FHI - Federated Hermes, Inc. reports record assets under management with fourth quarter and full-year 2024 earnings

January, 30 2025 04:17 PM Federated Hermes Inc.

PR Newswire

Q4 2024 earnings per diluted share of $1.04 ; full-year 2024 EPS of $3.23
Total assets under management at record $829.6 billion
Board declares $0.31 per share quarterly dividend

PITTSBURGH , Jan. 30, 2025 /PRNewswire/ -- Federated Hermes, Inc. (NYSE: FHI), a global leader in active investing, today reported earnings per diluted share (EPS) for Q4 2024 of $1.04 , compared to $0.96 for the same quarter last year, on net income of $84.7 million for Q4 2024, compared to $82.2 million for Q4 2023. Full-year 2024 EPS was $3.23 , compared to $3.40 for 2023 on net income of $268.3 million for 2024, compared to $299.0 million for 2023. Federated Hermes' full-year 2024 results include a $66.3 million non-cash expense, or ($0.73) per diluted share, related to the Q2 2024 impairment of an indefinite-lived intangible asset.

Federated Hermes' total managed assets were a record $829.6 billion at Dec. 31, 2024 , up $72.0 billion or 10% from $757.6 billion at Dec. 31, 2023 and up $29.1 billion or 4% from $800.5 billion at Sept. 30, 2024. Average managed assets for Q4 2024 were $804.4 billion , up $76.4 billion or 10% from $728.0 billion reported for Q4 2023 and up $10.9 billion or 1% from $793.5 billion reported for Q3 2024.

"Federated Hermes' record assets at year-end were driven by another quarter of money market asset increases, as all segments of our liquidity products offered exceptional cash management resources, as well as opportunities for attractive returns in balanced client portfolios," said J. Christopher Donahue , president and chief executive officer. "We also continued to see investor interest in a range of fixed-income strategies, from multisector to ultrashorts to emerging market debt. In equities, we saw net positive flows into the full range of our quantitative MDT equity products—in large-, mid- and small-cap funds and ETFs."

Federated Hermes' board of directors declared a quarterly dividend of $0.31 per share. The dividend is payable on Feb. 14, 2025 to shareholders of record as of Feb. 7, 2025 . During Q4 2024, Federated Hermes purchased 552,533 shares of Federated Hermes class B common stock for $22.1 million , bringing the total shares of Class B common stock purchased in 2024 to 4,012,017 shares for $133.6 million.

Federated Hermes' equity assets were $79.4 billion at Dec. 31, 2024 , up $0.1 billion from $79.3 billion at Dec. 31, 2023 and down $4.2 billion or 5% from $83.6 billion at Sept. 30, 2024. Top-selling equity funds on a net basis during Q4 2024 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 U.S. Strategic Dividend ETF.

Federated Hermes' fixed-income assets were $98.1 billion at Dec. 31, 2024 , up $3.2 billion or 3% from $94.9 billion at Dec. 31, 2023 and down $2.1 billion or 2% from $100.2 billion at Sept. 30, 2024. Top-selling fixed-income funds on a net basis during Q4 2024 were Federated Hermes Total Return Bond Fund, Federated Hermes Government Ultrashort Fund, Federated Hermes Emerging Markets Debt Fund, Federated Hermes Short-Term Income Fund and Federated Hermes Conservative Municipal Microshort Fund.

Federated Hermes' alternative/private markets assets were $18.9 billion at Dec. 31 , 2024, down $1.7 billion or 8% from $20.6 billion at Dec. 31, 2023 and down $1.8 billion or 9% from $20.7 billion at Sept. 30, 2024.

Federated Hermes' money market assets were a record $630.3 billion at Dec. 31, 2024 , up $70.3 billion or 13% from $560.0 billion at Dec. 31, 2023 and up $37.3 billion or 6% from $593.0 billion at Sept. 30, 2024. Money market mutual fund assets were a record $461.7 billion at Dec. 31, 2024 , up $55.5 billion or 14% from $406.2 billion at Dec. 31, 2023 and up $21.3 billion or 5% from $440.4 billion at Sept. 30, 2024. Federated Hermes' money market separate account assets were a record $168.6 billion at Dec. 31, 2024 , up $14.8 billion or 10% from $153.8 billion at Dec. 31, 2023 and up $16.0 billion or 10% from $152.6 billion at Sept. 30, 2024.

