0001056288-20-000035.txt : 20201029 0001056288-20-000035.hdr.sgml : 20201029 20201029172317 ACCESSION NUMBER: 0001056288-20-000035 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20201029 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20201029 DATE AS OF CHANGE: 20201029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED HERMES, INC. CENTRAL INDEX KEY: 0001056288 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 251111467 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14818 FILM NUMBER: 201273740 BUSINESS ADDRESS: STREET 1: 1001 LIBERTY AVENUE CITY: PITTSBURGH STATE: PA ZIP: 15222 BUSINESS PHONE: 4122881900 MAIL ADDRESS: STREET 1: 1001 LIBERTY AVENUE CITY: PITTSBURGH STATE: PA ZIP: 15222 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED INVESTORS INC /PA/ DATE OF NAME CHANGE: 20200130 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED HERMES, INC. DATE OF NAME CHANGE: 20200130 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED INVESTORS INC /PA/ DATE OF NAME CHANGE: 19980219 8-K 1 fhi-20201029.htm 8-K fhi-20201029
0001056288false00010562882020-10-292020-10-2900010562882020-07-302020-07-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 29, 2020


FEDERATED HERMES, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania001-1481825-1111467
  (State or other jurisdiction(Commission File Number)(I.R.S. Employer
of incorporation)Identification No.)

1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Address of principal executive offices, including zip code)


(412) 288-1900
(Registrant's telephone number, including area code)


Not Applicable
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class B common stock, no par valueFHINew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐



ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On October 29, 2020, Federated Hermes, Inc. (Federated Hermes) issued the earnings press release attached hereto as Exhibit 99.1 to report third quarter 2020 results.
    

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits:
Earnings press release issued by Federated Hermes, Inc. dated October 29, 2020
Exhibit 104Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
                                    
FEDERATED HERMES, INC.
(REGISTRANT)
DateOctober 29, 2020By:/s/ Thomas R. Donahue
Thomas R. Donahue
Chief Financial Officer




 EX-99 2 a991-2020q3earningspre.htm EX-99 Document

Exhibit 99.1
fhipressreleaseimageq120201.gif
Federated Hermes, Inc. reports third quarter 2020 earnings; board declares cash dividend per share of $1.27, including $0.27 quarterly and $1.00 special dividend
•Q3 2020 earnings per diluted share of $0.85 compared to $0.72 for Q3 2019
•Equity assets at $80 billion; fixed-income assets reach a record $80 billion
(PITTSBURGH, Pa., Oct. 29, 2020) — Federated Hermes, Inc. (NYSE: FHI), a global leader in active, responsible investing, today reported earnings per diluted share (EPS) of $0.85 for Q3 2020, compared to $0.72 for the same quarter last year, on net income of $85.8 million for Q3 2020, compared to $73.0 million for Q3 2019. Federated Hermes reported YTD 2020 earnings per diluted share of $2.29, compared to $1.88 for the same period in 2019, on YTD 2020 net income of $231.2 million, compared to $190.2 million for the same period in 2019.
Federated Hermes' total managed assets were $614.8 billion at Sept. 30, 2020, up $87.6 billion or 17% from $527.2 billion at Sept. 30, 2019 and down $14.0 billion or 2% from $628.8 billion at June 30, 2020. Total average managed assets for Q3 2020 were $628.1 billion, up $110.1 billion or 21% from $518.0 billion reported for Q3 2019 and down $8.8 billion or 1% from $636.9 billion reported for Q2 2020.
"In the third quarter, investors and advisors continued to show strong interest in a range of our actively managed strategies through market volatility and the Covid-19 pandemic," said J. Christopher Donahue, president and chief executive officer. "Federated Hermes' equity assets were at $80 billion, with strong investment performance from our international dividend strategy and both an emerging market equity and an international growth equity fund, which were added to our product mix in the last year and are managed by the Cleveland-based international equity team. We saw net sales in a variety of equity styles, including growth, ESG and impact funds.
"We reached record fixed-income assets under management of $80 billion at the end of the third quarter," said Donahue. "Our Total Return Bond Fund and Short-Intermediate Total Return Bond Fund outperformed a majority of their peers during the pandemic. Both funds, which seek to capture opportunities and manage risk through various rate environments, were among our funds with the strongest net sales, along with a range of short-duration and high-yield strategies."
Federated Hermes’ board of directors declared a dividend of $1.27 per share. The dividend, which will be paid from Federated Hermes’ existing cash balance, is considered an ordinary dividend for tax purposes and consists of a $0.27 quarterly dividend and a $1.00 special dividend. The dividend is payable on Nov. 13, 2020 to shareholders of record as of Nov. 6, 2020. During Q3 2020, Federated Hermes purchased 866,900 shares of Federated Hermes class B common stock for $20.0 million.
"The special dividend reinforces Federated Hermes' continued commitment to delivering shareholder value," said Thomas R. Donahue, chief financial officer. "The November dividend payment marks our fifth special-dividend, totaling $7.53 per share, in the last dozen years."
Equity assets were $80.4 billion at Sept. 30, 2020, down $0.4 billion from $80.8 billion at Sept. 30, 2019 and up $3.5 billion or 5% from $76.9 billion at June 30, 2020. Top-selling equity funds during Q3 2020 on a net basis were Federated Hermes
MEDIA:MEDIA:ANALYSTS:
Ed Costello 412-288-7538Meghan McAndrew 412-288-8103Ray Hanley 412-288-1920
    
