- Q1 2023 earnings per diluted share of $0.78
- Total assets under management reach all-time high
$701.0 billion
- Money market assets reach record $505.8 billion
- Board declares $0.28 per share
dividend, a 4% increase from Q4 2022
PITTSBURGH, April 27,
2023 /PRNewswire/ -- Federated Hermes, Inc. (NYSE:
FHI), a global leader in active, responsible investing, today
reported earnings per diluted share (EPS) of $0.78 for Q1 2023, compared to $0.61 for the same quarter last year, on net
income of $69.6 million for Q1 2023,
compared to $55.9 million for Q1
2022.
Federated Hermes' total managed assets were a record
$701.0 billion at
March 31, 2023, up $69.9
billion or 11% from $631.1
billion at March 31, 2022 and up $32.1 billion or 5% from $668.9 billion at Dec. 31, 2022. Total
average managed assets for Q1 2023 were $679.4 billion, up $32.2 billion or 5% from $647.2 billion reported for Q1 2022 and up
$45.8 billion or 7% from $633.6 billion for Q4 2022.
"Federated Hermes' record assets under management were driven
by money market asset increases accompanied by further
increases across nearly all other long-term asset classes from
the previous quarter, demonstrating once again the value of our
diversified business mix," said J. Christopher Donahue, president and chief
executive officer. "As interest rates continued their rise and as
investors considered regional banking issues, many withdrew
deposits from small and medium-sized banks and continued to embrace
the benefits of money market funds—high credit quality, short
duration, diversification, transparency, daily liquidity and market
yields. Federated Hermes had positive net flows into a range of our
money market products—from government to prime. Additionally, in
fixed income, we saw more than $1 billion of flows into our
Total Return Bond Fund, which seeks attractive opportunities by
allocating across sectors—investment-grade corporate, high yield,
structured products, municipals and international—in an effort to
take advantage of changing markets while managing risk."
Federated Hermes' board of directors declared a dividend of
$0.28 per share, a 4% increase from
Q4 2022. The dividend is payable on May 15, 2023 to
shareholders of record as of May 8, 2023. During Q1 2023,
Federated Hermes purchased 132,592 shares of Federated Hermes class
B common stock for $4.7 million.
Equity assets were $83.6 billion
at March 31, 2023, down $8.1
billion or 9% from $91.7
billion at March 31, 2022 and up $2.1 billion or 3% from $81.5 billion at Dec. 31, 2022.
Top-selling equity funds during Q1 2023 on a net basis were
Federated Hermes Global Emerging Markets Equity Fund, Federated
Hermes International Leaders Fund, Federated Hermes Asia ex-Japan
Equity Fund, Federated Hermes MDT Large Cap Growth Fund and
Federated Hermes MDT Mid Cap Growth Fund.
Fixed-income assets were $87.5
billion at March 31, 2023, down $4.6 billion or 5% from $92.1 billion at March 31, 2022
and up $0.8 billion or 1% from
$86.7 billion at
Dec. 31, 2022. Top-selling fixed-income funds during Q1
2023 on a net basis were Federated Hermes Total Return Bond Fund,
Federated Hermes SDG Engagement High Yield Credit Fund (UCITS),
Federated Hermes Sustainable IG Credit Fund, Federated Hermes
Corporate Bond Fund and Federated Hermes Intermediate Corporate
Bond Fund.
Alternative/private markets assets were $21.2 billion at March 31, 2023, down
$1.9 billion or 8% from $23.1 billion at March 31, 2022 and up
$0.4 billion or 2% from $20.8 billion at Dec. 31, 2022.
Money market assets were a record $505.8
billion at March 31, 2023, up $85.2 billion or 20% from $420.6 billion at March 31, 2022 and up
$29.0 billion or 6% from $476.8 billion at Dec. 31, 2022. Money
market fund assets were $357.3
billion at March 31, 2023, up $77.8 billion or 28% from $279.5 billion at March 31, 2022 and up
$21.4 billion or 6% from $335.9 billion at Dec. 31, 2022.
