

$
63,158

$
62,205

 
 
 
 
Alternative / Private Markets4
 
 
 
Beginning assets
$
18,318

$
18,621

$
366

Sales1
313

437

41

Redemptions1
(858
)
(530
)
(67
)
Net redemptions1
(545
)
(93
)
(26
)
Net exchanges
(2
)
1

1

Impact of foreign exchange2
387

0

0

Market gains and losses3
(304
)
(211
)
2

Ending assets
$
17,854

$
18,318

$
343

 
 
 
 
Multi-asset
 
 
 
Beginning assets
$
4,093

$
4,790

$
5,014

Sales1
104

119

128

Redemptions1
(241
)
(369
)
(235
)
Net redemptions1
(137
)
(250
)
(107
)
Net exchanges
2

(23
)
0

Market gains and losses3
301

(424
)
(64
)
Ending assets
$
4,259

$
4,093

$
4,843

 
 
 
 
Total Long-term Assets4
 
 
 
Beginning assets
$
158,066

$
172,923

$
132,356

Sales1
10,969

10,160

8,270

Redemptions1
(13,366
)
(15,100
)
(12,154
)
Net redemptions1
(2,397
)
(4,940
)
(3,884
)
Net exchanges
(20
)
12

1

Impact of foreign exchange2
273

0

0

Market gains and losses3
10,543

(9,929
)
(2,252
)
Ending assets
$
166,465

$
158,066

$
126,221

1) For certain accounts, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return.
2) Reflects the impact of translating non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes. Reporting only contains foreign exchange separately beginning with Q1 2019 (previously included in Market gains and losses).
3) Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions, net investment income and the impact of changes in foreign exchange rates for periods prior to Q1 2019.
4)
Includes $8.1 billion and $8.3 billion at March 31, 2019 and Dec. 31, 2018, respectively, of assets managed by a nonconsolidated entity, Hermes GPE LLP, in which Hermes holds an equity method investment.



 
Federated Reports Q1 2019 Earnings
Page 7 of 10

Unaudited Changes in Long-Term Assets - By Asset Class and Product Type
(in millions) 
 
 
Quarter Ended
 
March 31, 2019
 
Equity
Fixed Income
Alternative / Private Markets
Multi-asset
Total
 
Funds
Separate Accounts1
Funds
Separate Accounts1
Funds2
Separate Accounts1
Funds
Separate Accounts1
Funds2
Separate Accounts1
Beginning assets
$
36,584

$
35,913

$
40,490

$
22,668

$
11,365

$
6,953

$
3,920

$
173

$
92,359

$
65,707

Sales
3,412

1,724

4,154

1,262

254

59

102

2

7,922

3,047

Redemptions
(3,003
)
(2,923
)
(4,726
)
(1,615
)
(387
)
(471
)
(235
)
(6
)
(8,351
)
(5,015
)
Net sales (redemptions)
409

(1,199
)
(572
)
(353
)
(133
)
(412
)
(133
)
(4
)
(429
)
(1,968
)
Net exchanges
13

0

(8
)
(25
)
(2
)
0

2

0

5

(25
)
Impact of foreign exchange3
(15
)
(107
)
23

(15
)
240

147

0

0

248

25

Market gains and losses4
5,066

3,581

1,256

643

(306
)
2

283

18

6,299

4,244

Ending assets
$
42,057

$
38,188

$
41,189

$
22,918

$
11,164

$
6,690

$
4,072

$
187

$
98,482

$
67,983

1)
Includes separately managed accounts, institutional accounts, sub-advised funds and other managed products. For certain accounts, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return.
2)
Includes $8.1 billion of assets managed by a nonconsolidated entity, Hermes GPE LLP, in which Hermes holds an equity method investment.
3) Reflects the impact of translating non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes.
4)
Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions and net investment income.



 
Federated Reports Q1 2019 Earnings
Page 8 of 10

Unaudited Changes in Long-Term Assets - By Product Type
(in millions) 
Quarter Ended
 
March 31, 2019
Dec. 31, 2018
March 31, 2018
Total Fund Assets1
 
 
 
Beginning assets
$
92,359

$
101,437

$
79,301

Sales
7,922

7,868

5,956

Redemptions
(8,351
)
(10,375
)
(7,634
)
Net redemptions
(429
)
(2,507
)
(1,678
)
Net exchanges
5

13

(2
)
Impact of foreign exchange2
248

0

0

Market gains and losses3
6,299

(6,584
)
(622
)
Ending assets
$
98,482

$
92,359

$
76,999

 
 
 
 
Total Separate Accounts Assets4
 
 
 
Beginning assets
$
65,707

$
71,486

$
53,055

Sales5
3,047

2,292

2,314

Redemptions5
(5,015
)
(4,725
)
(4,520
)
Net redemptions5
(1,968
)
(2,433
)
(2,206
)
Net exchanges
(25
)
(1
)
3

Impact of foreign exchange2
25

0

0

Market gains and losses3
4,244

(3,345
)
(1,630
)
Ending assets
$
67,983

$
65,707

$
49,222

 
 
 
 
Total Long-term Assets1,4
 
 
 
Beginning assets
$
158,066

$
172,923

$
132,356

Sales5
10,969

10,160

8,270

Redemptions5
(13,366
)
(15,100
)
(12,154
)
Net redemptions5
(2,397
)
(4,940
)
(3,884
)
Net exchanges
(20
)
12

1

Impact of foreign exchange2
273

0

0

Market gains and losses3
10,543

(9,929
)
(2,252
)
Ending assets
$
166,465

$
158,066

$
126,221

1)
Includes $8.1 billion and $8.3 billion at March 31, 2019 and Dec. 31, 2018, respectively, of assets managed by a nonconsolidated entity, Hermes GPE LLP, in which Hermes holds an equity method investment.
2) Reflects the impact of translating non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes. Reporting only contains foreign exchange separately beginning with Q1 2019 (previously included in Market gains and losses).
3) Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions, net investment income and the impact of changes in foreign exchange rates for periods prior to Q1 2019.
4) Includes separately managed accounts, institutional accounts, sub-advised funds and other managed products.
5)
For certain accounts, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return.


