0001056288-23-000003.txt : 20230127 0001056288-23-000003.hdr.sgml : 20230127 20230126174534 ACCESSION NUMBER: 0001056288-23-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230126 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230127 DATE AS OF CHANGE: 20230126 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: 23558852 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-20230126.htm 8-K fhi-20230126
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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): January 26, 2023


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 January 26, 2023, Federated Hermes, Inc. issued the earnings press release attached hereto as Exhibit 99.1 to report fourth quarter 2022 results. These results include a $31.5 million non-cash expense related to the impairment of an intangible asset associated with the 2018 acquisition of Hermes Fund Managers Limited. The impairment was recorded by management in connection with the preparation of Federated Hermes' period-end financial statements.

    


ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits:
Earnings press release issued by Federated Hermes, Inc. dated January 26, 2023
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)
DateJanuary 26, 2023By:/s/ Thomas R. Donahue
Thomas R. Donahue
Chief Financial Officer




 EX-99.1 2 a991-2022q4earningspressre.htm EX-99.1 Document

Exhibit 99.1
fhipressreleaseimageq12020.gif
Federated Hermes, Inc. reports fourth quarter and full-year 2022 earnings
•Q4 2022 earnings per diluted share of $0.63; full-year 2022 EPS of $2.65, each including a ($0.27) per diluted share non-cash intangible asset impairment charge
•Total assets under management at record $668.9 billion
•Board declares $0.27 per share quarterly dividend
(PITTSBURGH, Pa., Jan. 26, 2023) — Federated Hermes, Inc. (NYSE: FHI), a global leader in active, responsible investing, today reported earnings per diluted share (EPS) for Q4 2022 of $0.63, compared to $0.71 for the same quarter last year, on net income of $56.5 million for Q4 2022, compared to $68.6 million for Q4 2021. Full-year 2022 EPS was $2.65, compared to $2.75 for 2021 on net income of $239.5 million for 2022, compared to $270.3 million for 2021. Federated Hermes' results include a $31.5 million non-cash expense, or ($0.27) per diluted share, related to the impairment of an intangible asset associated with the 2018 acquisition of Hermes Fund Managers Limited.
Federated Hermes' total managed assets were a record $668.9 billion at Dec. 31, 2022, up $28 million from $668.9 billion at Dec. 31, 2021 and up $44.5 billion or 7% from $624.4 billion at Sept. 30, 2022. Average managed assets for Q4 2022 were $633.6 billion, down $6.8 billion or 1% from $640.4 billion reported for Q4 2021 and up $1.8 billion from $631.8 billion reported for Q3 2022.
"Federated Hermes' record assets at year-end 2022 were driven by money market asset increases and investor interest in our flagship Total Return Bond Fund and related separate accounts, as well as continued demand for our popular dividend income equity products," said J. Christopher Donahue, president and chief executive officer. "In addition, investors valued our investment perspective as they sought haven from market volatility in a diverse range of Federated Hermes products—from money market funds to low-duration fixed-income options to market neutral and bear market alternative strategies."
Federated Hermes' board of directors declared a quarterly dividend of $0.27 per share. The dividend is payable on Feb. 15, 2023 to shareholders of record as of Feb. 8, 2023. During Q4 2022, Federated Hermes purchased 327,132 shares of Federated Hermes class B common stock for $8.4 million, bringing the total shares of Class B common stock purchased in 2022 to 6,456,625 shares for $207.4 million.
Federated Hermes' equity assets were $81.5 billion at Dec. 31, 2022, down $15.2 billion or 16% from $96.7 billion at Dec. 31, 2021 and up $6.8 billion or 9% from $74.7 billion at Sept. 30, 2022. Top-selling equity funds on a net basis during Q4 2022 were Federated Hermes Strategic Value Dividend Fund, Federated Hermes Asia Ex-Japan Fund, Federated Hermes International Strategic Value Dividend Fund, Federated Hermes MDT Large Cap Growth Fund and Federated Hermes SDG Engagement Equity Fund.