Federated Hermes Reports Q3 2020 Earnings
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Kaufmann Small Cap Fund, Federated Hermes SDG Engagement Equity Fund (UCITS), Federated Hermes Global Equity ESG Fund, Federated Hermes Impact Opportunities Equity Fund and the Federated Hermes International Small-Mid Company Fund.
Fixed-income assets were a record $79.5 billion at Sept. 30, 2020, up $13.7 billion or 21% from $65.8 billion at Sept. 30, 2019 and up $6.4 billion or 9% from $73.1 billion at June 30, 2020. Top-selling fixed-income funds during Q3 2020 on a net basis were Federated Hermes Short-Intermediate Total Return Bond Fund, Federated Hermes Ultrashort Bond Fund, Federated Hermes Municipal Ultrashort Fund, Federated Hermes Total Return Bond Fund and Federated Hermes Institutional High Yield Bond Fund.
Money market assets were $433.0 billion at Sept. 30, 2020, up $73.7 billion or 21% from $359.3 billion at Sept. 30, 2019 and down $24.6 billion or 5% from $457.6 billion at June 30, 2020. Money market fund assets were $325.9 billion at Sept. 30, 2020, up $64.7 billion or 25% from $261.2 billion at Sept. 30, 2019 and down $18.9 billion or 5% from $344.8 billion at June 30, 2020.
Financial Summary
Q3 2020 vs. Q3 2019
Revenue increased $24.1 million or 7% percent primarily due to higher average money market and fixed-income assets and as a result of revenue of a previously nonconsolidated entity being recorded in operating revenue beginning March 2020. These increases in revenue were partially offset by voluntary fee waivers related to certain money market funds in order for those funds to maintain positive or zero net yields (voluntary yield-related fee waivers). See "Impact of voluntary yield-related fee waivers."
During Q3 2020, Federated Hermes derived 60 percent of its revenue from long-term assets (38 percent from equity assets, 14 percent from fixed-income assets and 8 percent from alternative/private markets and multi-asset), 39 percent from money market assets, and 1 percent from sources other than managed assets.
Operating expenses were flat, with increases in compensation being offset by decreased distribution expenses primarily resulting from voluntary yield-related fee waivers on certain money market fund assets.
Nonoperating income (expenses) decreased a net $1.2 million or 17% due to the net operating impact from the previously nonconsolidated entity no longer being recorded as nonoperating income, offset partially by increased investment gains.
Q3 2020 vs. Q2 2020
Revenue increased $3.7 million or 1% primarily due to higher average equity and fixed-income assets. These increases were partially offset by an increase in voluntary yield-related fee waivers and lower average money market assets.
Operating expenses decreased $12.4 million or 5% primarily due to decreased distribution expenses resulting from higher voluntary yield-related fee waivers on certain money market fund assets.
Nonoperating income (expenses) decreased a net $7.8 million or 56% primarily due to the Q3 2020 increase in the market value of investments being less than the Q2 2020 market value increase following the significant recovery from the Q1 2020 coronavirus impact to markets.