Financial Summary

Q4 2024 vs. Q4 2023

Revenue increased $33.2 million or 8% primarily due to an increase in revenue from higher average money market and equity assets.

During Q4 2024, Federated Hermes derived 51% of its revenue from money market assets, 48% from long-term assets (29% from equity assets, 12% from fixed-income assets and 7% from alternative/private markets and multi-asset) and 1% from sources other than managed assets.

Operating expenses increased $25.3 million or 9% primarily due to an increase in compensation expense primarily from higher incentive compensation, an increase in distribution expenses resulting primarily from higher average managed money market and equity fund assets and an increase in other expense resulting primarily from fluctuations in foreign currency exchange rates.

Nonoperating income (expenses), net decreased $12.8 million primarily due to a decrease in the market value of investments in Q4 2024 compared to an increase in the market value of investments in Q4 2023.

Q4 2024 vs. Q3 2024

Revenue increased $16.2 million or 4% primarily due to an increase in revenue from higher average equity and money market assets.

Operating expenses increased $17.5 million or 6% primarily due to an increase in other expense resulting primarily from fluctuations in foreign currency exchange rates, an increase in advertising and promotional expenses and an increase in distribution expenses resulting primarily from higher average managed money market fund assets.

Nonoperating income (expenses), net decreased $9.0 million primarily due to a decrease in the market value of investments in Q4 2024 compared to an increase in the market value of investments in Q3 2024.

2024 vs. 2023

Revenue increased $22.5 million or 1% primarily due to an increase in revenue from higher average money market and fixed-income assets. These increases were partially offset by a decrease in carried interest of $50.0 million, including a decrease of $32.3 million of carried interest from consolidated carried interest vehicles, which is offset in compensation expense, and a decrease in revenue due to lower average equity and alternative/private markets assets.

During 2024, Federated Hermes derived 51% of its revenue from money market assets, 48% from long-term assets (29% from equity assets, 12% from fixed-income assets and 7% from alternative/private markets and multi-asset) and 1% from sources other than managed assets.

Operating expenses increased by $48.6 million or 4% primarily due to a $66.3 million increase in intangible asset-expense resulting from the impairment of an intangible asset in Q2 2024 associated with the 2018 acquisition of Federated Hermes Limited, offset by a decrease in compensation expense primarily resulting from the previously mentioned lower carried interest from consolidated carried interest vehicles.

Nonoperating income (expenses), net decreased $3.6 million primarily due to a smaller increase in the market value of investments in 2024 compared to the increase in the market value of investments in 2023. This decrease was partially offset by an increase in investment income from larger investment balances and an increase in yields due to higher interest rates.

Earnings call information

Federated Hermes will host an earnings conference call at 9 a.m. Eastern on Jan. 31, 2025 . 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 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 Jan. 31, 2025 . To access the telephone replay, dial 877-481-4010 (domestic) or 919-882-2331 (international) and enter access code 51862. 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 $829.6 billion in assets under management ¹ . 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, the top 9% of money market fund managers and the top 10% of fixed-income fund managers ² in the industry. For more information, including an analyst presentation, visit FederatedHermes.com/us .

###

1) As of Dec. 31, 2024 .
2) Morningstar, Dec. 31, 2024 . Based on U.S. fund flows rankings.
Federated Securities Corp. is distributor of the Federated Hermes funds.

Certain statements in this press release, such as those related to performance, investment strategies and uses, investor preferences and demand, asset flows and asset mix 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 Q4 2023 to Q4 2024
Quarter Ended
% Change Q3 2024 to Q4 2024

Dec. 31, 2024
Dec. 31, 2023
Sept. 30, 2024
Revenue





Investment advisory fees, net
288,329
264,693
9 %
274,621
5 %
Administrative service fees, net
99,711
90,930
10
97,687
2
Other service fees, net
36,643
35,874
2
36,148
1
Total Revenue
424,683
391,497
8
408,456
4






