Pennsylvania | 001-14818 | 25-1111467 | ||
(State or other jurisdiction | (Commission File Number) | (I.R.S. Employer | ||
of incorporation) | Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Class B common stock, no par value | FII | New York Stock Exchange |
Emerging growth company | o |
FEDERATED INVESTORS, INC. | ||||
(REGISTRANT) | ||||
Date | July 25, 2019 | By: | /s/ Thomas R. Donahue | |
Thomas R. Donahue | ||||
Chief Financial Officer |
• | Q2 2019 EPS of $0.62 compared to $0.38 for Q2 2018 |
• | Money market assets up $77.9 billion or 31% from Q2 2018 |
• | Board declares $0.27 per share quarterly dividend |
MEDIA: | MEDIA: | ANALYSTS: |
Ed Costello 412-288-7538 | Meghan McAndrew 412-288-8103 | Ray Hanley 412-288-1920 |
Federated Reports Q2 2019 Earnings | Page 2 of 12 |
Federated Reports Q2 2019 Earnings | Page 3 of 12 |
Federated Reports Q2 2019 Earnings | Page 4 of 12 |
Unaudited Condensed Consolidated Statements of Income | ||||||||||||||
(in thousands, except per share data) | ||||||||||||||
Quarter Ended | % Change Q2 2018 to Q2 2019 | Quarter Ended | % Change Q1 2019 to Q2 2019 | |||||||||||
June 30, 2019 | June 30, 2018 | March 31, 2019 | ||||||||||||
Revenue | ||||||||||||||
Investment advisory fees, net | $ | 220,669 | $ | 168,127 | 31 | % | $ | 211,199 | 4 | % | ||||
Administrative service fees, net—affiliates | 57,968 | 48,370 | 20 | 54,135 | 7 | |||||||||
Other service fees, net | 42,842 | 39,496 | 8 | 41,716 | 3 | |||||||||
Total Revenue | 321,479 | 255,993 | 26 | 307,050 | 5 | |||||||||
Operating Expenses | ||||||||||||||
Compensation and related | 107,248 | 74,147 | 45 | 111,216 | (4 | ) | ||||||||
Distribution | 82,000 | 69,446 | 18 | 77,632 | 6 | |||||||||
Systems and communications | 12,111 | 7,751 | 56 | 12,794 | (5 | ) | ||||||||
Office and occupancy | 11,066 | 7,365 | 50 | 11,362 | (3 | ) | ||||||||
Professional service fees | 10,281 | 9,278 | 11 | 10,486 | (2 | ) | ||||||||
Advertising and promotional | 4,697 | 3,237 | 45 | 4,190 | 12 | |||||||||
Travel and related | 4,459 | 3,523 | 27 | 3,848 | 16 | |||||||||
Other | 4,677 | 489 | NM | 4,633 | 1 | |||||||||
Total Operating Expenses | 236,539 | 175,236 | 35 | 236,161 | 0 | |||||||||
Operating Income | 84,940 | 80,757 | 5 | 70,889 | 20 | |||||||||
Nonoperating Income (Expenses) | ||||||||||||||
Investment income (loss), net | 1,526 | 1,377 | 11 | 2,709 | (44 | ) | ||||||||
Debt expense | (1,332 | ) | (1,431 | ) | (7 | ) | (1,400 | ) | (5 | ) | ||||
Other, net | (832 | ) | (28,974 | ) | (97 | ) | 324 | (357 | ) | |||||
Total Nonoperating Income (Expenses), net | (638 | ) | (29,028 | ) | (98 | ) | 1,633 | (139 | ) | |||||
Income before income taxes | 84,302 | 51,729 | 63 | 72,522 | 16 | |||||||||
Income tax provision | 20,462 | 13,062 | 57 | 17,911 | 14 | |||||||||
Net income including the noncontrolling interests in subsidiaries | 63,840 | 38,667 | 65 | 54,611 | 17 | |||||||||
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries | 1,116 | (155 | ) | NM | 65 | NM | ||||||||