 
Federated Reports Q1 2019 Earnings
Page 9 of 10

Unaudited Managed Assets
(in millions)
March 31, 2019

Dec. 31, 2018

Sept. 30, 2018

June 30, 2018

March 31, 2018

By Asset Class
 
 
 
 
 
Equity
$
80,245

$
72,497

$
84,143

$
57,973

$
58,830

Fixed-income
64,107

63,158

65,369

61,435

62,205

Alternative / private markets1
17,854

18,318

18,621

292

343

Multi-asset
4,259

4,093

4,790

4,730

4,843

Total long-term assets
166,465

158,066

172,923

124,430

126,221

Money market
318,413

301,794

264,233

255,247

265,944

Total Managed Assets
$
484,878

$
459,860

$
437,156

$
379,677

$
392,165

 
 
 
 
 
 
By Product Type
 
 
 
 
 
Funds:
 
 
 
 
 
Equity
$
42,057

$
36,584

$
43,578

$
31,699

$
31,507

Fixed-income
41,189

40,490

41,817

39,877

40,529

Alternative / private markets1
11,164

11,365

11,457

292

343

Multi-asset
4,072

3,920

4,585

4,521

4,620

Total long-term assets
98,482

92,359

101,437

76,389

76,999

Money market
214,764

208,480

182,966

172,671

182,437

Total Fund Assets
$
313,246

$
300,839

$
284,403

$
249,060

$
259,436

Separate Accounts:
 
 
 
 
 
Equity
$
38,188

$
35,913

$
40,565

$
26,274

$
27,323

Fixed-income
22,918

22,668

23,552

21,558

21,676

Alternative / private markets
6,690

6,953

7,164

0

0

Multi-asset
187

173

205

209

223

Total long-term assets
67,983

65,707

71,486

48,041

49,222

Money market
103,649

93,314

81,267

82,576

83,507

Total Separate Account Assets
$
171,632

$
159,021

$
152,753

$
130,617

$
132,729

Total Managed Assets
$
484,878

$
459,860

$
437,156

$
379,677

$
392,165

1) Includes $8.1 billion, $8.3 billion and $8.4 billion at March 31, 2019, Dec. 31, 2018 and Sept. 30, 2018, respectively, of assets managed by a nonconsolidated entity, Hermes GPE LLP, in which Hermes holds an equity method investment.


 
Federated Reports Q1 2019 Earnings
Page 10 of 10

Unaudited Average Managed Assets
Quarter Ended
(in millions)
March 31, 2019

Dec. 31, 2018

Sept. 30, 2018

June 30, 2018

March 31, 2018

By Asset Class
 
 
 
 
 
Equity
$
77,554

$
78,084

$
84,262

$
58,818

$
61,555

Fixed-income
64,167

63,881

64,750

61,648

63,538

Alternative / private markets1
18,311

18,410

18,504

319

355

Multi-asset
4,225

4,449

4,805

4,824

4,979

Total long-term assets
164,257

164,824

172,321

125,609

130,427

Money market
311,150

278,885

261,571

260,371

267,546

Total Avg. Managed Assets
$
475,407

$
443,709

$
433,892

$
385,980

$
397,973

 
 
 
 
 
 
By Product Type
 
 
 
 
 
Funds:
 
 
 
 
 
Equity
$
40,217

$
39,871

$
43,473

$
31,911

$
32,680

Fixed-income
41,095

41,088

41,501

40,199

41,022

Alternative / private markets1
11,545

11,351

11,109

319

355

Multi-asset
4,042

4,268

4,598

4,604

4,749

Total long-term assets
96,899

96,578

100,681

77,033

78,806

Money market
209,260

194,009

179,562

175,885

181,856

Total Avg. Fund Assets
$
306,159

$
290,587

$
280,243

$
252,918

$
260,662

Separate Accounts:
 
 
 
 
 
Equity
$
37,337

$
38,213

$
40,789

$
26,907

$
28,875

Fixed-income
23,072

22,793

23,249

21,449

22,516

Alternative / private markets
6,766

7,059

7,395

0

0

Multi-asset
183

181

207

220

230

Total long-term assets
67,358

68,246

71,640

48,576

51,621

Money market
101,890

84,876

82,009

84,486

85,690

Total Avg. Separate Account Assets
$
169,248

$
153,122

$
153,649

$
133,062

$
137,311

Total Avg. Managed Assets
$
475,407

$
443,709

$
433,892

$
385,980

$
397,973

1) The average balance includes $8.4 billion, $8.3 billion and $8.2 billion for the quarters ended March 31, 2019, Dec. 31, 2018 and Sept. 30, 2018, respectively, of assets managed by a nonconsolidated entity, Hermes GPE LLP, in which Hermes holds an equity method investment.