    
Federated Hermes Reports Q3 2020 Earnings
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YTD 2020 vs. YTD 2019
Revenue increased $115.5 million or 12% primarily due to higher average money market assets, revenue of a previously nonconsolidated entity being recorded in operating revenue beginning March 2020 and higher average fixed-income assets. These increases were partially offset by voluntary yield-related fee waivers.     
For the first nine months of 2020, Federated Hermes derived 57% percent of its revenue from long-term assets (37 percent from equity assets, 13 percent from fixed-income assets and 7 percent from alternative/private markets and multi-asset), 42 percent from money market assets, and 1 percent from sources other than managed assets.
Operating expenses increased $57.2 million or 8% primarily due to increased incentive compensation, an increase in distribution expenses associated with higher average money market fund assets and an increase due to a previously nonconsolidated entity being recorded in expenses beginning March 2020. These increases were partially offset by voluntary yield-related fee waivers.
Nonoperating income (expenses) increased a net $4.8 million or 56% primarily due to a gain from a fair value adjustment to the equity investment of a previously nonconsolidated entity.
Impact of voluntary yield-related fee waivers
During the three and nine months ended Sept. 30, 2020, voluntary yield-related fee waivers totaled $36.8 million and $56.9 million, respectively. These fee waivers were largely offset by related reductions in distribution expenses of $33.0 million and
$51.0 million, respectively, such that the net negative pre-tax impact to Federated Hermes was $3.8 million and $5.9 million for the three and nine months ended Sept. 30, 2020, respectively.
Federated Hermes' 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 Hermes' business activity levels and financial results. Risk factors and uncertainties that can influence Federated Hermes' financial results are discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission (SEC).
Federated Hermes will host an earnings conference call at 9 a.m. Eastern on Oct. 30, 2020. Investors are invited to listen to the earnings teleconference by calling 877-407-0782 (domestic) or 201-689-8567 (international) prior to the 9 a.m. start time. To listen online, go to the Investor Relations section and the Analyst Information tab of FederatedHermes.com at least 15 minutes prior to register and join the call. A replay will be available at approximately 12:30 p.m. Eastern on Oct. 30, 2020. To access the telephone replay, dial 877-481-4010 (domestic) or 919-882-2331 (international) and enter access code 38009. The online replay will be available via FederatedHermes.com for one year.
Federated Hermes, Inc. is a leading global investment manager with $614.8 billion in assets under management as of Sept. 30, 2020. Guided by our conviction that responsible investing is the best way to create wealth over the long term, our investment solutions span equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies. Providing world-class active investment management and engagement services to more than 11,000 institutions and intermediaries, our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh, Federated Hermes’ more than 1,900 employees include those in London, New York, Boston and several other offices worldwide. For more information, visit FederatedHermes.com.

    
Federated Hermes Reports Q3 2020 Earnings
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Federated Hermes ranks in the top 6% of equity fund managers in the industry, the top 7% of money market fund managers and the top 10% of fixed-income fund managers1. Federated Hermes also ranks as the 5th-largest manager of model-delivered SMAs2. For more information, including an analyst presentation, visit FederatedHermes.com.
###
1) ISS Market Intelligence (SIMFUND), Sept. 30, 2020. Based on assets under management in open-end funds.
2) Money Management Institute/Cerulli, Q2 2020.
Federated Securities Corp. is distributor of the Federated Hermes funds.
Separately managed accounts are made available through Federated Global Investment Management Corp., Federated Investment Counseling, Federated MDTA LLC, Hermes Fund Managers Ireland Limited, Hermes Investment Management Limited, and Hermes GPE LLP, each a registered investment advisor in one or more of the U.S., U.K. or Ireland.
Certain statements in this press release, such as those related to performance, investor preferences and demand, asset flows and mix, fee waivers, and the coronavirus and efforts to combat it, 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 and retained, and sustain product demand, 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 Hermes Reports Q3 2020 Earnings
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Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Quarter Ended% Change Q3 2019 to Q3 2020Quarter Ended% Change Q2 2020 to Q3 2020
Sept. 30, 2020Sept. 30, 2019June 30, 2020
Revenue
Investment advisory fees, net$260,089 $232,106 12 %$245,126 6  %
Administrative service fees, net—affiliates83,028 64,216 29 83,733 (1)
Other service fees, net21,338 44,018 (52)31,853 (33)
Total Revenue364,455 340,340 7 360,712 1 
Operating Expenses
Compensation and related126,186 112,247 12 123,583 2 
Distribution73,726 88,082 (16)89,038 (17)
Systems and communications16,193 13,353 21 15,091 7 
Professional service fees14,006 10,678 31 13,888 1 
Office and occupancy10,578 10,855 (3)10,190 4 
Advertising and promotional2,921 4,102 (29)3,065 (5)
Travel and related542 4,158 (87)325 67 
Other6,922 7,558 (8)8,281 (16)
Total Operating Expenses251,074 251,033 0 263,461 (5)
Operating Income113,381 89,307 27 97,251 17 
Nonoperating Income (Expenses)
Investment income (loss), net6,622 444 NM14,841 55 
Debt expense(494)(1,239)(60)(785)(37)
Other, net103 8,264 (99)(24)NM
Total Nonoperating Income (Expenses), net6,231 7,469 (17)14,032 (56)
Income before income taxes119,612 96,776 24 111,283 7 
Income tax provision32,928 23,191 42 26,482 24 
Net income including the noncontrolling interests in subsidiaries86,684 73,585 18 84,801 2 
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries862 623 38 3,605 (76)
Net Income$85,822 $72,962 18 %$81,196 6  %
Amounts Attributable to Federated Hermes, Inc.
Earnings Per Share1
Basic$0.86 $0.72 19 %$0.81 6  %
Diluted$0.85 $0.72 18 %$0.80 6 %
Weighted-Average Shares Outstanding
Basic and Diluted96,039 97,306 96,800 
Dividends Declared Per Share$0.27 $0.27 $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 $3.4 million, $2.8 million and $3.2 million available to unvested restricted Federated Hermes shareholders for the quarterly periods ended Sept. 30, 2020, Sept. 30, 2019 and June 30, 2020, 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.