Federated Hermes' fixed-income assets were $86.7 billion at Dec. 31, 2022, down $10.9 billion or 11% from $97.6 billion at Dec. 31, 2021 and up $1.3 billion from $85.4 billion at Sept. 30, 2022. Top-selling fixed-income funds on a net basis during Q4 2022 were Federated Hermes Total Return Bond Fund, Federated Hermes Conservative Municipal Microshort Fund, Federated Hermes Institutional High Yield Bond Fund, Federated Hermes Conservative Microshort Fund and Federated Hermes Intermediate Corporate Bond Fund.
MEDIA:MEDIA:ANALYSTS:
Ed Costello 412-288-7538Meghan McAndrew 412-288-8103Ray Hanley 412-288-1920
Federated Hermes reports Q4 and full year 2022 earnings
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Federated Hermes' alternative/private markets assets were $20.8 billion at Dec. 31, 2022, down $2.1 billion or 9% from $22.9 billion at Dec. 31, 2021 and up $0.6 billion or 3% from $20.2 billion at Sept. 30, 2022.
Federated Hermes' money market assets were a record $476.8 billion at Dec. 31, 2022, up $28.9 billion or 6% from $447.9 billion at Dec. 31, 2021 and up $35.5 billion or 8% from $441.3 billion at Sept. 30, 2022. Money market mutual fund assets were $335.9 billion at Dec. 31, 2022, up $23.1 billion or 7% from $312.8 billion at Dec. 31, 2021 and up $26.0 billion or 8% from $309.9 billion at Sept. 30, 2022. Federated Hermes' money market separate account assets were $140.9 billion at Dec. 31, 2022, up $5.8 billion or 4% from $135.1 billion at Dec. 31, 2021 and up $9.5 billion or 7% from $131.4 billion at Sept. 30, 2022.
Financial Summary
Q4 2022 non-cash intangible asset impairment charge
Federated Hermes' Q4 2022 results include a $31.5 million non-cash expense, or ($0.27) per diluted share, related to the impairment of an intangible asset associated with the 2018 acquisition of Hermes Fund Managers Limited, which was driven by changes in projected cash flows and a higher discount rate as compared to the prior quarter.
Q4 2022 vs. Q4 2021
Revenue increased $52.3 million or 16% primarily due to a decrease in 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). For further information on the waivers, see “Impact of voluntary yield-related fee waivers” below. This increase was partially offset by a decrease in revenue due to lower average long-term assets.
During Q4 2022, Federated Hermes derived 53% of its revenue from long-term assets (33% from equity assets, 13% from fixed-income assets and 7% from alternative/private markets and multi-asset), 46% from money market assets, and 1% from sources other than managed assets.
Operating expenses increased $77.1 million or 33% primarily due to increased distribution expenses resulting mainly from lower voluntary yield-related fee waivers partially offset by a decrease due to lower average managed long-term fund assets and the mix of average money market fund assets. Additionally, other expenses increased due to the intangible asset impairment.
Nonoperating income (expenses), net increased $8.4 million primarily due to a larger increase in the market value of investments in Q4 2022 compared to Q4 2021, partially offset by an increase in debt expense in Q4 2022 compared to Q4 2021.
Q4 2022 vs. Q3 2022
Revenue decreased $7.2 million or 2% primarily due to a decrease in revenue from lower average equity assets and a change in the mix of average fixed-income assets. These decreases were partially offset by an increase in revenue from higher average money market assets.
Operating expenses increased by $25.8 million or 9% primarily due to an increase in other expenses due to the intangible asset impairment.
Nonoperating income (expenses), net increased $19.0 million primarily due to an increase in the market value of investments in Q4 2022 compared to the decrease in the market value of investments in Q3 2022.
2022 vs. 2021
Revenue increased $145.4 million or 11% primarily due to a decrease in voluntary yield-related fee waivers. This increase was partially offset by a decrease in revenue due to lower average equity assets, a decrease in revenue due to a change in the mix of average fixed-income assets, and a decrease in performance fees and carried interest.