Financial Summary
Q1 2023 vs. Q1 2022
Revenue increased $57.4 million or
18% 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)
and an increase in revenue due to higher average money market
assets. For further information on the waivers, see "Impact of
voluntary yield-related fee waivers" below. These increases were
partially offset by a decrease in revenue due to lower average
long-term assets.
During Q1 2023, Federated Hermes derived 52% of its revenue
from long-term assets (33% from equity, 13% from fixed-income
and 6% from alternative/private markets and multi-asset), 47%
from money market assets, and 1% from sources other than managed
assets.
Operating expenses increased $56.2
million or 23% due to increased distribution expenses
resulting primarily from lower voluntary yield-related fee
waivers.
Nonoperating income (expenses), net increased $19.1 million primarily due to an increase in the
market value of investments in Q1 2023 as compared to a decrease in
the market value of investments in Q1 2022.
Q1 2023 vs. Q4 2022
Revenue increased $8.3 million or
2% primarily due to an increase in revenue from higher average
money market and equity assets. These increases were partially
offset by a decrease in revenue due to two fewer days in Q1
2023.
Operating expenses decreased $13.1
million or 4% due to a prior quarter impairment charge,
partially offset by an increase in compensation expense.
Nonoperating income (expenses), net decreased $4.1 million or 36% primarily due to
a smaller increase in the market value of investments in Q1
2023 as compared to Q4 2022.
Impact of voluntary yield-related fee waivers
There were no voluntary yield-related fee waivers during the
quarter ended March 31, 2023. During the quarter ended
March 31, 2022, voluntary yield-related fee waivers
totaled $75.8 million. These fee
waivers were partially offset by related reductions in distribution
expenses of $57.5 million, such that
the net negative pre-tax impact to Federated Hermes was
$18.3 million for the quarter ended
March 31, 2022.
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 April 28,
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, go to the About section of 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 April 28, 2023. To access the telephone replay,
dial 877-481-4010 (domestic) or 919-882-2331 (international) and
enter access code 48120. 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 $701.0
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. Headquartered
in Pittsburgh, Federated Hermes
has more than 2,000 employees in London, New
York and offices worldwide.
Federated Hermes ranks in the top 7% of equity fund managers in
the industry, the top 11% of fixed-income fund managers and the top
12% of money market fund managers2. Federated Hermes
also ranks as the 4th-largest manager of model-delivered
SMAs3. For more information, including an analyst
presentation, which is updated periodically, visit
FederatedHermes.com.
###
1) As of
March 31, 2023.
|
2) ISS Market
