Exhibit 99.1
Federated Hermes, Inc. reports first quarter 2024 earnings of $0.89;
Board declares cash dividend of $1.31 ($0.31 quarterly and $1.00 special)
Board declares cash dividend of $1.31 ($0.31 quarterly and $1.00 special)
•Total assets under management reach a record $778.7 billion
•Money market assets reach a record $578.8 billion
•Q1 2024 earnings per diluted share of $0.89
•Quarterly dividend increased by 10.7% to $0.31
•Special dividend of $1.00 is the sixth declared since 2008
(PITTSBURGH, Pa., April 25, 2024) — Federated Hermes, Inc. (NYSE: FHI), a global leader in active, responsible investing, today reported earnings per diluted share (EPS) of $0.89 for Q1 2024, compared to $0.78 for the same quarter last year, on net income of $75.0 million for Q1 2024, compared to $69.6 million for Q1 2023.
Federated Hermes' total managed assets were a record $778.7 billion at March 31, 2024, up $77.7 billion or 11% from $701.0 billion at March 31, 2023 and up $21.1 billion or 3% from $757.6 billion at Dec. 31, 2023. Total average managed assets for Q1 2024 were $776.5 billion, up $97.1 billion or 14% from $679.4 billion reported for Q1 2023 and up $48.5 billion or 7% from $728.0 billion for Q4 2023.
"Investors continued to turn to the attractive yields available in our liquidity products. Our money market asset increases drove Federated Hermes to record assets under management for the sixth consecutive quarter," said J. Christopher Donahue, president and chief executive officer. "Investors also sought to add duration to portfolios, and net sales of fixed-income products were led by our flagship core-plus offering, Federated Hermes Total Return Bond Fund, the Federated Hermes Total Return Bond ETF and ultrashort products. In equities, we saw demand for a range of our Federated Hermes MDT strategies utilizing our proprietary alpha-seeking model."
Federated Hermes' board of directors declared a dividend of $1.31 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 $0.31 quarterly dividend and a $1.00 special dividend. The quarterly dividend increased by $0.03 or 10.7%. The dividend is payable on May 15, 2024 to Federated Hermes Class A and Class B common stock shareholders of record as of May 8, 2024. During Q1 2024, Federated Hermes purchased 1,082,120 shares of Federated Hermes class B common stock for $37.0 million.
At Federated Hermes’ annual shareholder meeting held on April 25, 2024, new independent director Karen L. Hanlon, whose nomination was announced on February 23, 2024, was elected to Federated Hermes’ board of directors. Her election increases the board of directors from six to seven members.
Equity assets were $80.2 billion at March 31, 2024, down $3.4 billion or 4% from $83.6 billion at March 31, 2023 and up $0.9 billion or 1% from $79.3 billion at Dec. 31, 2023. Top-selling equity funds during Q1 2024 on a net basis were Federated Hermes MDT Mid Cap Growth Fund, Federated Hermes MDT Large Cap Growth Fund, Federated Hermes U.S. SMID Equity Fund, Federated Hermes MDT All Cap Core Fund and Federated Hermes MDT Small Cap Core Fund.
| MEDIA: | MEDIA: | ANALYSTS: | ||||||
| Ed Costello 412-288-7538 | Meghan McAndrew 412-288-8103 | Ray Hanley 412-288-1920 | ||||||
Federated Hermes reports Q1 2024 earnings | Page 2 of 10 | |||||||
Fixed-income assets were $96.3 billion at March 31, 2024, up $8.8 billion or 10% from $87.5 billion at March 31, 2023 and up $1.4 billion or 1% from $94.9 billion at Dec. 31, 2023. Top-selling fixed-income funds during Q1 2024 on a net basis were Federated Hermes Total Return Bond Fund, Federated Hermes Ultrashort Bond Fund, Federated Hermes Government Ultrashort Bond Fund, Federated Hermes Total Return Bond ETF and Federated Hermes Institutional High Yield Bond Fund.