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During 2022, Federated Hermes derived 59% of its revenue from long-term assets (36% from equity assets, 14% from fixed-income assets and 9% from alternative/private markets and multi-asset), 40% from money market assets, and 1% from sources other than managed assets.
Operating expenses increased by $174.8 million or 19% primarily due to increased distribution expenses resulting primarily from lower voluntary yield-related fee waivers partially offset by a decrease due to lower average managed long-term fund assets and the mix of average money market fund assets. The current year also includes an increase in other expenses due to the intangible asset impairment. These increases were offset by a decrease in compensation and related primarily due to exchange rate fluctuations.
Nonoperating income (expenses), net decreased $40.6 million primarily due to a decrease in the market value of investments in 2022 compared to an increase in the market value of investments in 2021, as well as an increase in debt expense in 2022.
Impact of voluntary yield-related fee waivers
There were no voluntary yield-related fee waivers during the quarter that ended Dec. 31, 2022. For the year that ended Dec. 31, 2022, voluntary yield-related fee waivers totaled $85.3 million. These fee waivers were largely offset by related reductions in distribution expenses of $66.5 million, such that the net negative pre-tax impact to Federated Hermes was $18.8 million for the 12 months ended Dec. 31, 2022. During the three and 12 months ended Dec. 31, 2021, voluntary yield-related fee waivers totaled $110.1 million and $420.3 million, respectively. These fee waivers were largely offset by related reductions in distribution expenses of $72.3 million and $277.1 million, respectively, such that the net negative pre-tax impact to Federated Hermes was $37.8 million and $143.2 million for the three and 12 months ended Dec. 31, 2021, 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 Jan. 27, 2023. Investors are invited to listen to the earnings teleconference by calling 888-506-0062 (domestic) or 973-528-0011 (international) prior to the 9 a.m. start time. To listen online, visit FederatedInvestors.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 Jan. 27, 2023. To access the telephone replay, dial 877-481-4010 (domestic) or 919-882-2331 (international) and enter access code 47392. The online replay will be available via FederatedInvestors.com for one year.
Federated Hermes, Inc. is a global leader in active, responsible investment management, with $668.9 billion in assets under management1. We deliver investment solutions that help investors target a broad range of outcomes and provide equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies to more than 11,000 institutions and intermediaries worldwide. Our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. At Federated Hermes, responsibility is central to our client relationships, our long-term perspective and our fiduciary mindset. It’s part of our heritage and the foundation of our future.
Headquartered in Pittsburgh, Federated Hermes has nearly 2,000 employees in London, New York, Boston and offices worldwide. Federated Hermes ranks in the top 7% of equity fund managers in the industry, the top 10% of money market fund

Federated Hermes reports Q4 and full year 2022 earnings
Page 4 of 13
managers and the top 11% of fixed-income fund managers2. Federated Hermes also ranks as the 4th-largest manager of model-delivered SMAs3. For more information, including an analyst presentation, visit FederatedHermes.com.
###
1) As of Dec. 31, 2022
2) ISS Market Intelligence (SIMFUND), Dec. 31, 2022. Based on assets under management in U.S. open-end funds.
3) Money Management Institute/Cerulli Associates, Q3 2022.
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, asset mix, impairment and fee waivers 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. Forward-looking statements can include statements that do not relate strictly to historical or current facts and are typically identified by words or phrases such as “trend,” “forecast,” “project,” “predict,” “potential,” “approximate,” “opportunity,” “believe,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “projection,” “plan,” “assume,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “can,” “may” and similar expressions. Any forward-looking statement is inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond Federated Hermes’ control. 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, or updating, of such statements in the future.