    
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Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Nine Months Ended
Sept. 30, 2020Sept. 30, 2019% Change
Revenue
Investment advisory fees, net$745,875 $663,974 12 %
Administrative service fees, net—affiliates238,960 176,319 36 
Other service fees, net99,515 128,576 (23)
Total Revenue1,084,350 968,869 12 
Operating Expenses
Compensation and related365,104 330,712 10 
Distribution258,925 247,713 5 
Systems and communications46,179 38,258 21 
Professional service fees41,162 31,445 31 
Office and occupancy32,539 33,283 (2)
Advertising and promotional10,981 12,989 (15)
Travel and related4,026 12,465 (68)
Other22,058 16,868 31 
Total Operating Expenses780,974 723,733 8 
Operating Income303,376 245,136 24 
Nonoperating Income (Expenses)
Investment income (loss), net7,011 4,679 50 
Debt expense(2,211)(3,971)(44)
Other, net8,426 7,756 9 
Total Nonoperating Income (Expenses), net13,226 8,464 56 
Income before income taxes316,602 253,600 25 
Income tax provision81,852 61,564 33 
Net income including the noncontrolling interests in subsidiaries234,750 192,036 22 
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries3,554 1,804 97 
Net Income$231,196 $190,232 22 %
Amounts Attributable to Federated Hermes, Inc.
Earnings Per Share1
Basic$2.30 $1.88 22 %
Diluted$2.29 $1.88 22 %
Weighted-Average Shares Outstanding
Basic and Diluted96,726 97,211 
Dividends Declared Per Share$0.81 $0.81 
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 $8.9 million and $7.3 million available to unvested restricted Federated Hermes shareholders for the nine months ended Sept. 30, 2020 and Sept. 30, 2019, 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.




    
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Unaudited Condensed Consolidated Balance Sheets
(in thousands)Sept. 30, 2020Dec. 31, 2019
Assets
  Cash and other investments$437,159 $340,635 
  Other current assets132,255 120,649 
  Intangible assets, net, including goodwill1,257,553 1,220,762 
  Other long-term assets176,759 198,085 
  Total Assets$2,003,726 $1,880,131 
Liabilities, Redeemable Noncontrolling Interests and Equity
  Current liabilities$234,379 $230,713 
  Long-term debt90,000 100,000 
  Other long-term liabilities313,470 296,052 
  Redeemable noncontrolling interests214,301 212,086 
  Equity excluding treasury stock1,469,674 1,322,312 
  Treasury stock(318,098)(281,032)
  Total Liabilities, Redeemable Noncontrolling Interests and Equity$2,003,726 $1,880,131 