Intelligence (SIMFUND), March 31, 2023. Based on assets
under management in open-end funds.
|
3) Money Management
Institute/Cerulli,Q4 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, 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 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.
Unaudited
Condensed Consolidated Statements of Income
|
(in thousands,
except per share data)
|
|
|
|
|
|
|
|
Quarter
Ended
|
%
Change
Q1 2022
to Q1
2023
|
|
Quarter
Ended
|
%
Change
Q4 2022
to Q1
2023
|
|
March 31, 2023
|
March 31, 2022
|
|
Dec. 31, 2022
|
Revenue
|
|
|
|
|
|
|
Investment advisory
fees, net
|
$
263,982
|
$
232,994
|
13 %
|
|
$
256,949
|
3 %
|
Administrative service
fees, net—affiliates
|
79,180
|
73,507
|
8
|
|
75,847
|
4
|
Other service fees,
net
|
39,027
|
18,263
|
114
|
|
41,103
|
(5)
|
Total
Revenue
|
382,189
|
324,764
|
18
|
|
373,899
|
2
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
Compensation and
related
|
136,878
|
133,965
|
2
|
|
123,994
|
10
|
Distribution
|
93,333
|
48,562
|
92
|
|
90,718
|
3
|
Systems and
communications
|
19,972
|
19,494
|
2
|
|
20,549
|
(3)
|
Professional service
fees
|
16,220
|
13,468
|
20
|
|
16,100
|
1
|
Office and
occupancy
|
12,874
|
11,322
|
14
|
|
10,905
|
18
|
Advertising and
promotional
|
4,342
|
2,732
|
59
|
|
6,967
|
(38)
|
Intangible asset
related
|
3,326
|
3,334
|
0
|
|
34,746
|
(90)
|
Travel and
related
|
3,231
|
1,795
|
80
|
|
3,913
|
(17)
|
Other
|
6,847
|
6,143
|
11
|
|
2,258
|
203
|
Total Operating
Expenses
|
297,023
|
240,815
|
23
|
|
310,150
|
(4)
|
Operating
Income
|
85,166
|
83,949
|
1
|
|
63,749
|
34
|
|
|
|
|
|
|
|
Nonoperating Income
(Expenses)
|
|
|
|
|
|
|
Investment income
(loss), net
|
10,312
|
(10,602)
|
197
|
|
14,413
|
(28)
|
Debt
expense
|
(3,125)
|
(1,222)
|
156
|
|
(3,200)
|
(2)
|
Other, net
|
122
|
83
|
47
|
|
191
|
(36)
|
Total Nonoperating
Income (Expenses), net
|
7,309
|
(11,741)
|
162
|
|
11,404
|
(36)
|
Income before income
taxes
|
92,475
|
72,208
|
28
|
|
75,153
|
23
|
Income tax
provision
|
21,009
|
17,611
|
19
|
|
13,518
|
55
|
Net income including
the noncontrolling interests in
subsidiaries
|
71,466
|
54,597
|
31
|
|
61,635
|
16
|
Less: Net income
(loss) attributable to the
noncontrolling interests in subsidiaries
|
1,865
|
(1,266)
|
247
|
|
5,138
|
(64)
|
Net Income
|
$
69,601
|
$
55,863
|
25 %
|
|
$
56,497
|
23 %
|
|
|
|
|
|
|
|
Amounts Attributable
to Federated Hermes, Inc.
|
|
|
|
|
|
|
Earnings Per
Share1
|
|
|
|
|
|
|
Basic and
diluted
|
$
0.78
|
$
0.61
|
28 %
|
|
$
0.63
|
24 %
|
Weighted-Average
Shares Outstanding
|
|
|
|
|
|
|
Basic
|
84,875
|
88,270
|
|
|
84,731
|
|
Diluted
|
84,875
|
88,270
|
|
|
84,743
|
|
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 $3.5 million, $2.4 million and $2.8 million available to
unvested restricted Federated Hermes shareholders for the quarterly
periods ended March 31, 2023, March 31, 2022 and Dec. 31, 2022,
respectively, was excluded from the computation of earnings per
share.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
(in