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Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Quarter Ended% Change Q4 2021 to Q4 2022Quarter Ended % Change Q3 2022 to Q4 2022
Dec. 31, 2022Dec. 31, 2021Sept. 30, 2022
Revenue
Investment advisory fees, net$256,949 $223,796 15 %$263,644 (3)%
Administrative service fees, net75,847 77,734 (2)75,021 1 
Other service fees, net41,103 20,115 104 42,478 (3)
Total Revenue373,899 321,645 16 381,143 (2)
Operating Expenses
Compensation and related123,994 124,107 0 126,668 (2)
Distribution90,718 39,894 127 91,032 (0)
Systems and communications20,549 19,343 6 19,294 7 
Professional service fees16,100 16,279 (1)14,203 13 
Office and occupancy10,905 11,215 (3)10,622 3 
Advertising and promotional6,967 9,493 (27)6,496 7 
Travel and related3,913 2,499 57 3,421 14 
Other37,004 10,232 262 12,627 193 
Total Operating Expenses310,150 233,062 33 284,363 9 
Operating Income63,749 88,583 (28)96,780 (34)
Nonoperating Income (Expenses)
Investment income (loss), net14,413 3,257 343 (4,226)441 
Debt expense(3,200)(472)NM(3,302)(3)
Other, net191 258 (26)(38)NM
Total Nonoperating Income (Expenses), net11,404 3,043 275 (7,566)251 
Income before income taxes75,153 91,626 (18)89,214 (16)
Income tax provision13,518 20,629 (34)21,640 (38)
Net income including the noncontrolling interests in subsidiaries61,635 70,997 (13)67,574 (9)
Less income/(expense): Net income attributable to the noncontrolling interests in subsidiaries5,138 2,434 111 (1,905)370 
Net Income$56,497 $68,563 (18)%$69,479 (19)%
Amounts Attributable to Federated Hermes, Inc.
Earnings Per Share1
Basic and diluted$0.63 $0.71 (11)%$0.78 (19)%
Weighted-Average Shares Outstanding
Basic84,731 92,141 84,531 
Diluted84,743 92,141 84,536 
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 earnings per share under the “two-class method.” As such, total net income of $2.8 million, $2.8 million and $3.6 million available to unvested restricted Federated Hermes shareholders for the quarterly periods ended Dec. 31, 2022, Dec. 31, 2021 and Sept. 30, 2022, 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 for the quarterly period ended Dec. 31, 2021 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)
Year Ended
Dec. 31, 2022Dec. 31, 2021% Change
Revenue
Investment advisory fees, net$1,011,631 $915,984 10 %
Administrative service fees, net—affiliates294,557 306,639 (4)
Other service fees, net139,626 77,824 79 
     Total Revenue1,445,814 1,300,447 11 
Operating Expenses
Compensation and related512,713 532,492 (4)
Distribution314,554 160,884 96 
Systems and communications77,783 75,429 3 
Professional service fees57,747 60,331 (4)
Office and occupancy43,361 44,573 (3)
Advertising and promotional20,931 21,600 (3)
Travel and related12,456 5,337 133 
Other69,473 33,529 107 
     Total Operating Expenses1,109,018 934,175 19 
Operating Income336,796 366,272 (8)
Nonoperating Income (Expenses)
Investment income (loss), net(19,723)12,703 (255)
Debt expense(11,073)(1,785)NM
Other, net222 (900)125 
     Total Nonoperating Income (Expenses), net(30,574)10,018 (405)
Income before income taxes306,222 376,290 (19)
Income tax provision71,658 103,982 (31)
Net income including the noncontrolling interests in subsidiaries234,564 272,308 (14)
Less: Net income attributable to the noncontrolling
interests in subsidiaries		(4,932)2,015 (345)
Net Income$239,496 $270,293 (11)%
Amounts Attributable to Federated Hermes, Inc.
Earnings Per Share1
Basic$2.65 $2.77 (4)%
Diluted$2.65 $2.75 (4)%
Weighted-Average Shares Outstanding
    Basic85,762 93,754 
    Diluted85,766 93,771 
Dividends Declared Per Share$1.08 $1.08 
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 earnings per share under the “two-class method.” As such, total net income of $11.8 million and $10.9 million available to unvested restricted Federated Hermes shareholders for the years ended Dec. 31, 2022 and Dec. 31, 2021, 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 for the year ended Dec. 31, 2021 excludes net income available to unvested shareholders of a nonpublic consolidated subsidiary.