Operating Expenses





Compensation and related
137,165
127,504
8
136,027
1
Distribution
98,070
90,940
8
95,859
2
Systems and communications
23,843
20,944
14
23,656
1
Professional service fees
20,307
16,632
22
19,849
2
Office and occupancy
10,328
10,159
2
9,884
4
Advertising and promotional
7,785
9,684
(20)
5,378
45
Travel and related
4,058
4,308
(6)
4,221
(4)
Intangible asset related
3,230
3,676
(12)
3,504
(8)
Other
9,470
5,080
86
(1,664)
NM
Total Operating Expenses
314,256
288,927
9
296,714
6
Operating Income
110,427
102,570
8
111,742
(1)






Nonoperating Income (Expenses)





Investment income (loss), net
5,037
17,418
(71)
14,015
(64)
Debt expense
(3,187)
(3,142)
1
(3,170)
1
Other, net
54
461
(88)
16
238
Total Nonoperating Income (Expenses), net
1,904
14,737
(87)
10,861
(82)
Income before income taxes
112,331
117,307
(4)
122,603
(8)
Income tax provision
28,477
31,260
(9)
32,262
(12)
Net income including the noncontrolling interests in subsidiaries
83,854
86,047
(3)
90,341
(7)
Less: Net (loss) income attributable to the noncontrolling interests in subsidiaries
(862)
3,869
(122)
2,803
(131)
Net Income
84,716
82,178
3 %
87,538
(3) %






Amounts Attributable to Federated Hermes, Inc.





Earnings Per Share ¹





Basic and diluted
1.04
0.96
8 %
1.06
(2) %
Weighted-Average Shares Outstanding





Basic
78,300
81,961

78,690

Diluted
78,300
81,973

78,706

Dividends Declared Per Share
0.31
0.28

0.31

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 $3.6 million, $3.6 million and $3.7 million available to unvested restricted Federated Hermes shareholders for the quarterly periods ended Dec. 31, 2024, Dec. 31, 2023 and Sept. 30, 2024, respectively, was excluded from the computation of earnings per share.

*Unaudited Condensed Consolidated Statements of Income*
(in thousands, except per share data)








Year Ended


Dec. 31, 2024

Dec. 31, 2023

% Change
Revenue






Investment advisory fees, net

1,097,866

1,115,783

(2) %
Administrative service fees, net—affiliates

387,531

343,332

13
Other service fees, net

146,696

150,459

(3)
Total Revenue

1,632,093

1,609,574

1







Operating Expenses






Compensation and related

540,486

563,388

(4)
Distribution

382,327

371,198

3
Systems and communications

92,515

84,203

10
Intangible asset related

79,361

13,870

472
Professional service fees

78,353

69,514

13
Office and occupancy

39,946

45,069

(11)
Advertising and promotional

24,090

22,992

5
Travel and related

15,399

15,409

0
Other

18,149

36,382

(50)
Total Operating Expenses

1,270,626

1,222,025

4
Operating Income

361,467

387,549

(7)







Nonoperating Income (Expenses)






Investment income (loss), net

32,668

35,740

(9)
Debt expense

(12,665)

(12,519)

1
Other, net

139

562

(75)
Total Nonoperating Income (Expenses), net

20,142

23,783

(15)
Income before income taxes

381,609

411,332

(7)
Income tax provision

113,179

106,551

6
Net income including the noncontrolling interests in subsidiaries

268,430

304,781

(12)
Less: Net income attributable to the noncontrolling interests in subsidiaries

116

5,801

(98)
Net Income

268,314

298,980

(10) %







Amounts Attributable to Federated Hermes, Inc.






Earnings Per Share ¹






Basic and diluted

3.23

3.40

(5) %
Weighted-Average Shares Outstanding






Basic

79,426

83,858


Diluted

79,430

83,863


Dividends Declared Per Share

2.21

1.11

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 $11.6 million and $14.0 million available to unvested restricted Federated Hermes shareholders for the years ended Dec. 31, 2024 and Dec. 31, 2023, respectively, was excluded from the computation of earnings per share.