Net Income | $ | 62,724 | $ | 38,822 | 62 | % | $ | 54,546 | 15 | % | ||||
Amounts Attributable to Federated Investors, Inc. | ||||||||||||||
Earnings Per Share1 | ||||||||||||||
Basic and diluted | $ | 0.62 | $ | 0.38 | 63 | % | $ | 0.54 | 15 | % | ||||
Weighted-Average Shares Outstanding | ||||||||||||||
Basic | 97,330 | 97,193 | 96,994 | |||||||||||
Diluted | 97,330 | 97,194 | 96,995 | |||||||||||
Dividends Declared Per Share | $ | 0.27 | $ | 0.27 | $ | 0.27 |
Federated Reports Q2 2019 Earnings | Page 5 of 12 |
Unaudited Condensed Consolidated Statements of Income | ||||||||
(in thousands, except per share data) | ||||||||
Six Months Ended | ||||||||
June 30, 2019 | June 30, 2018 | % Change | ||||||
Revenue | ||||||||
Investment advisory fees, net | $ | 431,868 | $ | 342,393 | 26 | % | ||
Administrative service fees, net—affiliates | 112,103 | 97,393 | 15 | |||||
Other service fees, net | 84,558 | 80,059 | 6 | |||||
Total Revenue | 628,529 | 519,845 | 21 | |||||
Operating Expenses | ||||||||
Compensation and related | 218,464 | 152,521 | 43 | |||||
Distribution | 159,632 | 141,945 | 12 | |||||
Professional service fees | 20,767 | 18,908 | 10 | |||||
Systems and communications | 24,905 | 16,184 | 54 | |||||
Office and occupancy | 22,428 | 14,906 | 50 | |||||
Advertising and promotional | 8,886 | 6,465 | 37 | |||||
Travel and related | 8,307 | 6,344 | 31 | |||||
Other | 9,311 | 2,144 | 334 | |||||
Total Operating Expenses | 472,700 | 359,417 | 32 | |||||
Operating Income | 155,829 | 160,428 | (3 | ) | ||||
Nonoperating Income (Expenses) | ||||||||
Investment income (loss), net | 4,235 | 2,095 | 102 | |||||
Debt expense | (2,732 | ) | (2,761 | ) | (1 | ) | ||
Other, net | (508 | ) | (29,117 | ) | (98 | ) | ||
Total Nonoperating Income (Expenses), net | 995 | (29,783 | ) | (103 | ) | |||
Income before income taxes | 156,824 | 130,645 | 20 | |||||
Income tax provision | 38,373 | 31,972 | 20 | |||||
Net income including the noncontrolling interests in subsidiaries | 118,451 | 98,673 | 20 | |||||
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries | 1,181 | (480 | ) | (346 | ) | |||
Net Income | $ | 117,270 | $ | 99,153 | 18 | % | ||
Amounts Attributable to Federated Investors, Inc. | ||||||||
Earnings Per Share1 | ||||||||
Basic and diluted | $ | 1.16 | $ | 0.98 | 18 | % | ||
Weighted-Average Shares Outstanding | ||||||||
Basic | 97,163 | 97,191 | ||||||
Diluted | 97,163 | 97,192 | ||||||
Dividends Declared Per Share | $ | 0.54 | $ | 0.52 |
Federated Reports Q2 2019 Earnings | Page 6 of 12 |
Unaudited Condensed Consolidated Balance Sheets | ||||||
(in thousands) | June 30, 2019 | Dec. 31, 2018 | ||||
Assets | ||||||
Cash and other investments | $ | 227,010 | $ | 190,490 | ||
Other current assets | 111,362 | 113,611 | ||||
Intangible assets, net, including goodwill | 1,148,063 | 1,149,247 | ||||
Other long-term assets | 201,615 | 90,335 | ||||
Total Assets | $ | 1,688,050 | $ | 1,543,683 | ||