Alternative/private markets assets were $20.5 billion at March 31, 2024, down $0.7 billion or 3% from $21.2 billion at March 31, 2023 and down $0.1 billion or less than 1% from $20.6 billion at Dec. 31, 2023.
Money market assets were a record $578.8 billion at March 31, 2024, up $73.0 billion or 14% from $505.8 billion at March 31, 2023 and up $18.8 billion or 3% from $560.0 billion at Dec. 31, 2023. Money market fund assets were a record $417.1 billion at March 31, 2024, up $59.8 billion or 17% from $357.3 billion at March 31, 2023 and up $10.9 billion or 3% from $406.2 billion at Dec. 31, 2023.
Financial Summary
Q1 2024 vs. Q1 2023
Revenue increased $14.2 million or 4% primarily due to an increase in revenue due to higher average money market assets. This increase was partially offset by a decrease in revenue due to lower average equity assets.
During Q1 2024, Federated Hermes derived 48% of its revenue from long-term assets (30% from equity, 12% from fixed-income, and 6% from alternative/private markets and multi-asset), 51% from money market assets, and 1% from sources other than managed assets.
Operating expenses increased $0.8 million.
Nonoperating income (expenses), net decreased $1.9 million or 26% due primarily to a smaller increase in the market value of investments in Q1 2024 compared to the increase in the market value of investments in Q1 2023. This decrease was partially offset by an increase in investment yields due to higher interest rates.
Q1 2024 vs. Q4 2023
Revenue increased $4.9 million or 1% primarily due to an increase in revenue from higher average money market, equity and fixed-income assets. These increases were partially offset by a decrease in carried interest and performance fees of $9.3 million, including a decrease of $4.9 million of carried interest from consolidated carried interest vehicles, which is offset in compensation expense, and a decrease in revenue due to one less day in Q1 2024.
Operating expenses increased $8.9 million or 3% due to increased compensation expense primarily due to higher incentive compensation, higher payroll taxes and an increase in distribution expense resulting primarily from higher average managed fund assets offset by a decrease in advertising and promotional expenses.
Nonoperating income (expenses), net decreased $9.3 million or 63% due primarily to a smaller increase in the market value of investments in Q1 2024 as compared to the increase in the market value of investments in Q4 2023.
Federated Hermes reports Q1 2024 earnings | Page 3 of 10 | |||||||
Earnings call information
Federated Hermes will host an earnings conference call at 9 a.m. Eastern on Friday, April 26, 2024. 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, go to the About section of FederatedHermes.com/us at least 15 minutes prior to register and join the call. A replay will be available at approximately 12:30 p.m. Eastern on April 26, 2024. To access the telephone replay, dial 877-481-4010 (domestic) or 919-882-2331 (international) and enter access code 50336. The online replay will be available via FederatedHermes.com/us for one year.
About Federated Hermes
Federated Hermes, Inc. is a global leader in active, responsible investment management, with $778.7 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 10,000 institutions and intermediaries worldwide. Our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh, Federated Hermes has more than 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 8% of money market fund managers and the top 11% of fixed-income fund managers2. Federated Hermes also ranks as the 8th-largest manager of model-delivered separately managed accounts3. For more information, including an analyst presentation, which is updated periodically, visit FederatedHermes.com/us.
###
1) As of March 31, 2024.
2) Morningstar, March 31, 2024. Based on U.S. fund flows rankings.
3) Money Management Institute/Cerulli,Q4 2023.
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.
Cautionary statements
Cautionary statements
Certain statements in this press release, such as those related to performance, investor preferences and demand, asset flows, asset mix, interest rates 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, and Federated Hermes' level of business activity and financial results, are inherently subject to significant business, market, 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, the ability of the company to sustain product demand, the timing and level of product sales and redemptions, market appreciation or depreciation, revenues, and asset levels, 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 Securities and Exchange Commission. 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.