thousands)
|
March 31, 2023
|
Dec. 31,
2022
|
Assets
|
|
|
Cash and other
investments
|
$
487,989
|
$
521,754
|
Other current
assets
|
148,263
|
129,277
|
Intangible
assets, net, including goodwill
|
1,213,922
|
1,209,574
|
Other long-term
assets
|
148,805
|
159,874
|
Total
Assets
|
$
1,998,979
|
$
2,020,479
|
|
|
|
Liabilities,
Redeemable Noncontrolling Interests and Equity
|
|
|
Current
liabilities
|
$
212,190
|
$
257,413
|
Long-term
debt
|
347,645
|
347,581
|
Other long-term
liabilities
|
292,933
|
307,972
|
Redeemable
noncontrolling interests
|
39,508
|
61,821
|
Equity excluding
treasury stock
|
1,466,858
|
1,411,055
|
Treasury
stock
|
(360,155)
|
(365,363)
|
Total
Liabilities, Redeemable Noncontrolling Interests and
Equity
|
$
1,998,979
|
$
2,020,479
|
Unaudited Changes
in Long-Term Assets - By Asset Class
|
(in
millions)
|
Quarter
Ended
|
|
March 31, 2023
|
Dec. 31, 2022
|
March 31, 2022
|
Equity
|
|
|
|
Beginning
assets
|
$
81,523
|
$
74,684
|
$
96,716
|
Sales1
|
5,631
|
5,265
|
6,992
|
Redemptions1
|
(4,736)
|
(6,015)
|
(7,070)
|
Net sales
(redemptions)1
|
895
|
(750)
|
(78)
|
Net
exchanges
|
103
|
86
|
(174)
|
Impact of foreign
exchange2
|
108
|
1,219
|
(454)
|
Market gains and
(losses)3
|
1,000
|
6,284
|
(4,334)
|
Ending
assets
|
$
83,629
|
$
81,523
|
$
91,676
|
|
|
|
|
Fixed
Income
|
|
|
|
Beginning
assets
|
$
86,743
|
$
85,365
|
$
97,550
|
Sales1
|
6,047
|
5,920
|
7,424
|
Redemptions1
|
(7,127)
|
(9,755)
|
(9,437)
|
Net sales
(redemptions)1
|
(1,080)
|
(3,835)
|
(2,013)
|
Net
exchanges
|
(101)
|
(142)
|
146
|
Acquisitions/(dispositions)
|
0
|
3,524
|
0
|
Impact of foreign
exchange2
|
38
|
239
|
(104)
|
Market gains and
(losses)3
|
1,861
|
1,592
|
(3,433)
|
Ending
assets
|
$
87,461
|
$
86,743
|
$
92,146
|
|
|
|
|
Alternative/Private
Markets
|
|
|
|
Beginning
assets
|
$
20,802
|
$
20,182
|
$
22,920
|
Sales1
|
1,265
|
1,127
|
644
|
Redemptions1
|
(792)
|
(1,190)
|
(505)
|
Net sales
(redemptions)1
|
473
|
(63)
|
139
|
Net
exchanges
|
1
|
(6)
|
0
|
Impact of foreign
exchange2
|
368
|
1,513
|
(637)
|
Market gains and
(losses)3
|
(470)
|
(824)
|
687
|
Ending
assets
|
$
21,174
|
$
20,802
|
$
23,109
|
|
|
|
|
Multi-asset
|
|
|
|
Beginning
assets
|
$
2,989
|
$
2,902
|
$
3,780
|
Sales1
|
47
|
72
|
74
|
Redemptions1
|
(144)
|
(165)
|
(132)
|
Net sales
(redemptions)1
|
(97)
|
(93)
|
(58)
|
Net
exchanges
|
2
|
2
|
5
|
Market gains and
(losses)3
|
79
|
178
|
(172)
|
Ending
assets
|
$
2,973
|
$
2,989
|
$
3,555
|
|
|
|
|
Total Long-term
Assets
|
|
|
|
Beginning
assets
|
$
192,057
|
$
183,133
|
$
220,966
|
Sales1
|
12,990
|
12,384
|
15,134
|
Redemptions1
|
(12,799)
|
(17,125)
|
(17,144)
|
Net sales
(redemptions)1
|
191
|
(4,741)
|
(2,010)
|
Net
exchanges
|
5
|
(60)
|
(23)
|
Acquisitions/(dispositions)
|
0
|
3,524
|
0
|
Impact of foreign
exchange2
|
514
|
2,971
|
(1,195)
|
Market gains and
(losses)3
|
2,470
|
7,230
|
(7,252)
|
Ending
assets
|
$
195,237
|
$
192,057
|
$
210,486
|
|
|
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
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, 2023