Liabilities, Redeemable Noncontrolling Interests and Equity | ||||||
Current liabilities | $ | 151,809 | $ | 181,180 | ||
Long-term debt | 125,000 | 135,000 | ||||
Other long-term liabilities | 296,725 | 187,869 | ||||
Redeemable noncontrolling interests | 201,988 | 182,513 | ||||
Equity excluding treasury stock | 1,190,161 | 1,144,458 | ||||
Treasury stock | (277,633 | ) | (287,337 | ) | ||
Total Liabilities, Redeemable Noncontrolling Interests and Equity | $ | 1,688,050 | $ | 1,543,683 |
Federated Reports Q2 2019 Earnings | Page 7 of 12 |
Unaudited Changes in Long-Term Assets - By Asset Class | ||||||||||||||||
(in millions) | Quarter Ended | Six Months Ended | ||||||||||||||
June 30, 2019 | March 31, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | ||||||||||||
Equity | ||||||||||||||||
Beginning assets | $ | 80,245 | $ | 72,497 | $ | 58,830 | $ | 72,497 | $ | 62,816 | ||||||
Sales1 | 4,812 | 5,136 | 2,731 | 9,948 | 5,924 | |||||||||||
Redemptions1 | (4,404 | ) | (5,926 | ) | (5,078 | ) | (10,330 | ) | (10,336 | ) | ||||||
Net sales (redemptions)1 | 408 | (790 | ) | (2,347 | ) | (382 | ) | (4,412 | ) | |||||||
Net exchanges | 191 | 13 | 202 | 204 | 75 | |||||||||||
Impact of foreign exchange2 | 4 | (122 | ) | 0 | (118 | ) | 0 | |||||||||
Market gains and losses3 | 1,151 | 8,647 | 1,288 | 9,798 | (506 | ) | ||||||||||
Ending assets | $ | 81,999 | $ | 80,245 | $ | 57,973 | $ | 81,999 | $ | 57,973 | ||||||
Fixed Income | ||||||||||||||||
Beginning assets | $ | 64,107 | $ | 63,158 | $ | 62,205 | $ | 63,158 | $ | 64,160 | ||||||
Sales1 | 5,193 | 5,416 | 4,755 | 10,609 | 9,663 | |||||||||||
Redemptions1 | (5,181 | ) | (6,341 | ) | (4,934 | ) | (11,522 | ) | (11,528 | ) | ||||||
Net sales (redemptions)1 | 12 | (925 | ) | (179 | ) | (913 | ) | (1,865 | ) | |||||||
Net exchanges | (191 | ) | (33 | ) | (207 | ) | (224 | ) | (80 | ) | ||||||
Impact of foreign exchange2 | (25 | ) | 8 | 0 | (17 | ) | 0 | |||||||||
Market gains and losses3 | 1,149 | 1,899 | (384 | ) | 3,048 | (780 | ) | |||||||||
Ending assets | $ | 65,052 | $ | 64,107 | $ | 61,435 | $ | 65,052 | $ | 61,435 | ||||||
Alternative/Private Markets4 | ||||||||||||||||
Beginning assets | $ | 17,854 | $ | 18,318 | $ | 343 | $ | 18,318 | $ | 366 | ||||||
Sales1 | 320 | 313 | 15 | 633 | 56 | |||||||||||
Redemptions1 | (302 | ) | (858 | ) | (44 | ) | (1,160 | ) | (111 | ) | ||||||
Net sales (redemptions)1 | 18 | (545 | ) | (29 | ) | (527 | ) | (55 | ) | |||||||
Net exchanges | (1 | ) | (2 | ) | (2 | ) | (3 | ) | (1 | ) | ||||||
Impact of foreign exchange2 | (435 | ) | 387 | 0 | (48 | ) | 0 | |||||||||
Market gains and losses3 | 481 | (304 | ) | (20 | ) | 177 | (18 | ) | ||||||||
Ending assets | $ | 17,917 | $ | 17,854 | $ | 292 | $ | 17,917 | $ | 292 | ||||||
Multi-asset | ||||||||||||||||
Beginning assets | $ | 4,259 | $ | 4,093 | $ | 4,843 | $ | 4,093 | $ | 5,014 | ||||||
Sales1 | 78 | 104 | 126 | 182 | 254 | |||||||||||