Federated Hermes reports Q1 2024 earnings | Page 4 of 10 | |||||||
| Unaudited Condensed Consolidated Statements of Income | ||||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||
| Quarter Ended | % Change Q1 2023 to Q1 2024 | Quarter Ended | % Change Q4 2023 to Q1 2024 | |||||||||||||||||
| March 31, 2024 | March 31, 2023 | Dec. 31, 2023 | ||||||||||||||||||
| Revenue | ||||||||||||||||||||
| Investment advisory fees, net | $ | 264,294 | $ | 263,982 | 0 | % | $ | 264,693 | 0 | % | ||||||||||
| Administrative service fees, net—affiliates | 94,786 | 79,180 | 20 | 90,930 | 4 | |||||||||||||||
| Other service fees, net | 37,291 | 39,027 | (4) | 35,874 | 4 | |||||||||||||||
| Total Revenue | 396,371 | 382,189 | 4 | 391,497 | 1 | |||||||||||||||
| Operating Expenses | ||||||||||||||||||||
| Compensation and related | 136,546 | 136,878 | 0 | 127,504 | 7 | |||||||||||||||
| Distribution | 94,894 | 93,333 | 2 | 90,940 | 4 | |||||||||||||||
| Systems and communications | 21,823 | 19,972 | 9 | 20,944 | 4 | |||||||||||||||
| Professional service fees | 18,352 | 16,220 | 13 | 16,632 | 10 | |||||||||||||||
| Office and occupancy | 9,969 | 12,874 | (23) | 10,159 | (2) | |||||||||||||||
| Advertising and promotional | 4,306 | 4,342 | (1) | 9,684 | (56) | |||||||||||||||
| Travel and related | 3,273 | 3,231 | 1 | 4,308 | (24) | |||||||||||||||
| Intangible asset related | 3,235 | 3,326 | (3) | 3,676 | (12) | |||||||||||||||
| Other | 5,392 | 6,847 | (21) | 5,080 | 6 | |||||||||||||||
| Total Operating Expenses | 297,790 | 297,023 | 0 | 288,927 | 3 | |||||||||||||||
| Operating Income | 98,581 | 85,166 | 16 | 102,570 | (4) | |||||||||||||||
| Nonoperating Income (Expenses) | ||||||||||||||||||||
| Investment income (loss), net | 8,483 | 10,312 | (18) | 17,418 | (51) | |||||||||||||||
| Debt expense | (3,149) | (3,125) | 1 | (3,142) | 0 | |||||||||||||||
| Other, net | 103 | 122 | (16) | 461 | (78) | |||||||||||||||
| Total Nonoperating Income (Expenses), net | 5,437 | 7,309 | (26) | 14,737 | (63) | |||||||||||||||
| Income before income taxes | 104,018 | 92,475 | 12 | 117,307 | (11) | |||||||||||||||
| Income tax provision | 29,008 | 21,009 | 38 | 31,260 | (7) | |||||||||||||||
| Net income including the noncontrolling interests in subsidiaries | 75,010 | 71,466 | 5 | 86,047 | (13) | |||||||||||||||
| Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries | (23) | 1,865 | (101) | 3,869 | (101) | |||||||||||||||
| Net Income | $ | 75,033 | $ | 69,601 | 8 | % | $ | 82,178 | (9) | % | ||||||||||
| Amounts Attributable to Federated Hermes, Inc. | ||||||||||||||||||||
Earnings Per Share1 | ||||||||||||||||||||
| Basic and diluted | $ | 0.89 | $ | 0.78 | 14 | % | $ | 0.96 | (7) | % | ||||||||||
| Weighted-Average Shares Outstanding | ||||||||||||||||||||
| Basic | 80,709 | 84,875 | 81,961 | |||||||||||||||||
| Diluted | 80,710 | 84,875 | 81,973 | |||||||||||||||||
| Dividends Declared Per Share | $ | 0.28 | $ | 0.27 | $ | 0.28 | ||||||||||||||
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 $3.4 million, $3.5 million and $3.6 million available to unvested restricted Federated Hermes shareholders for the quarterly periods ended March 31, 2024, March 31, 2023 and Dec. 31, 2023, respectively, was excluded from the computation of earnings per share.