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Unaudited Condensed Consolidated Balance Sheets
(in thousands)Dec. 31, 2022Dec. 31, 2021
Assets
  Cash and other investments$521,754 $426,674 
  Other current assets129,277 132,773 
  Intangible assets, net, including goodwill1,209,574 1,270,080 
  Other long-term assets159,874 188,660 
    Total Assets$2,020,479 $2,018,187 
Liabilities, Redeemable Noncontrolling Interests and Equity
  Current liabilities$257,413 $270,707 
  Long-term debt347,581 223,350 
  Other long-term liabilities307,972 346,911 
  Redeemable noncontrolling interests61,821 63,202 
Equity excluding treasury stock1
1,411,055 1,652,481 
Treasury stock1
(365,363)(538,464)
    Total Liabilities, Redeemable Noncontrolling Interests and Equity$2,020,479 $2,018,187 
1) During the third quarter 2022, the board of directors authorized the retirement of 10 million treasury shares, which restored them to authorized but unissued status. There was no impact to total equity as a result of this transaction.

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Unaudited Changes in Long-Term Assets - By Asset Class
(in millions)Quarter EndedYear Ended
Dec. 31, 2022Sept. 30, 2022Dec. 31, 2021Dec. 31, 2022Dec. 31, 2021
Equity
Beginning assets$74,684 $80,988 $97,425 $96,716 $91,788 
Sales1
5,265 5,133 4,371 23,985 21,829 
Redemptions1
(6,015)(4,951)(7,106)(25,600)(26,761)
Net sales (redemptions)1
(750)182 (2,735)(1,615)(4,932)
Net exchanges86 9 (2)(59)41 
Acquisitions/(dispositions)0 0 0 0 408 
Impact of foreign exchange2
1,219 (1,187)(162)(1,621)(1,096)
Market gains and (losses)3
6,284 (5,308)2,190 (11,898)10,507 
Ending assets$81,523 $74,684 $96,716 $81,523 $96,716 
Fixed Income
Beginning assets$85,365 $86,253 $97,226 $97,550 $84,277 
Sales1
5,920 7,681 7,920 28,016 42,626 
Redemptions1
(9,755)(6,584)(7,438)(34,726)(29,744)
Net sales (redemptions)1
(3,835)1,097 482 (6,710)12,882 
Net exchanges(142)(17)(23)(64)(81)
Acquisitions/(dispositions)3,524 0 0 3,524 17 
Impact of foreign exchange2
239 (231)(9)(321)(133)
Market gains and (losses)3
1,592 (1,737)(126)(7,236)588 
Ending assets$86,743 $85,365 $97,550 $86,743 $97,550 
Alternative / Private Markets
Beginning assets$20,182 $21,785 $22,064 $22,920 $19,084 
Sales1
1,127 946 1,696 3,833 4,823 
Redemptions1
(1,190)(929)(1,460)(3,715)(3,170)
Net sales (redemptions)1
(63)17 236 118 1,653 
Net exchanges(6)3 0 1 (2)
Acquisitions/(dispositions)0 0 0 0 81 
Impact of foreign exchange2
1,513 (1,638)107 (2,317)(254)
Market gains and (losses)3
(824)15 513 80 2,358 
Ending assets$20,802 $20,182 $22,920 $20,802 $22,920 
Multi-asset
Beginning assets$2,902 $3,135 $3,692 $3,780 $3,948 
Sales1
72 54 75 243 301 
Redemptions1
(165)(132)(119)(572)(936)
Net sales (redemptions)1
(93)(78)(44)(329)(635)
Net exchanges2 0 14 8 42 
Acquisitions/(dispositions)0 0 0 0 54 
Impact of foreign exchange2
0 0 0 0 (1)
Market gains and (losses)3
178 (155)118 (470)372 
Ending assets$2,989 $2,902 $3,780 $2,989 $3,780 
Total Long-term Assets
Beginning assets$183,133 $192,161 $220,407 $220,966 $199,097 
Sales1
12,384 13,814 14,062 56,077 69,579 
Redemptions1
(17,125)(12,596)(16,123)(64,613)(60,611)
Net sales (redemptions)1
(4,741)1,218 (2,061)(8,536)8,968 
Net exchanges(60)(5)(11)(114)0 
Acquisitions/(dispositions)3,524 0 0 3,524 560 
Impact of foreign exchange2
2,971 (3,056)(64)(4,259)(1,484)
Market gains and (losses)3
7,230 (7,185)2,695 (19,524)13,825 
Ending assets$192,057 $183,133 $220,966 $192,057 $220,966 
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.