Redemptions1 | (228 | ) | (241 | ) | (229 | ) | (469 | ) | (464 | ) | ||||||
Net sales (redemptions)1 | (150 | ) | (137 | ) | (103 | ) | (287 | ) | (210 | ) | ||||||
Net exchanges | 0 | 2 | (2 | ) | 2 | (2 | ) | |||||||||
Market gains and losses3 | 104 | 301 | (8 | ) | 405 | (72 | ) | |||||||||
Ending assets | $ | 4,213 | $ | 4,259 | $ | 4,730 | $ | 4,213 | $ | 4,730 | ||||||
Total Long-term Assets4 | ||||||||||||||||
Beginning assets | $ | 166,465 | $ | 158,066 | $ | 126,221 | $ | 158,066 | $ | 132,356 | ||||||
Sales1 | 10,403 | 10,969 | 7,627 | 21,372 | 15,897 | |||||||||||
Redemptions1 | (10,115 | ) | (13,366 | ) | (10,285 | ) | (23,481 | ) | (22,439 | ) | ||||||
Net sales (redemptions)1 | 288 | (2,397 | ) | (2,658 | ) | (2,109 | ) | (6,542 | ) | |||||||
Net exchanges | (1 | ) | (20 | ) | (9 | ) | (21 | ) | (8 | ) | ||||||
Impact of foreign exchange2 | (456 | ) | 273 | 0 | (183 | ) | 0 | |||||||||
Market gains and losses3 | 2,885 | 10,543 | 876 | 13,428 | (1,376 | ) | ||||||||||
Ending assets | $ | 169,181 | $ | 166,465 | $ | 124,430 | $ | 169,181 | $ | 124,430 |
4) | Ending assets includes $8.4 billion and $8.1 billion at June 30, 2019 and March 31, 2019, respectively, of assets managed by a nonconsolidated entity, Hermes GPE LLP, in which Hermes holds an equity method investment. |
Federated Reports Q2 2019 Earnings | Page 8 of 12 |
Unaudited Changes in Long-Term Assets - By Asset Class and Product Type | ||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||||||
June 30, 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 | $ | 42,057 | $ | 38,188 | $ | 41,189 | $ | 22,918 | $ | 11,164 | $ | 6,690 | $ | 4,072 | $ | 187 | $ | 98,482 | $ | 67,983 | ||||||||||
Sales | 3,047 | 1,765 | 4,141 | 1,052 | 241 | 79 | 73 | 5 | 7,502 | 2,901 | ||||||||||||||||||||
Redemptions | (2,740 | ) | (1,664 | ) | (3,845 | ) | (1,336 | ) | (213 | ) | (89 | ) | (222 | ) | (6 | ) | (7,020 | ) | (3,095 | ) | ||||||||||
Net sales (redemptions) | 307 | 101 | 296 | (284 | ) | 28 | (10 | ) | (149 | ) | (1 | ) | 482 | (194 | ) | |||||||||||||||
Net exchanges | 191 | 0 | (191 | ) | 0 | (1 | ) | 0 | 0 | 0 | (1 | ) | 0 | |||||||||||||||||
Impact of foreign exchange3 | (27 | ) | 31 | (37 | ) | 12 | (267 | ) | (168 | ) | 0 | 0 | (331 | ) | (125 | ) | ||||||||||||||
Market gains and losses4 | 915 | 236 | 827 | 322 | 476 | 5 | 96 | 8 | 2,314 | 571 | ||||||||||||||||||||
Ending assets | $ | 43,443 | $ | 38,556 | $ | 42,084 | $ | 22,968 | $ | 11,400 | $ | 6,517 | $ | 4,019 | $ | 194 | $ | 100,946 | $ | 68,235 | ||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||
June 30, 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 | 6,459 | 3,489 | 8,295 | 2,314 | 495 | 138 | 175 | 7 | 15,424 | 5,948 | ||||||||||||||||||||
Redemptions | (5,743 | ) | (4,587 | ) | (8,571 | ) | (2,951 | ) | (600 | ) | (560 | ) | (457 | ) | (12 | ) | (15,371 | ) | (8,110 | ) | ||||||||||
Net sales (redemptions) | 716 | (1,098 | ) | (276 | ) | (637 | ) | (105 | ) | (422 | ) | (282 | ) | (5 | ) | 53 | (2,162 | ) | ||||||||||||