    
Federated Hermes Reports Q3 2020 Earnings
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Unaudited Changes in Long-Term Assets - By Asset Class
(in millions)Quarter EndedNine Months Ended
Sept. 30, 2020June 30, 2020Sept. 30, 2019Sept. 30, 2020Sept. 30, 2019
Equity
Beginning assets$76,859 $68,239 $81,999 $89,011 $72,497 
Sales1
4,186 4,579 5,182 14,845 15,130 
Redemptions1
(5,552)(7,280)(6,384)(20,674)(16,714)
Net sales (redemptions)1
(1,366)(2,701)(1,202)(5,829)(1,584)
Net exchanges31 (56)(11)(62)193 
Acquisitions/(dispositions)0 0 0 (71)0 
Impact of foreign exchange2
578 439 (577)249 (695)
Market gains and (losses)3
4,303 10,938 541 (2,893)10,339 
Ending assets$80,405 $76,859 $80,750 $80,405 $80,750 
Fixed Income5
Beginning assets$73,143 $64,715 $65,052 $69,023 $63,158 
Sales1
9,859 10,691 4,805 28,237 15,414 
Redemptions1
(4,897)(5,407)(5,418)(20,092)(16,940)
Net sales (redemptions)1
4,962 5,284 (613)8,145 (1,526)
Net exchanges(36)146 10 (5)(214)
Acquisitions/(dispositions)0 0 0 (1)0 
Impact of foreign exchange2
135 29 (107)9 (124)
Market gains and (losses)3
1,342 2,969 1,482 2,375 4,530 
Ending assets$79,546 $73,143 $65,824 $79,546 $65,824 
Alternative/Private Markets4
Beginning assets$17,485 $18,061 $17,917 $18,102 $18,318 
Sales1
586 792 384 2,266 1,017 
Redemptions1
(411)(961)(813)(1,954)(1,973)
Net sales (redemptions)1
175 (169)(429)312 (956)
Net exchanges0 (3)(61)(1)(64)
Acquisitions/(dispositions)0 0 0 452 0 
Impact of foreign exchange2
708 (33)(560)(446)(608)
Market gains and (losses)3
(222)(371)289 (273)466 
Ending assets$18,146 $17,485 $17,156 $18,146 $17,156 
Multi-asset
Beginning assets$3,705 $3,494 $4,213 $4,199 $4,093 
Sales1
45 48 65 191 247 
Redemptions1
(155)(168)(218)(558)(687)
Net sales (redemptions)1
(110)(120)(153)(367)(440)
Net exchanges(4)(5)57 (23)59 
Impact of foreign exchange2
1 0 0 1 0 
Market gains and (losses)3
145 336 23 (73)428 
Ending assets$3,737 $3,705 $4,140 $3,737 $4,140 
Total Long-term Assets4, 5
Beginning assets$171,192 $154,509 $169,181 $180,335 $158,066 
Sales1
14,676 16,110 10,436 45,539 31,808 
Redemptions1
(11,015)(13,816)(12,833)(43,278)(36,314)
Net sales (redemptions)1
3,661 2,294 (2,397)2,261 (4,506)
Net exchanges(9)82 (5)(91)(26)
Acquisitions/(dispositions)0 0 0 380 0 
Impact of foreign exchange2
1,422 435 (1,244)(187)(1,427)
Market gains and (losses)3
5,568 13,872 2,335 (864)15,763 
Ending assets$181,834 $171,192 $167,870 $181,834 $167,870 
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.
3) 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.
4) The balance at September 30, 2019 includes $8.0 billion of assets managed by a previously nonconsolidated entity, Hermes GPE LLP, in which Federated Hermes held an equity method investment. As of March 1, 2020, Hermes GPE LLP is a consolidated subsidiary as a result of Federated Hermes' acquisition of the remaining equity interests in Hermes GPE LLP.
5) For one fixed income separate account, sales, redemptions, net sales (redemptions) and market gains and (losses) were previously incorrectly reported for the quarters ended March 31, 2020 and June 30, 2020. Total assets were reported correctly and are not impacted. Corrections for the quarter ended March 31, 2020, resulted in increasing redemptions, and thereby reducing net sales, by $390 million and increasing market gains by the same amount. Corrections for the quarter ended June 30, 2020, resulted in decreasing sales, and thereby reducing net sales, by $1.1 billion and increasing market gains by the same amount.