Federated Hermes reports Q1 2024 earnings | Page 5 of 10 | |||||||
| Unaudited Condensed Consolidated Balance Sheets | ||||||||
| (in thousands) | March 31, 2024 | Dec. 31, 2023 | ||||||
| Assets | ||||||||
| Cash and other investments | $ | 558,532 | $ | 560,675 | ||||
| Other current assets | 161,124 | 160,054 | ||||||
| Intangible assets, net, including goodwill | 1,210,073 | 1,216,605 | ||||||
| Other long-term assets | 157,243 | 164,510 | ||||||
| Total Assets | $ | 2,086,972 | $ | 2,101,844 | ||||
| Liabilities, Redeemable Noncontrolling Interests and Equity | ||||||||
| Current liabilities | $ | 212,499 | $ | 287,343 | ||||
| Long-term debt | 347,909 | 347,843 | ||||||
| Other long-term liabilities | 306,007 | 312,561 | ||||||
| Redeemable noncontrolling interests | 73,130 | 25,845 | ||||||
| Equity excluding treasury stock | 1,695,050 | 1,649,655 | ||||||
| Treasury stock | (547,623) | (521,403) | ||||||
| Total Liabilities, Redeemable Noncontrolling Interests and Equity | $ | 2,086,972 | $ | 2,101,844 | ||||
Federated Hermes reports Q1 2024 earnings | Page 6 of 10 | |||||||
| Unaudited Changes in Long-Term Assets - By Asset Class | |||||||||||
| (in millions) | Quarter Ended | ||||||||||
| March 31, 2024 | Dec. 31, 2023 | March 31, 2023 | |||||||||
| Equity | |||||||||||
| Beginning assets | $ | 79,291 | $ | 77,315 | $ | 81,523 | |||||
Sales1 | 3,915 | 3,335 | 5,631 | ||||||||
Redemptions1 | (7,351) | (8,005) | (4,736) | ||||||||
Net sales (redemptions)1 | (3,436) | (4,670) | 895 | ||||||||
| Net exchanges | 5 | (6) | 103 | ||||||||
Impact of foreign exchange2 | (567) | 891 | 108 | ||||||||
Market gains and (losses)3 | 4,864 | 5,761 | 1,000 | ||||||||
| Ending assets | $ | 80,157 | $ | 79,291 | $ | 83,629 | |||||
| Fixed Income | |||||||||||
| Beginning assets | $ | 94,920 | $ | 89,765 | $ | 86,743 | |||||
Sales1 | 6,583 | 7,594 | 6,047 | ||||||||
Redemptions1 | (5,395) | (6,669) | (7,127) | ||||||||
Net sales (redemptions)1 | 1,188 | 925 | (1,080) | ||||||||
| Net exchanges | (7) | 7 | (101) | ||||||||
Impact of foreign exchange2 | (71) | 143 | 38 | ||||||||
Market gains and (losses)3 | 295 | 4,080 | 1,861 | ||||||||
| Ending assets | $ | 96,325 | $ | 94,920 | $ | 87,461 | |||||
| Alternative/Private Markets | |||||||||||
| Beginning assets | $ | 20,551 | $ | 20,337 | $ | 20,802 | |||||
Sales1 | 761 | 700 | 1,265 | ||||||||
Redemptions1 | (740) | (755) | (792) | ||||||||
Net sales (redemptions)1 | 21 | (55) | 473 | ||||||||
| Net exchanges | 2 | (3) | 1 | ||||||||
Impact of foreign exchange2 | (226) | 836 | 368 | ||||||||
Market gains and (losses)3 | 117 | (564) | (470) | ||||||||
| Ending assets | $ | 20,465 | $ | 20,551 | $ | 21,174 | |||||
| Multi-asset | |||||||||||
| Beginning assets | $ | 2,867 | $ | 2,728 | $ | 2,989 | |||||
Sales1 | 44 | 34 | 47 | ||||||||
Redemptions1 | (112) | (142) | (144) | ||||||||
Net sales (redemptions)1 | (68) | (108) | (97) | ||||||||