Federated Hermes reports Q4 and full-year 2022 earnings
Page 9 of 13
Unaudited Changes in Long-Term Assets - By Asset Class and Product Type
(in millions)
Quarter Ended
Dec. 31, 2022
EquityFixed IncomeAlternative / Private MarketsMulti-assetTotal
Funds
Separate Accounts1
Funds
Separate Accounts1
Funds
Separate Accounts1
Funds
Separate Accounts1
Funds
Separate Accounts1
Beginning assets$40,633 $34,051 $44,896 $40,469 $12,680 $7,502 $2,784 $118 $100,993 $82,140 
Sales2,586 2,679 4,692 1,228 925 202 71 1 8,274 4,110 
Redemptions(4,012)(2,003)(7,255)(2,500)(1,130)(60)(162)(3)(12,559)(4,566)
Net sales (redemptions)(1,426)676 (2,563)(1,272)(205)142 (91)(2)(4,285)(456)
Net exchanges114 (28)(142)0 (6)0 2 0 (32)(28)
Acquisitions/(dispositions)0 0 0 3,524 0 0 0 0 0 3,524 
Impact of foreign exchange2
727 492 156 83 927 586 0 0 1,810 1,161 
Market gains and (losses)3
3,294 2,990 833 759 (346)(478)156 22 3,937 3,293 
Ending assets$43,342 $38,181 $43,180 $43,563 $13,050 $7,752 $2,851 $138 $102,423 $89,634 
Year Ended
Dec. 31, 2022
EquityFixed IncomeAlternative / Private MarketsMulti-assetTotal
Funds
Separate Accounts1
Funds
Separate Accounts1
Funds
Separate Accounts1
Funds
Separate Accounts1
Funds
Separate Accounts1
Beginning assets$57,036 $39,680 $59,862 $37,688 $14,788 $8,132 $3,608 $172 $135,294 $85,672 
Sales12,796 11,189 18,403 9,613 2,562 1,271 241 2 34,002 22,075 
Redemptions(15,134)(10,466)(29,869)(4,857)(3,150)(565)(559)(13)(48,712)(15,901)
Net sales (redemptions)(2,338)723 (11,466)4,756 (588)706 (318)(11)(14,710)6,174 
Net exchanges(31)(28)(63)(1)1 0 8 0 (85)(29)
Acquisitions/(dispositions)0 0 0 3,524 0 0 0 0 0 3,524 
Impact of foreign exchange2
(908)(713)(253)(68)(1,463)(854)0 0 (2,624)(1,635)
Market gains and (losses)3
(10,417)(1,481)(4,900)(2,336)312 (232)(447)(23)(15,452)(4,072)
Ending assets$43,342 $38,181 $43,180 $43,563 $13,050 $7,752 $2,851 $138 $102,423 $89,634 
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.