    
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Unaudited Changes in Long-Term Assets - By Asset Class and Product Type
(in millions)
Quarter Ended
Sept. 30, 2020
EquityFixed IncomeAlternative / Private MarketsMulti-assetTotal
Funds
Separate Accounts1
Funds
Separate Accounts1
Funds
Separate Accounts1
Funds
Separate Accounts1
Funds.
Separate Accounts1
Beginning assets$43,723 $33,136 $46,046 $27,097 $11,037 $6,448 $3,516 $189 $104,322 $66,870 
Sales2,937 1,249 7,183 2,676 471 115 44 1 10,635 4,041 
Redemptions(3,299)(2,253)(4,497)(400)(386)(25)(146)(9)(8,328)(2,687)
Net sales (redemptions)(362)(1,004)2,686 2,276 85 90 (102)(8)2,307 1,354 
Net exchanges31 0 (36)0 0 0 (4)0 (9)0 
Impact of foreign exchange2
306 272 105 30 440 268 0 1 851 571 
Market gains and (losses)3
2,395 1,908 978 364 (169)(53)136 9 3,340 2,228 
Ending assets$46,093 $34,312 $49,779 $29,767 $11,393 $6,753 $3,546 $191 $110,811 $71,023 
Nine Months Ended
Sept. 30, 2020
EquityFixed IncomeAlternative / Private MarketsMulti-assetTotal
Funds
Separate Accounts1
Funds
Separate Accounts1,4
Funds
Separate Accounts1
Funds
Separate Accounts1
Funds
Separate Accounts1,4
Beginning assets$48,112 $40,899 $44,223 $24,800 $11,389 $6,713 $4,000 $199 $107,724 $72,611 
Sales10,423 4,422 21,811 6,426 1,799 467 164 27 34,197 11,342 
Redemptions(12,431)(8,243)(17,474)(2,618)(1,511)(443)(538)(20)(31,954)(11,324)
Net sales (redemptions) (2,008)(3,821)4,337 3,808 288 24 (374)7 2,243 18 
Net exchanges(56)(6)(5)0 (1)0 (23)0 (85)(6)
Acquisition-related0 (71)0 (1)0 452 0 0 0 380 
Impact of foreign exchange2
61 188 (23)32 (258)(188)0 1 (220)33 
Market gains and (losses)3
(16)(2,877)1,247 1,128 (25)(248)(57)(16)1,149 (2,013)
Ending assets$46,093 $34,312 $49,779 $29,767 $11,393 $6,753 $3,546 $191 $110,811 $71,023 
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) Reflects the impact of translating non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes.
3)    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.
4)    For one fixed income separate account, sales, redemptions, net sales (redemptions) and market gains and (losses) were previously incorrectly reported for the quarters ended March 31, 2020 and June 30, 2020. Total assets were reported correctly and are not impacted. Corrections for the quarter ended March 31, 2020, resulted in increasing redemptions, and thereby reducing net sales, by $390 million and increasing market gains by the same amount. Corrections for the quarter ended June 30, 2020, resulted in decreasing sales, and thereby reducing net sales, by $1.1 billion and increasing market gains by the same amount.

    
Federated Hermes Reports Q3 2020 Earnings
Page 10 of 13
Unaudited Changes in Long-Term Assets - By Product Type
(in millions)
Quarter EndedNine Months Ended
Sept. 30, 2020June 30, 2020Sept. 30, 2019Sept. 30, 2020Sept. 30, 2019
Total Fund Assets1
Beginning assets$104,322 $92,251 $100,946 $107,724 $92,359 
Sales10,635 12,201 6,900 34,197 22,324 
Redemptions(8,328)(10,022)(7,986)(31,954)(23,357)
Net sales (redemptions)2,307 2,179 (1,086)2,243 (1,033)
Net exchanges(9)82 0 (85)4 
Impact of foreign exchange2
851 93 (725)(220)(808)
Market gains and (losses)3
3,340 9,717 547 1,149 9,160 
Ending assets$110,811 $104,322 $99,682 $110,811 $99,682 
Total Separate Account Assets4, 6
Beginning assets$66,870 $62,258 $68,235 $72,611 $65,707 
Sales5
4,041 3,909 3,536 11,342 9,484 
Redemptions5
(2,687)(3,794)(4,847)(11,324)(12,957)
Net sales (redemptions)5
1,354 115 (1,311)18 (3,473)
Net exchanges0 0 (5)(6)(30)
Acquisitions/(dispositions)0 0 0 380 0 
Impact of foreign exchange2
571 342 (519)33 (619)
Market gains and (losses)3
2,228 4,155 1,788 (2,013)6,603 
Ending assets
$71,023 $66,870 $68,188 $71,023 $68,188 
Total Long-term Assets1,4, 6
Beginning assets$171,192 $154,509 $169,181 $180,335 $158,066 
Sales5
14,676 16,110 10,436 45,539 31,808 
Redemptions5
(11,015)(13,816)(12,833)(43,278)(36,314)
Net sales (redemptions)5
3,661 2,294 (2,397)2,261 (4,506)
Net exchanges(9)82 (5)(91)(26)
Acquisitions/(dispositions)0 0 0 380 0 
Impact of foreign exchange2
1,422 435 (1,244)(187)(1,427)
Market gains and (losses)3
5,568 13,872 2,335 (864)15,763 
Ending assets$181,834 $171,192 $167,870 $181,834 $167,870 
1)    The balance at Sept. 30, 2019 includes $8.0 billion of assets managed by a previously nonconsolidated entity, Hermes GPE LLP, in which Federated Hermes held an equity method investment. As of March 1, 2020, Hermes GPE LLP is a consolidated subsidiary as a result of Federated Hermes' acquisition of the remaining equity interests in Hermes GPE LLP.
2) Reflects the impact of translating non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes.
3) 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.
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.
6)    For one fixed income separate account, sales, redemptions, net sales (redemptions) and market gains and (losses) were previously incorrectly reported for the quarters ended March 31, 2020 and June 30, 2020. Total assets were reported correctly and are not impacted. Corrections for the quarter ended March 31, 2020, resulted in increasing redemptions, and thereby reducing net sales, by $390 million and increasing market gains by the same amount. Corrections for the quarter ended June 30, 2020, resulted in decreasing sales, and thereby reducing net sales, by $1.1 billion and increasing market gains by the same amount.


