Net exchanges | 204 | 0 | (199 | ) | (25 | ) | (3 | ) | 0 | 2 | 0 | 4 | (25 | ) | ||||||||||||||||
Impact of foreign exchange3 | (42 | ) | (76 | ) | (14 | ) | (3 | ) | (27 | ) | (21 | ) | 0 | 0 | (83 | ) | (100 | ) | ||||||||||||
Market gains and losses4 | 5,981 | 3,817 | 2,083 | 965 | 170 | 7 | 379 | 26 | 8,613 | 4,815 | ||||||||||||||||||||
Ending assets | $ | 43,443 | $ | 38,556 | $ | 42,084 | $ | 22,968 | $ | 11,400 | $ | 6,517 | $ | 4,019 | $ | 194 | $ | 100,946 | $ | 68,235 |
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) | Ending assets includes $8.4 billion of assets managed by a nonconsolidated entity, Hermes GPE LLP, in which Hermes holds an equity method investment. |
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 Q2 2019 Earnings | Page 9 of 12 |
Unaudited Changes in Long-Term Assets - By Product Type | ||||||||||||||||
(in millions) | Quarter Ended | Six Months Ended | ||||||||||||||
June 30, 2019 | March 31, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | ||||||||||||
Total Fund Assets1 | ||||||||||||||||
Beginning assets | $ | 98,482 | $ | 92,359 | $ | 76,999 | $ | 92,359 | $ | 79,301 | ||||||
Sales | 7,502 | 7,922 | 5,609 | 15,424 | 11,565 | |||||||||||
Redemptions | (7,020 | ) | (8,351 | ) | (6,947 | ) | (15,371 | ) | (14,581 | ) | ||||||
Net sales (redemptions) | 482 | (429 | ) | (1,338 | ) | 53 | (3,016 | ) | ||||||||
Net exchanges | (1 | ) | 5 | (7 | ) | 4 | (9 | ) | ||||||||
Impact of foreign exchange2 | (331 | ) | 248 | 0 | (83 | ) | 0 | |||||||||
Market gains and losses3 | 2,314 | 6,299 | 735 | 8,613 | 113 | |||||||||||
Ending assets | $ | 100,946 | $ | 98,482 | $ | 76,389 | $ | 100,946 | $ | 76,389 | ||||||
Total Separate Account Assets4 | ||||||||||||||||
Beginning assets | $ | 67,983 | $ | 65,707 | $ | 49,222 | $ | 65,707 | $ | 53,055 | ||||||
Sales5 | 2,901 | 3,047 | 2,018 | 5,948 | 4,332 | |||||||||||
Redemptions5 | (3,095 | ) | (5,015 | ) | (3,338 | ) | (8,110 | ) | (7,858 | ) | ||||||
Net sales (redemptions)5 | (194 | ) | (1,968 | ) | (1,320 | ) | (2,162 | ) | (3,526 | ) | ||||||
Net exchanges | 0 | (25 | ) | (2 | ) | (25 | ) | 1 | ||||||||
Impact of foreign exchange2 | (125 | ) | 25 | 0 | (100 | ) | 0 | |||||||||
Market gains and losses3 | 571 | 4,244 | 141 | 4,815 | (1,489 | ) | ||||||||||
Ending assets | $ | 68,235 | $ | 67,983 | $ | 48,041 | $ | 68,235 | $ | 48,041 | ||||||
Total Long-term Assets1,4 | ||||||||||||||||
Beginning assets | $ | 166,465 | $ | 158,066 | $ | 126,221 | $ | 158,066 | $ | 132,356 | ||||||
Sales5 | 10,403 | 10,969 | 7,627 | 21,372 | 15,897 | |||||||||||
Redemptions5 | (10,115 | ) | (13,366 | ) | (10,285 | ) | (23,481 | ) | (22,439 | ) | ||||||
Net sales (redemptions)5 | 288 | (2,397 | ) | (2,658 | ) | (2,109 | ) | (6,542 | ) | |||||||
Net exchanges | (1 | ) | (20 | ) | (9 | ) | (21 | ) | (8 | ) | ||||||
Impact of foreign exchange2 | (456 | ) | 273 | 0 | (183 | ) | 0 | |||||||||