*Unaudited Condensed Consolidated Balance Sheets*


(in thousands)
Dec. 31, 2024
Dec. 31, 2023
Assets


Cash and other investments
641,042
560,675
Other current assets
140,310
160,054
Intangible assets, net, including goodwill
1,132,699
1,216,605
Other long-term assets
170,633
164,510
Total Assets
2,084,684
2,101,844



Liabilities, Redeemable Noncontrolling Interests and Equity


Current liabilities
289,193
287,343
Long-term debt
348,106
347,843
Other long-term liabilities
296,665
312,561
Redeemable noncontrolling interests
55,514
25,845
Equity excluding treasury stock
1,728,044
1,649,655
Treasury stock
(632,838)
(521,403)
Total Liabilities, Redeemable Noncontrolling Interests and Equity
2,084,684
2,101,844

*Unaudited Changes in Long-Term Assets - By Asset Class*
(in millions)
Quarter Ended

Year Ended

Dec. 31, 2024
Sept. 30, 2024
Dec. 31, 2023

Dec. 31, 2024
Dec. 31, 2023
Equity






Beginning assets
83,609
77,851
77,315

79,291
81,523
Sales ¹
4,868
3,607
3,335

16,201
17,732
Redemptions ¹
(7,388)
(5,046)
(8,005)

(26,856)
(24,742)
Net sales (redemptions) ¹
(2,520)
(1,439)
(4,670)

(10,655)
(7,010)
Net exchanges
(39)
(4)
(6)

(29)
120
Impact of foreign exchange ²
(1,313)
725
891

(1,143)
538
Market gains and (losses) ³
(314)
6,476
5,761

11,959
4,120
Ending assets
79,423
83,609
79,291

79,423
79,291







Fixed Income






Beginning assets
100,171
95,294
89,765

94,920
86,743
Sales ¹
6,400
7,345
7,594

25,590
26,809
Redemptions ¹
(7,345)
(5,942)
(6,669)

(25,381)
(23,892)
Net sales (redemptions) ¹
(945)
1,403
925

209
2,917
Net exchanges
35
(12)
7

(163)
(113)
Impact of foreign exchange ²
(160)
98
143

(141)
128
Market gains and (losses) ³
(1,042)
3,388
4,080

3,234
5,245
Ending assets
98,059
100,171
94,920

98,059
94,920







Alternative / Private Markets






Beginning assets
20,683
20,061
20,337

20,551
20,802
Sales ¹
618
558
700

2,584
3,268
Redemptions ¹
(1,487)
(881)
(755)

(4,285)
(3,158)
Net sales (redemptions) ¹
(869)
(323)
(55)

(1,701)
110
Net exchanges
(1)
12
(3)

187
(9)
Impact of foreign exchange ²
(1,188)
1,017
836

(376)
981
Market gains and (losses) ³
239
(84)
(564)

203
(1,333)
Ending assets
18,864
20,683
20,551

18,864
20,551







Multi-asset






Beginning assets
2,958
2,876
2,728

2,867
2,989
Sales ¹
45
38
34

169
144
Redemptions ¹
(97)
(94)
(142)

(416)
(548)
Net sales (redemptions) ¹
(52)
(56)
(108)

(247)
(404)
Net exchanges
8
4
8

13
11
Market gains and (losses) ³
(31)
134
239

250
271
Ending assets
2,883
2,958
2,867

2,883
2,867







Total Long-term Assets






Beginning assets
207,421
196,082
190,145

197,629
192,057
Sales ¹
11,931
11,548
11,663

44,544
47,953
Redemptions ¹
(16,317)
(11,963)
(15,571)

(56,938)
(52,340)
Net sales (redemptions) ¹
(4,386)
(415)
(3,908)

(12,394)
(4,387)
Net exchanges
3
0
6

8
9
Impact of foreign exchange ²
(2,661)
1,840
1,870

(1,660)
1,647
Market gains and (losses) ³
(1,148)
9,914
9,516

15,646
8,303
Ending assets
199,229
207,421
197,629

199,229
197,629



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

Dec. 31, 2024

Equity
Fixed Income
Alternative / Private Markets
Multi-asset
Total

Funds
Separate Accounts ¹
Funds
Separate Accounts ¹
Funds
Separate Accounts ¹
Funds
Separate Accounts ¹
Funds
Separate Accounts ¹
Beginning assets
45,391
38,218
46,027
54,144
12,558
8,125
2,823
135
$ 106,799
100,622
Sales
3,127
1,741
4,056
2,344
477
141
44
1
7,704
4,227
Redemptions
(3,442)
(3,946)
(3,748)
(3,597)
(1,112)
(375)
(90)
(7)
(8,392)
(7,925)
Net sales (redemptions)
(315)
(2,205)
308
(1,253)
(635)
(234)
(46)
(6)
(688)
(3,698)
Net exchanges
(39)
0
36
(1)
(1)
0
8
0
4
(1)
Impact of foreign exchange ²
(604)
(709)
(96)
(64)
(672)
(516)
0
0
(1,372)
(1,289)
Market gains and (losses) ³
(681)
367
(725)
(317)
251
(12)
(21)
(10)
(1,176)
28
Ending assets
43,752
35,671
45,550
52,509
11,501
7,363
2,764
119
$ 103,567
95,662