    
Federated Hermes Reports Q3 2020 Earnings
Page 11 of 13
Unaudited Managed AssetsQuarter Ended

(in millions)
Sept. 30, 2020June 30, 2020March 31, 2020Dec. 31, 2019Sept. 30, 2019
By Asset Class
Equity$80,405 $76,859 $68,239 $89,011 $80,750 
Fixed-income79,546 73,143 64,715 69,023 65,824 
Alternative / private markets1
18,146 17,485 18,061 18,102 17,156 
Multi-asset3,737 3,705 3,494 4,199 4,140 
Total long-term assets181,834 171,192 154,509 180,335 167,870 
Money market432,952 457,624 451,330 395,539 359,292 
Total Managed Assets$614,786 $628,816 $605,839 $575,874 $527,162 
By Product Type
Funds:
Equity$46,093 $43,723 $36,955 $48,112 $42,575 
Fixed-income49,779 46,046 40,601 44,223 42,329 
Alternative / private markets1
11,393 11,037 11,365 11,389 10,826 
Multi-asset3,546 3,516 3,330 4,000 3,952 
Total long-term assets110,811 104,322 92,251 107,724 99,682 
Money market325,940 344,846 336,133 286,612 261,215 
Total Fund Assets$436,751 $449,168 $428,384 $394,336 $360,897 
Separate Accounts:
Equity$34,312 $33,136 $31,284 $40,899 $38,175 
Fixed-income29,767 27,097 24,114 24,800 23,495 
Alternative / private markets6,753 6,448 6,696 6,713 6,330 
Multi-asset191 189 164 199 188 
Total long-term assets71,023 66,870 62,258 72,611 68,188 
Money market107,012 112,778 115,197 108,927 98,077 
Total Separate Account Assets$178,035 $179,648 $177,455 $181,538 $166,265 
Total Managed Assets$614,786 $628,816 $605,839 $575,874 $527,162 
1) Includes $8.2 billion and $8.0 billion at Dec. 31, 2019 and Sept. 30, 2019, respectively, of assets managed by a previously nonconsolidated entity, Hermes GPE LLP, in which Federated Hermes held an equity method investment. As of March 1, 2020, Hermes GPE LLP is a consolidated subsidiary as a result of Federated Hermes' acquisition of the remaining equity interests in Hermes GPE LLP.