Market gains and losses3 | 2,885 | 10,543 | 876 | 13,428 | (1,376 | ) | ||||||||||
Ending assets | $ | 169,181 | $ | 166,465 | $ | 124,430 | $ | 169,181 | $ | 124,430 |
1) | Includes $8.4 billion and $8.1 billion at June 30, 2019 and March 31, 2019, respectively, of assets managed by a nonconsolidated entity, Hermes GPE LLP, in which Hermes holds an equity method investment. |
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 Q2 2019 Earnings | Page 10 of 12 |
Unaudited Managed Assets (in millions) | June 30, 2019 | March 31, 2019 | Dec. 31, 2018 | Sept. 30, 2018 | June 30, 2018 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 81,999 | $ | 80,245 | $ | 72,497 | $ | 84,143 | $ | 57,973 | |||||
Fixed-income | 65,052 | 64,107 | 63,158 | 65,369 | 61,435 | ||||||||||
Alternative / private markets1 | 17,917 | 17,854 | 18,318 | 18,621 | 292 | ||||||||||
Multi-asset | 4,213 | 4,259 | 4,093 | 4,790 | 4,730 | ||||||||||
Total long-term assets | 169,181 | 166,465 | 158,066 | 172,923 | 124,430 | ||||||||||
Money market | 333,066 | 318,413 | 301,794 | 264,233 | 255,247 | ||||||||||
Total Managed Assets | $ | 502,247 | $ | 484,878 | $ | 459,860 | $ | 437,156 | $ | 379,677 | |||||
By Product Type | |||||||||||||||
Funds: | |||||||||||||||
Equity | $ | 43,443 | $ | 42,057 | $ | 36,584 | $ | 43,578 | $ | 31,699 | |||||
Fixed-income | 42,084 | 41,189 | 40,490 | 41,817 | 39,877 | ||||||||||
Alternative / private markets1 | 11,400 | 11,164 | 11,365 | 11,457 | 292 | ||||||||||
Multi-asset | 4,019 | 4,072 | 3,920 | 4,585 | 4,521 | ||||||||||
Total long-term assets | 100,946 | 98,482 | 92,359 | 101,437 | 76,389 | ||||||||||
Money market | 231,321 | 214,764 | 208,480 | 182,966 | 172,671 | ||||||||||
Total Fund Assets | $ | 332,267 | $ | 313,246 | $ | 300,839 | $ | 284,403 | $ | 249,060 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 38,556 | $ | 38,188 | $ | 35,913 | $ | 40,565 | $ | 26,274 | |||||
Fixed-income | 22,968 | 22,918 | 22,668 | 23,552 | 21,558 | ||||||||||
Alternative / private markets | 6,517 | 6,690 | 6,953 | 7,164 | 0 | ||||||||||
Multi-asset | 194 | 187 | 173 | 205 | 209 | ||||||||||
Total long-term assets | 68,235 | 67,983 | 65,707 | 71,486 | 48,041 | ||||||||||
Money market | 101,745 | 103,649 | 93,314 | 81,267 | 82,576 | ||||||||||
Total Separate Account Assets | $ | 169,980 | $ | 171,632 | $ | 159,021 | $ | 152,753 | $ | 130,617 | |||||
Total Managed Assets | $ | 502,247 | $ | 484,878 | $ | 459,860 | $ | 437,156 | $ | 379,677 |
Federated Reports Q2 2019 Earnings | Page 11 of 12 |
Unaudited Average Managed Assets | Quarter Ended | ||||||||||||||
(in millions) | June 30, 2019 | March 31, 2019 | Dec. 31, 2018 | Sept. 30, 2018 | June 30, 2018 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 80,819 | $ | 77,554 | $ | 78,084 | $ | 84,262 | $ | 58,818 | |||||
Fixed-income | 64,913 | 64,167 | 63,881 | 64,750 | 61,648 | ||||||||||
Alternative / private markets1 | 17,772 | 18,311 | 18,410 | 18,504 | 319 | ||||||||||