| Net exchanges | 0 | 8 | 2 | ||||||||
Market gains and (losses)3 | 129 | 239 | 79 | ||||||||
| Ending assets | $ | 2,928 | $ | 2,867 | $ | 2,973 | |||||
| Total Long-term Assets | |||||||||||
| Beginning assets | $ | 197,629 | $ | 190,145 | $ | 192,057 | |||||
Sales1 | 11,303 | 11,663 | 12,990 | ||||||||
Redemptions1 | (13,598) | (15,571) | (12,799) | ||||||||
Net sales (redemptions)1 | (2,295) | (3,908) | 191 | ||||||||
| Net exchanges | 0 | 6 | 5 | ||||||||
Impact of foreign exchange2 | (864) | 1,870 | 514 | ||||||||
Market gains and (losses)3 | 5,405 | 9,516 | 2,470 | ||||||||
| Ending assets | $ | 199,875 | $ | 197,629 | $ | 195,237 | |||||
1) For certain accounts, including separately managed accounts, institutional accounts, certain sub-advised funds and other managed products, 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 assets under management (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 Q1 2024 earnings | Page 7 of 10 | |||||||
Unaudited Changes in Long-Term Assets - By Asset Class and Product Type | ||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||||||||
| March 31, 2024 | ||||||||||||||||||||||||||||||||
| Equity | Fixed Income | Alternative / Private Markets | Multi-asset | Total | ||||||||||||||||||||||||||||
| Funds | Separate Accounts1 | Funds | Separate Accounts1 | Funds | Separate Accounts1 | Funds | Separate Accounts1 | Funds. | Separate Accounts1 | |||||||||||||||||||||||
| Beginning assets | $ | 42,513 | $ | 36,778 | $ | 43,908 | $ | 51,012 | $ | 12,379 | $ | 8,172 | $ | 2,730 | $ | 137 | $ | 101,530 | $ | 96,099 | ||||||||||||
| Sales | 2,419 | 1,496 | 4,049 | 2,534 | 654 | 107 | 44 | 0 | 7,166 | 4,137 | ||||||||||||||||||||||
| Redemptions | (4,069) | (3,282) | (3,484) | (1,911) | (569) | (171) | (108) | (4) | (8,230) | (5,368) | ||||||||||||||||||||||
| Net sales (redemptions) | (1,650) | (1,786) | 565 | 623 | 85 | (64) | (64) | (4) | (1,064) | (1,231) | ||||||||||||||||||||||
| Net exchanges | 5 | 0 | (5) | (2) | 2 | 0 | 0 | 0 | 2 | (2) | ||||||||||||||||||||||
Impact of foreign exchange2 | (235) | (332) | (46) | (25) | (139) | (87) | 0 | 0 | (420) | (444) | ||||||||||||||||||||||
Market gains and (losses)3 | 2,782 | 2,082 | 59 | 236 | 131 | (14) | 123 | 6 | 3,095 | 2,310 | ||||||||||||||||||||||
| Ending assets | $ | 43,415 | $ | 36,742 | $ | 44,481 | $ | 51,844 | $ | 12,458 | $ | 8,007 | $ | 2,789 | $ | 139 | $ | 103,143 | $ | 96,732 | ||||||||||||
1) Includes separately managed accounts, institutional accounts, certain 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 Q1 2024 earnings | Page 8 of 10 | |||||||
Unaudited Changes in Long-Term Assets - By Product Type | |||||||||||
(in millions) | Quarter Ended | ||||||||||
| March 31, 2024 | Dec. 31, 2023 | March 31, 2023 | |||||||||
| Total Fund Assets | |||||||||||
| Beginning assets | $ | 101,530 | $ | 98,378 | $ | 102,423 | |||||
| Sales | 7,166 | 5,999 | 8,317 | ||||||||
