FHI - Federated Hermes Inc. (FHI) Q4 2023 Earnings Call Transcript
2024-01-26 12:38:04 ET
Federated Hermes, Inc. (FHI)
Q4 2023 Earnings Conference Call
January 26, 2024, 09.00 AM ET
Company Participants
Raymond Hanley - President of Federated Investors Management Company
Christopher Donahue - President and CEO
Thomas Donahue - Chief Financial Officer
Saker Nusseibeh - CEO of the Federated Hermes Limited
Deborah Cunningham - Chief Investment Officer
Conference Call Participants
Ken Worthington - JPMorgan Chase
Adam Beatty - UBS
William Katz - TD Cowen
Kenneth Lee - RBC Capital Markets
Daniel Fannon - Jefferies
Brian Bedell - Deutsche Bank
Presentation
Operator
Greetings. Welcome to the Federated Hermes, Inc. Q4 2023 Analyst Call and Webcast. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, Ray Hanley, President of Federated Investors Management Company. You may begin.
Raymond Hanley
Good morning, and welcome. Leading today’s call will be Chris Donahue, Federated Hermes President and CEO; and Tom Donahue, Chief Financial Officer. After some brief remarks we’ll open up for Q&A and participating in the Q&A will be Saker Nusseibeh, who is the CEO of the Federated Hermes Limited and Debbie Cunningham, the Chief Investment Officer for the money markets. During the call, we may make forward-looking statements, and we want to note that our actual results may materially different from the results implied by such statements. Please review our risk disclosures in our SEC filings. No assurance can be given as to future results, and Federated Hermes assumes no duty to update any of these forward-looking statements. Chris?
Christopher Donahue
Thank you, Ray, and good morning all. I will review Federated Hermes business performance and Tom will comment on the financial results. We had solid asset growth in Q4, ending with record assets under management of $758 billion, driven by record money market assets of $560 billion.
Now looking first at equities, assets were up about $2 billion from Q3 to $79.3 billion, due to combined market gains and FX impact of $6.7 billion, but partially offset by net redemptions of $4.7 billion. We did see Q4 positive net sales in 11 equity strategies, including MDT Large Cap Growth, MDT Mid-Cap Growth, and international small-mid funds....
Federated Hermes, Inc. (FHI) Q4 2023 Earnings Call Transcript