Federated Hermes reports Q4 and full year 2022 earnings
Page 10 of 13
Unaudited Changes in Long-Term Assets - By Product Type
(in millions)
Quarter EndedYear Ended
Dec. 31, 2022Sept. 30, 2022Dec. 31, 2021Dec. 31, 2022Dec. 31, 2021
Total Fund Assets
Beginning assets$100,993 $109,334 $136,297 $135,294 $123,713 
Sales8,274 7,128 10,094 34,002 49,125 
Redemptions(12,559)(10,056)(11,955)(48,712)(44,368)
Net sales (redemptions)(4,285)(2,928)(1,861)(14,710)4,757 
Net exchanges(32)(5)(11)(85)(356)
Acquisitions/(dispositions)0 0 0 0 560 
Impact of foreign exchange1
1,810 (1,841)4 (2,624)(774)
Market gains and (losses)2
3,937 (3,567)865 (15,452)7,394 
Ending assets$102,423 $100,993 $135,294 $102,423 $135,294 
Total Separate Accounts Assets3
Beginning assets$82,140 $82,827 $84,110 $85,672 $75,384 
Sales4
4,110 6,686 3,968 22,075 20,454 
Redemptions4
(4,566)(2,540)(4,168)(15,901)(16,243)
Net sales (redemptions)4
(456)4,146 (200)6,174 4,211 
Net exchanges(28)0 0 (29)356 
Acquisitions/(dispositions)3,524 0 0 3,524 0 
Impact of foreign exchange1
1,161 (1,215)(68)(1,635)(710)
Market gains and (losses)2
3,293 (3,618)1,830 (4,072)6,431 
Ending assets$89,634 $82,140 $85,672 $89,634 $85,672 
Total Long-term Assets3
Beginning assets$183,133 $192,161 $220,407 $220,966 $199,097 
Sales4
12,384 13,814 14,062 56,077 69,579 
Redemptions4
(17,125)(12,596)(16,123)(64,613)(60,611)
Net sales (redemptions)4
(4,741)1,218 (2,061)(8,536)8,968 
Net exchanges(60)(5)(11)(114)0 
Acquisitions/(dispositions)3,524 0 0 3,524 560 
Impact of foreign exchange1
2,971 (3,056)(64)(4,259)(1,484)
Market gains and (losses)2
7,230 (7,185)2,695 (19,524)13,825 
Ending assets$192,057 $183,133 $220,966 $192,057 $220,966 
1) Reflects the impact of translating non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes.
2) 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.
3) Includes separately managed accounts, institutional accounts, certain sub-advised funds and other managed products.
4)    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 Hermes reports Q4 and full-year 2022 earnings
Page 11 of 13
Unaudited Managed Assets
(in millions)
Dec. 31, 2022Sept. 30, 2022June 30, 2022March 31, 2022Dec. 31, 2021
By Asset Class
Equity$81,523 $74,684 $80,988 $91,676 $96,716 
Fixed-income86,743 85,365 86,253 92,146 97,550 
Alternative / private markets20,802 20,182 21,785 23,109 22,920 
Multi-asset2,989 2,902 3,135 3,555 3,780 
Total long-term assets192,057 183,133 192,161 210,486 220,966 
 Money market476,844 441,294 439,697 420,596 447,907 
Total Managed Assets$668,901 $624,427 $631,858 $631,082 $668,873 
By Product Type
Funds:
Equity$43,342 $40,633 $44,207 $51,890 $57,036 
Fixed-income43,180 44,896 48,215 54,830 59,862 
Alternative / private markets13,050 12,680 13,911 14,847 14,788 
Multi-asset2,851 2,784 3,001 3,401 3,608 
Total long-term assets
102,423 100,993 109,334 124,968 135,294 
Money market335,937 309,859 298,031 279,514 312,834 
Total Fund Assets$438,360 $410,852 $407,365 $404,482 $448,128 
Separate Accounts:
Equity$38,181 $34,051 $36,781 $39,786 $39,680 
Fixed-income43,563 40,469 38,038 37,316 37,688 
Alternative / private markets7,752 7,502 7,874 8,262 8,132 
Multi-asset138 118 134 154 172 
Total long-term assets
89,634 82,140 82,827 85,518 85,672 
Money market140,907 131,435 141,666 141,082 135,073 
Total Separate Account Assets$230,541 $213,575 $224,493 $226,600 $220,745 
Total Managed Assets$668,901 $624,427 $631,858 $631,082 $668,873 