| Redemptions | (8,230) | (9,578) | (8,491) | ||||||||
| Net sales (redemptions) | (1,064) | (3,579) | (174) | ||||||||
| Net exchanges | 2 | (7) | 15 | ||||||||
Impact of foreign exchange1 | (420) | 1,002 | 334 | ||||||||
Market gains and (losses)2 | 3,095 | 5,736 | 1,622 | ||||||||
| Ending assets | $ | 103,143 | $ | 101,530 | $ | 104,220 | |||||
Total Separate Account Assets3 | |||||||||||
| Beginning assets | $ | 96,099 | $ | 91,767 | $ | 89,634 | |||||
Sales4 | 4,137 | 5,664 | 4,673 | ||||||||
Redemptions4 | (5,368) | (5,993) | (4,308) | ||||||||
Net sales (redemptions)4 | (1,231) | (329) | 365 | ||||||||
| Net exchanges | (2) | 13 | (10) | ||||||||
Impact of foreign exchange1 | (444) | 868 | 180 | ||||||||
Market gains and (losses)2 | 2,310 | 3,780 | 848 | ||||||||
| Ending assets | $ | 96,732 | $ | 96,099 | $ | 91,017 | |||||
Total Long-term Assets3 | |||||||||||
| Beginning assets | $ | 197,629 | $ | 190,145 | $ | 192,057 | |||||
Sales4 | 11,303 | 11,663 | 12,990 | ||||||||
Redemptions4 | (13,598) | (15,571) | (12,799) | ||||||||
Net sales (redemptions)4 | (2,295) | (3,908) | 191 | ||||||||
| Net exchanges | 0 | 6 | 5 | ||||||||
Impact of foreign exchange1 | (864) | 1,870 | 514 | ||||||||
Market gains and (losses)2 | 5,405 | 9,516 | 2,470 | ||||||||
| Ending assets | $ | 199,875 | $ | 197,629 | $ | 195,237 | |||||
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 Q1 2024 earnings | Page 9 of 10 | |||||||
| Unaudited Managed Assets | |||||||||||||||||
(in millions) | March 31, 2024 | Dec. 31, 2023 | Sept. 30, 2023 | June 30, 2023 | March 31, 2023 | ||||||||||||
| By Asset Class | |||||||||||||||||
| Equity | $ | 80,157 | $ | 79,291 | $ | 77,315 | $ | 82,992 | $ | 83,629 | |||||||
| Fixed-income | 96,325 | 94,920 | 89,765 | 87,425 | 87,461 | ||||||||||||
| Alternative / private markets | 20,465 | 20,551 | 20,337 | 21,602 | 21,174 | ||||||||||||
| Multi-asset | 2,928 | 2,867 | 2,728 | 2,922 | 2,973 | ||||||||||||
| Total long-term assets | 199,875 | 197,629 | 190,145 | 194,941 | 195,237 | ||||||||||||
| Money market | 578,811 | 559,993 | 525,085 | 509,017 | 505,800 | ||||||||||||
| Total Managed Assets | $ | 778,686 | $ | 757,622 | $ | 715,230 | $ | 703,958 | $ | 701,037 | |||||||
| By Product Type | |||||||||||||||||
| Funds: | |||||||||||||||||
| Equity | $ | 43,415 | $ | 42,513 | $ | 40,801 | $ | 44,383 | $ | 44,732 | |||||||
| Fixed-income | 44,481 | 43,908 | 42,569 | 43,884 | 43,616 | ||||||||||||
| Alternative / private markets | 12,458 | 12,379 | 12,409 | 13,338 | 13,040 | ||||||||||||
| Multi-asset | 2,789 | 2,730 | 2,599 | 2,782 | 2,832 | ||||||||||||
| Total long-term assets | 103,143 | 101,530 | 98,378 | 104,387 | 104,220 | ||||||||||||
| Money market | 417,102 | 406,166 | 384,896 | 364,014 | 357,346 | ||||||||||||
| Total Fund Assets | $ | 520,245 | $ | 507,696 | $ | 483,274 | $ | 468,401 | $ | 461,566 | |||||||
| Separate Accounts: | |||||||||||||||||