Year Ended

Dec. 31, 2024

Equity
Fixed Income
Alternative / Private Markets
Multi-asset
Total

Funds
Separate Accounts ¹
Funds
Separate Accounts ¹
Funds
Separate Accounts ¹
Funds
Separate Accounts ¹
Funds
Separate Accounts ¹
Beginning assets
42,513
36,778
43,908
51,012
12,379
8,172
2,730
137
$ 101,530
96,099
Sales
10,220
5,981
15,307
10,283
2,144
440
163
6
27,834
16,710
Redemptions
(13,979)
(12,877)
(14,760)
(10,621)
(3,478)
(807)
(396)
(20)
(32,613)
(24,325)
Net sales (redemptions)
(3,759)
(6,896)
547
(338)
(1,334)
(367)
(233)
(14)
(4,779)
(7,615)
Net exchanges
(29)
0
(145)
(18)
187
0
13
0
26
(18)
Impact of foreign exchange ²
(453)
(690)
(68)
(73)
(216)
(160)
0
0
(737)
(923)
Market gains and (losses) ³
5,480
6,479
1,308
1,926
485
(282)
254
(4)
7,527
8,119
Ending assets
43,752
35,671
45,550
52,509
11,501
7,363
2,764
119
$ 103,567
95,662



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

Year Ended

Dec. 31, 2024
Sept. 30, 2024
Dec. 31, 2023

Dec. 31, 2024
Dec. 31, 2023







Total Fund Assets






Beginning assets
106,799
101,247
98,378

101,530
102,423
Sales
7,704
6,646
5,999

27,834
26,191
Redemptions
(8,392)
(7,234)
(9,578)

(32,613)
(34,003)
Net sales (redemptions)
(688)
(588)
(3,579)

(4,779)
(7,812)
Net exchanges
4
14
(7)

26
3
Impact of foreign exchange ¹
(1,372)
1,060
1,002

(737)
1,025
Market gains and (losses) ²
(1,176)
5,066
5,736

7,527
5,891
Ending assets
103,567
106,799
101,530

103,567
101,530







Total Separate Accounts Assets ³






Beginning assets
100,622
94,835
91,767

96,099
89,634
Sales ⁴
4,227
4,902
5,664

16,710
21,762
Redemptions ⁴
(7,925)
(4,729)
(5,993)

(24,325)
(18,337)
Net sales (redemptions) ⁴
(3,698)
173
(329)

(7,615)
3,425
Net exchanges
(1)
(14)
13

(18)
6
Impact of foreign exchange ¹
(1,289)
780
868

(923)
622
Market gains and (losses) ²
28
4,848
3,780

8,119
2,412
Ending assets
95,662
100,622
96,099

95,662
96,099







Total Long-term Assets ³






Beginning assets
207,421
196,082
190,145

197,629
192,057
Sales ⁴
11,931
11,548
11,663

44,544
47,953
Redemptions ⁴
(16,317)
(11,963)
(15,571)

(56,938)
(52,340)
Net sales (redemptions) ⁴
(4,386)
(415)
(3,908)

(12,394)
(4,387)
Net exchanges
3
0
6

8
9
Impact of foreign exchange ¹
(2,661)
1,840
1,870

(1,660)
1,647
Market gains and (losses) ²
(1,148)
9,914
9,516

15,646
8,303
Ending assets
199,229
207,421
197,629

199,229
197,629



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)
Dec. 31, 2024
Sept. 30, 2024
June 30, 2024
March 31, 2024
Dec. 31, 2023
By Asset Class





Equity
79,423
83,609
77,851
80,157
79,291
Fixed-income
98,059
100,171
95,294
96,325
94,920
Alternative / private markets
18,864
20,683
20,061
20,465
20,551
Multi-asset
2,883
2,958
2,876
2,928
2,867
Total long-term assets
199,229
207,421
196,082
199,875
197,629
Money market
630,349
593,030
586,647
578,811
559,993
Total Managed Assets
829,578
800,451
782,729
778,686
757,622






