- 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, April 25,
2024 /PRNewswire/ -- 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.
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.
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
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.
|
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.
|
|
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
|
|
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.
|
|
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.
|
|
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.
|
|
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
|
|
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
|
View original
content:https://www.prnewswire.com/news-releases/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-302128058.html
SOURCE Federated Hermes, Inc.