    
Federated Hermes Reports Q3 2020 Earnings
Page 12 of 13
Unaudited Average Managed AssetsQuarter Ended
(in millions)
Sept. 30, 2020June 30, 2020March 31, 2020Dec. 31, 2019Sept. 30, 2019
By Asset Class
Equity$80,403 $73,620 $82,767 $84,448 $82,027 
Fixed-income76,798 69,603 69,068 67,602 65,074 
Alternative / private markets1
18,270 18,022 17,983 17,838 17,407 
Multi-asset3,786 3,630 4,006 4,149 4,167 
Total long-term assets179,257 164,875 173,824 174,037 168,675 
Money market448,795 471,984 406,365 376,029 349,313 
Total Avg. Managed Assets$628,052 $636,859 $580,189 $550,066 $517,988 
By Product Type
Funds:
Equity$46,020 $41,301 $44,996 $44,984 $43,077 
Fixed-income48,418 43,229 44,017 43,304 41,958 
Alternative / private markets1
11,539 11,345 11,143 11,283 11,035 
Multi-asset3,590 3,453 3,814 3,956 3,978 
Total long-term assets109,567 99,328 103,970 103,527 100,048 
Money market338,814 356,736 290,641 274,116 249,846 
Total Avg. Fund Assets$448,381 $456,064 $394,611 $377,643 $349,894 
Separate Accounts:
Equity$34,383 $32,319 $37,771 $39,464 $38,950 
Fixed-income28,380 26,374 25,051 24,298 23,116 
Alternative / private markets6,731 6,677 6,840 6,555 6,372 
Multi-asset196 177 192 193 189 
Total long-term assets69,690 65,547 69,854 70,510 68,627 
Money market109,981 115,248 115,724 101,913 99,467 
Total Avg. Separate Account Assets$179,671 $180,795 $185,578 $172,423 $168,094 
Total Avg. Managed Assets$628,052 $636,859 $580,189 $550,066 $517,988 
1) The average balance includes $8.3 billion and $8.1 billion for the quarters ended,Dec. 31, 2019 and Sept. 30, 2019, respectively, of assets managed by a previously nonconsolidated entity, Hermes GPE LLP, in which Federated Hermes held an equity method investment. As of March 1, 2020, Hermes GPE LLP is a consolidated subsidiary as a result of Federated Hermes' acquisition of the remaining equity interests in Hermes GPE LLP.

    
Federated Hermes Reports Q3 2020 Earnings
Page 13 of 13
Unaudited Average Managed AssetsNine Months Ended
(in millions)Sept. 30, 2020Sept. 30, 2019
By Asset Class
Equity$78,930 $80,133 
Fixed-income71,823 64,718 
Alternative / private markets1
18,091 17,830 
Multi-asset3,808 4,206 
Total long-term assets172,652 166,887 
Money market442,381 328,664 
Total Avg. Managed Assets$615,033 $495,551 
By Product Type
Funds:
Equity$44,106 $41,955 
Fixed-income45,221 41,568 
Alternative / private markets1
11,342 11,243 
Multi-asset3,619 4,018 
Total long-term assets104,288 98,784 
Money market328,730 227,130 
Total Avg. Fund Assets$433,018 $325,914 
Separate Accounts:
Equity$34,824 $38,178 
Fixed-income26,602 23,150 
Alternative / private markets6,749 6,587 
Multi-asset189 188 
Total long-term assets68,364 68,103 
Money market113,651 101,534 
Total Avg. Separate Account Assets$182,015 $169,637 
Total Avg. Managed Assets$615,033 $495,551 
1) The average balance for the nine months ended Sept. 30, 2019 includes $8.2 billion of assets managed by a previously nonconsolidated entity, Hermes GPE LLP, in which Federated Hermes held an equity method investment. As of March 1, 2020, Hermes GPE LLP is a consolidated subsidiary as a result of Federated Hermes' acquisition of the remaining equity interests in Hermes GPE LLP.


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PA 001-14818 25-1111467 1001 Liberty Avenue Pittsburgh PA 15222-3779 412 288-1900 false false false false Class B common stock, no par value FHI NYSE false XML 10 R1.htm IDEA: XBRL DOCUMENT v3.20.2
Cover Page
Oct. 29, 2020
Jul. 30, 2020
Cover [Abstract]    
Document Type 8-K  
Document Period End Date Oct. 29, 2020  
Entity Registrant Name FEDERATED HERMES, INC.  
Entity Incorporation, State or Country Code PA  
Entity File Number 001-14818  
Entity Tax Identification Number 25-1111467  
Entity Address, Address Line One 1001 Liberty Avenue  
Entity Address, City or Town Pittsburgh  
Entity Address, State or Province PA  
Entity Address, Postal Zip Code 15222-3779  
City Area Code 412  
Local Phone Number 288-1900  
Written Communications   false
Soliciting Material   false
Pre-commencement Tender Offer   false
Pre-commencement Issuer Tender Offer   false
Title of 12(b) Security Class B common stock, no par value  
Trading Symbol FHI  
Security Exchange Name NYSE  
Entity Emerging Growth Company false  
Entity Central Index Key   0001056288
Amendment Flag   false
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