|
|
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
|
$
43,342
|
$
38,181
|
$ 43,180
|
$ 43,563
|
$
13,050
|
$ 7,752
|
$ 2,851
|
$
138
|
$ 102,423
|
$ 89,634
|
Sales
|
3,171
|
2,460
|
4,255
|
1,792
|
844
|
421
|
47
|
0
|
8,317
|
4,673
|
Redemptions
|
(2,996)
|
(1,740)
|
(4,699)
|
(2,428)
|
(657)
|
(135)
|
(139)
|
(5)
|
(8,491)
|
(4,308)
|
Net sales
(redemptions)
|
175
|
720
|
(444)
|
(636)
|
187
|
286
|
(92)
|
(5)
|
(174)
|
365
|
Net
exchanges
|
90
|
13
|
(101)
|
0
|
24
|
(23)
|
2
|
0
|
15
|
(10)
|
Impact of foreign
exchange2
|
85
|
23
|
25
|
13
|
224
|
144
|
0
|
0
|
334
|
180
|
Market gains and
(losses)3
|
1,040
|
(40)
|
956
|
905
|
(445)
|
(25)
|
71
|
8
|
1,622
|
848
|
Ending
assets
|
$
44,732
|
$
38,897
|
$ 43,616
|
$ 43,845
|
$
13,040
|
$ 8,134
|
$ 2,832
|
$
141
|
$ 104,220
|
$ 91,017
|
|
|
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
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, 2023
|
Dec. 31, 2022
|
March 31, 2022
|
Total Fund
Assets
|
|
|
|
Beginning
assets
|
$
102,423
|
$
100,993
|
$
135,294
|
Sales
|
8,317
|
8,274
|
9,857
|
Redemptions
|
(8,491)
|
(12,559)
|
(13,104)
|
Net sales
(redemptions)
|
(174)
|
(4,285)
|
(3,247)
|
Net
exchanges
|
15
|
(32)
|
(21)
|
Impact of foreign
exchange1
|
334
|
1,810
|
(766)
|
Market gains and
(losses)2
|
1,622
|
3,937
|
(6,292)
|
Ending
assets
|
$
104,220
|
$
102,423
|
$
124,968
|
|
|
|
|
Total Separate
Account Assets3
|
|
|
|
Beginning
assets
|
$
89,634
|
$
82,140
|
$
85,672
|
Sales4
|
4,673
|
4,110
|
5,277
|
Redemptions4
|
(4,308)
|
(4,566)
|
(4,040)
|
Net sales
(redemptions)4
|
365
|
(456)
|
1,237
|
Net
exchanges
|
(10)
|
(28)
|
(2)
|
Acquisitions/(dispositions)
|
0
|
3,524
|
0
|
Impact of foreign
exchange1
|
180
|
1,161
|
(429)
|
Market gains and
(losses)2
|
848
|
3,293
|
(960)
|
Ending
assets
|
$
91,017
|
$
89,634
|
$
85,518
|
|
|
|
|
Total Long-term
Assets3
|
|
|
|
Beginning
assets
|
$
192,057
|
$
183,133
|
$
220,966
|
Sales4
|
12,990
|
12,384
|
15,134
|
Redemptions4
|
(12,799)
|
(17,125)
|
(17,144)
|
Net sales
(redemptions)4
|
191
|
(4,741)
|
(2,010)
|
Net
exchanges
|
5
|
(60)
|
(23)
|
Acquisitions/(dispositions)
|
0
|
3,524
|
0
|
Impact of foreign
exchange1
|
514
|
2,971
|
(1,195)
|
Market gains and
(losses)2
|
2,470
|
7,230
|
(7,252)
|
Ending
assets
|
$
195,237
|
$
192,057
|
$
210,486
|
|
|
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
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, 2023
|
Dec. 31, 2022
|
Sept. 30, 2022
|
June 30, 2022
|
March 31, 2022
|
By Asset
Class
|
|
|
|
|
|
Equity
|
$
83,629
|
$
81,523
|
$
74,684
|
$
80,988
|
$
91,676
|
Fixed-income
|
87,461
|
86,743
|
85,365
|
86,253
|
92,146
|
Alternative / private
markets
|
21,174
|
20,802
|
20,182
|
21,785
|
23,109
|
Multi-asset
|
2,973
|
2,989
|
2,902
|
3,135
|
3,555
|
Total long-term
assets
|
195,237
|
192,057
|
183,133
|
192,161
|
210,486
|
Money
market
|
505,800
|
476,844
|
441,294
|
439,697
|
420,596
|
Total Managed
Assets
|
$
701,037
|
$
668,901
|
$
624,427
|
$
631,858
|
$
631,082
|
|
|
|
|
|
|
By Product
Type
|
|
|
|