Federated Hermes reports Q4 and full year 2022 earnings
Page 12 of 13
Unaudited Average Managed AssetsQuarter Ended
(in millions)
Dec. 31, 2022Sept. 30, 2022June 30, 2022March 31, 2022Dec. 31, 2021
By Asset Class
Equity$79,544 $81,809 $85,785 $92,034 $97,751 
Fixed-income87,849 87,042 88,740 95,475 97,229 
Alternative / private markets20,926 21,193 22,230 22,848 22,243 
Multi-asset2,988 3,144 3,337 3,621 3,763 
Total long-term assets191,307 193,188 200,092 213,978 220,986 
 Money market442,334 438,601 417,778 433,254 419,392 
Total Avg. Managed Assets$633,641 $631,789 $617,870 $647,232 $640,378 
By Product Type
Funds:
Equity$43,131 $45,135 $47,504 $52,419 $58,290 
Fixed-income44,099 47,489 51,173 57,413 60,339 
Alternative / private markets13,140 13,432 14,297 14,746 14,419 
Multi-asset2,855 3,012 3,193 3,460 3,590 
Total long-term assets
103,225 109,068 116,167 128,038 136,638 
Money market309,232 301,940 275,631 291,157 294,618 
Total Avg. Fund Assets$412,457 $411,008 $391,798 $419,195 $431,256 
Separate Accounts:
Equity$36,413 $36,674 $38,281 $39,615 $39,461 
Fixed-income43,750 39,553 37,567 38,062 36,890 
Alternative / private markets7,786 7,761 7,933 8,102 7,824 
Multi-asset133 132 144 161 173 
Total long-term assets
88,082 84,120 83,925 85,940 84,348 
Money market133,102 136,661 142,147 142,097 124,774 
Total Avg. Separate Account Assets$221,184 $220,781 $226,072 $228,037 $209,122 
Total Avg. Managed Assets$633,641 $631,789 $617,870 $647,232 $640,378 




Federated Hermes reports Q4 and full-year 2022 earnings
Page 13 of 13
Unaudited Average Managed AssetsYear Ended
(in millions)
Dec. 31, 2022Dec. 31, 2021
By Asset Class
Equity$84,793 $98,040 
Fixed-income89,776 91,564 
Alternative / private markets21,799 20,754 
Multi-asset3,273 3,879 
Total long-term assets199,641 214,237 
Money market432,992 418,562 
Total Avg. Managed Assets
$632,633 $632,799 
By Product Type
Funds:
Equity$47,047 $58,426 
Fixed-income50,043 58,095 
Alternative / private markets13,903 13,266 
Multi-asset3,130 3,696 
Total long-term assets114,123 133,483 
Money market294,490 293,644 
Total Avg. Fund Assets
$408,613 $427,127 
Separate Accounts:
Equity$37,746 $39,614 
Fixed-income39,733 33,469 
Alternative / private markets7,896 7,488 
Multi-asset143 183 
Total long-term assets85,518 80,754 
Money market138,502 124,918 
Total Avg. Separate Account Assets
$224,020 $205,672 
Total Avg. Managed Assets
$632,633 $632,799 


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Cover Page
Jan. 26, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 26, 2023
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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