Multi-asset | 4,225 | 4,225 | 4,449 | 4,805 | 4,824 | ||||||||||
Total long-term assets | 167,729 | 164,257 | 164,824 | 172,321 | 125,609 | ||||||||||
Money market | 325,527 | 311,150 | 278,885 | 261,571 | 260,371 | ||||||||||
Total Avg. Managed Assets | $ | 493,256 | $ | 475,407 | $ | 443,709 | $ | 433,892 | $ | 385,980 | |||||
By Product Type | |||||||||||||||
Funds: | |||||||||||||||
Equity | $ | 42,571 | $ | 40,217 | $ | 39,871 | $ | 43,473 | $ | 31,911 | |||||
Fixed-income | 41,652 | 41,095 | 41,088 | 41,501 | 40,199 | ||||||||||
Alternative / private markets1 | 11,146 | 11,545 | 11,351 | 11,109 | 319 | ||||||||||
Multi-asset | 4,034 | 4,042 | 4,268 | 4,598 | 4,604 | ||||||||||
Total long-term assets | 99,403 | 96,899 | 96,578 | 100,681 | 77,033 | ||||||||||
Money market | 222,282 | 209,260 | 194,009 | 179,562 | 175,885 | ||||||||||
Total Avg. Fund Assets | $ | 321,685 | $ | 306,159 | $ | 290,587 | $ | 280,243 | $ | 252,918 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 38,248 | $ | 37,337 | $ | 38,213 | $ | 40,789 | $ | 26,907 | |||||
Fixed-income | 23,261 | 23,072 | 22,793 | 23,249 | 21,449 | ||||||||||
Alternative / private markets | 6,626 | 6,766 | 7,059 | 7,395 | 0 | ||||||||||
Multi-asset | 191 | 183 | 181 | 207 | 220 | ||||||||||
Total long-term assets | 68,326 | 67,358 | 68,246 | 71,640 | 48,576 | ||||||||||
Money market | 103,245 | 101,890 | 84,876 | 82,009 | 84,486 | ||||||||||
Total Avg. Separate Account Assets | $ | 171,571 | $ | 169,248 | $ | 153,122 | $ | 153,649 | $ | 133,062 | |||||
Total Avg. Managed Assets | $ | 493,256 | $ | 475,407 | $ | 443,709 | $ | 433,892 | $ | 385,980 |
Federated Reports Q2 2019 Earnings | Page 12 of 12 |
Unaudited Average Managed Assets | Six Months Ended | |||||||
(in millions) | June 30, 2019 | June 30, 2018 | ||||||
By Asset Class | ||||||||
Equity | $ | 79,187 | $ | 60,186 | ||||
Fixed-income | 64,540 | 62,593 | ||||||
Alternative / private markets1 | 18,041 | 337 | ||||||
Multi-asset | 4,225 | 4,902 | ||||||
Total long-term assets | 165,993 | 128,018 | ||||||
Money market | 318,339 | 263,958 | ||||||
Total Avg. Managed Assets | $ | 484,332 | $ | 391,976 | ||||
By Product Type | ||||||||
Funds: | ||||||||
Equity | $ | 41,394 | $ | 32,296 | ||||
Fixed-income | 41,373 | 40,610 | ||||||
Alternative / private markets1 | 11,346 | 337 | ||||||
Multi-asset | 4,038 | 4,677 | ||||||
Total long-term assets | 98,151 | 77,920 | ||||||
Money market | 215,771 | 178,870 | ||||||
Total Avg. Fund Assets | $ | 313,922 | $ | 256,790 | ||||
Separate Accounts: | ||||||||
Equity | $ | 37,793 | $ | 27,890 | ||||
Fixed-income | 23,167 | 21,983 | ||||||
Alternative / private markets | 6,695 | 0 | ||||||
Multi-asset | 187 | 225 | ||||||
Total long-term assets | 67,842 | 50,098 | ||||||
Money market | 102,568 | 85,088 | ||||||
Total Avg. Separate Account Assets | $ | 170,410 | $ | 135,186 | ||||
Total Avg. Managed Assets | $ | 484,332 | $ | 391,976 |
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