|
|
Funds:
|
|
|
|
|
|
Equity
|
$
44,732
|
$
43,342
|
$
40,633
|
$
44,207
|
$
51,890
|
Fixed-income
|
43,616
|
43,180
|
44,896
|
48,215
|
54,830
|
Alternative / private
markets
|
13,040
|
13,050
|
12,680
|
13,911
|
14,847
|
Multi-asset
|
2,832
|
2,851
|
2,784
|
3,001
|
3,401
|
Total long-term
assets
|
104,220
|
102,423
|
100,993
|
109,334
|
124,968
|
Money
market
|
357,346
|
335,937
|
309,859
|
298,031
|
279,514
|
Total Fund
Assets
|
$
461,566
|
$
438,360
|
$
410,852
|
$
407,365
|
$
404,482
|
Separate
Accounts:
|
|
|
|
|
|
Equity
|
$
38,897
|
$
38,181
|
$
34,051
|
$
36,781
|
$
39,786
|
Fixed-income
|
43,845
|
43,563
|
40,469
|
38,038
|
37,316
|
Alternative / private
markets
|
8,134
|
7,752
|
7,502
|
7,874
|
8,262
|
Multi-asset
|
141
|
138
|
118
|
134
|
154
|
Total long-term
assets
|
91,017
|
89,634
|
82,140
|
82,827
|
85,518
|
Money
market
|
148,454
|
140,907
|
131,435
|
141,666
|
141,082
|
Total Separate
Account Assets
|
$
239,471
|
$
230,541
|
$
213,575
|
$
224,493
|
$
226,600
|
Total Managed
Assets
|
$
701,037
|
$
668,901
|
$
624,427
|
$
631,858
|
$
631,082
|
Unaudited Average
Managed Assets
|
Quarter
Ended
|
(in
millions)
|
March 31, 2023
|
Dec. 31, 2022
|
Sept. 30, 2022
|
June 30, 2022
|
March 31, 2022
|
By Asset
Class
|
|
|
|
|
|
Equity
|
$
84,155
|
$
79,544
|
$
81,809
|
$
85,785
|
$
92,034
|
Fixed-income
|
88,209
|
87,849
|
87,042
|
88,740
|
95,475
|
Alternative / private
markets
|
20,938
|
20,926
|
21,193
|
22,230
|
22,848
|
Multi-asset
|
3,012
|
2,988
|
3,144
|
3,337
|
3,621
|
Total long-term
assets
|
196,314
|
191,307
|
193,188
|
200,092
|
213,978
|
Money
market
|
483,083
|
442,334
|
438,601
|
417,778
|
433,254
|
Total Avg. Managed
Assets
|
$
679,397
|
$
633,641
|
$
631,789
|
$
617,870
|
$
647,232
|
|
|
|
|
|
|
By Product
Type
|
|
|
|
|
|
Funds:
|
|
|
|
|
|
Equity
|
$
45,055
|
$
43,131
|
$
45,135
|
$
47,504
|
$
52,419
|
Fixed-income
|
43,961
|
44,099
|
47,489
|
51,173
|
57,413
|
Alternative / private
markets
|
13,062
|
13,140
|
13,432
|
14,297
|
14,746
|
Multi-asset
|
2,869
|
2,855
|
3,012
|
3,193
|
3,460
|
Total long-term
assets
|
104,947
|
103,225
|
109,068
|
116,167
|
128,038
|
Money
market
|
333,358
|
309,232
|
301,940
|
275,631
|
291,157
|
Total Avg. Fund
Assets
|
$
438,305
|
$
412,457
|
$
411,008
|
$
391,798
|
$
419,195
|
Separate
Accounts:
|
|
|
|
|
|
Equity
|
$
39,100
|
$
36,413
|
$
36,674
|
$
38,281
|
$
39,615
|
Fixed-income
|
44,248
|
43,750
|
39,553
|
37,567
|
38,062
|
Alternative / private
markets
|
7,876
|
7,786
|
7,761
|
7,933
|
8,102
|
Multi-asset
|
143
|
133
|
132
|
144
|
161
|
Total long-term
assets
|
91,367
|
88,082
|
84,120
|
83,925
|
85,940
|
Money
market
|
149,725
|
133,102
|
136,661
|
142,147
|
142,097
|
Total Avg. Separate
Account Assets
|
$
241,092
|
$
221,184
|
$
220,781
|
$
226,072
|
$
228,037
|
Total Avg. Managed
Assets
|
$
679,397
|
$
633,641
|
$
631,789
|
$
617,870
|
$
647,232
|
View original
content:https://www.prnewswire.com/news-releases/federated-hermes-inc-reports-first-quarter-2023-earnings-301810147.html
SOURCE Federated Hermes, Inc.