By Product Type





Funds:





Equity
43,752
45,391
42,404
43,415
42,513
Fixed-income
45,550
46,027
43,842
44,481
43,908
Alternative / private markets
11,501
12,558
12,258
12,458
12,379
Multi-asset
2,764
2,823
2,743
2,789
2,730
Total long-term assets
103,567
106,799
101,247
103,143
101,530
Money market
461,720
440,397
425,627
417,102
406,166
Total Fund Assets
565,287
547,196
526,874
520,245
507,696
Separate Accounts:





Equity
35,671
38,218
35,447
36,742
36,778
Fixed-income
52,509
54,144
51,452
51,844
51,012
Alternative / private markets
7,363
8,125
7,803
8,007
8,172
Multi-asset
119
135
133
139
137
Total long-term assets
95,662
100,622
94,835
96,732
96,099
Money market
168,629
152,633
161,020
161,709
153,827
Total Separate Account Assets
264,291
253,255
255,855
258,441
249,926
Total Managed Assets
829,578
800,451
782,729
778,686
757,622

*Unaudited Average Managed Assets*
Quarter Ended
(in millions)
Dec. 31, 2024
Sept. 30, 2024
June 30, 2024
March 31, 2024
Dec. 31, 2023
By Asset Class





Equity
82,247
80,220
78,137
78,969
76,009
Fixed-income
98,254
97,563
95,484
95,791
91,927
Alternative / private markets
19,754
20,455
20,306
20,485
20,623
Multi-asset
2,934
2,910
2,889
2,874
2,744
Total long-term assets
203,189
201,148
196,816
198,119
191,303
Money market
601,169
592,304
582,758
578,383
536,727
Total Avg. Managed Assets
804,358
793,452
779,574
776,502
728,030
By Product Type





Funds:





Equity
45,261
43,632
42,274
42,355
40,296
Fixed-income
45,654
44,977
43,910
43,857
42,705
Alternative / private markets
12,010
12,451
12,331
12,377
12,571
Multi-asset
2,811
2,775
2,737
2,739
2,615
Total long-term assets
105,736
103,835
101,252
101,328
98,187
Money market
445,775
436,418
419,999
414,902
392,946
Total Avg. Fund Assets
551,511
540,253
521,251
516,230
491,133
Separate Accounts:





Equity
36,986
36,588
35,863
36,614
35,713
Fixed-income
52,600
52,586
51,574
51,934
49,222
Alternative / private markets
7,744
8,004
7,975
8,108
8,052
Multi-asset
123
135
152
135
129
Total long-term assets
97,453
97,313
95,564
96,791
93,116
Money market
155,394
155,886
162,759
163,481
143,781
Total Avg. Separate Account Assets
252,847
253,199
258,323
260,272
236,897
Total Avg. Managed Assets
804,358
793,452
779,574
776,502
728,030

*Unaudited Average Managed Assets*

Year Ended
( in millions)

Dec. 31, 2024

Dec. 31, 2023
By Asset Class




Equity

79,893

81,348
Fixed-income

96,773

89,079
Alternative / private markets

20,250

21,096
Multi-asset

2,902

2,887
Total long-term assets

199,818

194,410
Money market

588,653

511,568
Total Avg. Managed Assets

788,471

705,978
By Product Type




Funds:




Equity

43,380

43,314
Fixed-income

44,600

43,482
Alternative / private markets

12,292

12,999
Multi-asset

2,766

2,749
Total long-term assets

103,038

102,544
Money market

429,273

365,500
Total Avg. Fund Assets

532,311

468,044
Separate Accounts:




Equity

36,513

38,034
Fixed-income

52,173

45,597
Alternative / private markets

7,958

8,097
Multi-asset

136

138
Total long-term assets

96,780

91,866
Money market

159,380

146,068
Total Avg. Separate Account Assets

256,160

237,934
Total Avg. Managed Assets

788,471

705,978

SOURCE Federated Hermes, Inc.

Company Name:	Federated Hermes Inc.
Stock Symbol:	FHI
Market:	NYSE
Website:	federatedhermes.com

Twitter