| Equity | $ | 36,742 | $ | 36,778 | $ | 36,514 | $ | 38,609 | $ | 38,897 | |||||||
| Fixed-income | 51,844 | 51,012 | 47,196 | 43,541 | 43,845 | ||||||||||||
| Alternative / private markets | 8,007 | 8,172 | 7,928 | 8,264 | 8,134 | ||||||||||||
| Multi-asset | 139 | 137 | 129 | 140 | 141 | ||||||||||||
| Total long-term assets | 96,732 | 96,099 | 91,767 | 90,554 | 91,017 | ||||||||||||
| Money market | 161,709 | 153,827 | 140,189 | 145,003 | 148,454 | ||||||||||||
| Total Separate Account Assets | $ | 258,441 | $ | 249,926 | $ | 231,956 | $ | 235,557 | $ | 239,471 | |||||||
| Total Managed Assets | $ | 778,686 | $ | 757,622 | $ | 715,230 | $ | 703,958 | $ | 701,037 | |||||||
Federated Hermes reports Q1 2024 earnings | Page 10 of 10 | |||||||
| Unaudited Average Managed Assets | Quarter Ended | ||||||||||||||||
(in millions) | March 31, 2024 | Dec. 31, 2023 | Sept. 30, 2023 | June 30, 2023 | March 31, 2023 | ||||||||||||
| By Asset Class | |||||||||||||||||
| Equity | $ | 78,969 | $ | 76,009 | $ | 82,203 | $ | 83,025 | $ | 84,155 | |||||||
| Fixed-income | 95,791 | 91,927 | 88,677 | 87,504 | 88,209 | ||||||||||||
| Alternative / private markets | 20,485 | 20,623 | 21,413 | 21,411 | 20,938 | ||||||||||||
| Multi-asset | 2,874 | 2,744 | 2,861 | 2,929 | 3,012 | ||||||||||||
| Total long-term assets | 198,119 | 191,303 | 195,154 | 194,869 | 196,314 | ||||||||||||
| Money market | 578,383 | 536,727 | 516,046 | 510,418 | 483,083 | ||||||||||||
| Total Avg. Managed Assets | $ | 776,502 | $ | 728,030 | $ | 711,200 | $ | 705,287 | $ | 679,397 | |||||||
| By Product Type | |||||||||||||||||
| Funds: | |||||||||||||||||
| Equity | $ | 42,355 | $ | 40,296 | $ | 43,687 | $ | 44,218 | $ | 45,055 | |||||||
| Fixed-income | 43,857 | 42,705 | 43,437 | 43,827 | 43,961 | ||||||||||||
| Alternative / private markets | 12,377 | 12,571 | 13,184 | 13,181 | 13,062 | ||||||||||||
| Multi-asset | 2,739 | 2,615 | 2,724 | 2,787 | 2,869 | ||||||||||||
| Total long-term assets | 101,328 | 98,187 | 103,032 | 104,013 | 104,947 | ||||||||||||
| Money market | 414,902 | 392,946 | 373,088 | 362,608 | 333,358 | ||||||||||||
| Total Avg. Fund Assets | $ | 516,230 | $ | 491,133 | $ | 476,120 | $ | 466,621 | $ | 438,305 | |||||||
| Separate Accounts: | |||||||||||||||||
| Equity | $ | 36,614 | $ | 35,713 | $ | 38,516 | $ | 38,807 | $ | 39,100 | |||||||
| Fixed-income | 51,934 | 49,222 | 45,240 | 43,677 | 44,248 | ||||||||||||
| Alternative / private markets | 8,108 | 8,052 | 8,229 | 8,230 | 7,876 | ||||||||||||
| Multi-asset | 135 | 129 | 137 | 142 | 143 | ||||||||||||
| Total long-term assets | 96,791 | 93,116 | 92,122 | 90,856 | 91,367 | ||||||||||||
| Money market | 163,481 | 143,781 | 142,958 | 147,810 | 149,725 | ||||||||||||
| Total Avg. Separate Account Assets | $ | 260,272 | $ | 236,897 | $ | 235,080 | $ | 238,666 | $ | 241,092 | |||||||
| Total Avg. Managed Assets | $ | 776,502 | $ | 728,030 | $ | 711,200 | $ | 705,287 | $ | 679,397 | |||||||