Federated Hermes, Inc. reports record assets under management with third quarter 2024 earnings
Federated Hermes (NYSE: FHI) reported record Q3 2024 results with total assets under management reaching $800.5 billion, up 12% year-over-year. The company achieved earnings per share of $1.06, compared to $0.86 in Q3 2023, with net income of $87.5 million. Money market assets hit a record $593.0 billion, while fixed-income assets reached a record $100.2 billion. The board declared a $0.31 per share dividend and authorized a new 5-million share repurchase program. Revenue increased by $5.8 million or 1% year-over-year, primarily driven by higher average money market assets.
Federated Hermes (NYSE: FHI) ha riportato risultati record per il terzo trimestre 2024, con un patrimonio totale in gestione che ha raggiunto i 800,5 miliardi di dollari, in aumento del 12% rispetto all’anno precedente. L'azienda ha registrato utili per azione di 1,06 dollari, rispetto ai 0,86 dollari nel terzo trimestre 2023, con un reddito netto di 87,5 milioni di dollari. Gli attivi del mercato monetario hanno raggiunto un record di 593,0 miliardi di dollari, mentre gli attivi a reddito fisso hanno superato i 100,2 miliardi di dollari. Il consiglio ha dichiarato un dividendo di 0,31 dollari per azione e ha autorizzato un nuovo programma di riacquisto di azioni da 5 milioni. I ricavi sono aumentati di 5,8 milioni di dollari, ovvero dell'1% su base annua, principalmente grazie a un aumento degli attivi medi del mercato monetario.
Federated Hermes (NYSE: FHI) reportó resultados récord para el tercer trimestre de 2024, con activos totales bajo gestión alcanzando los 800,5 mil millones de dólares, un aumento del 12% interanual. La compañía logró ganancias por acción de 1,06 dólares, en comparación con 0,86 dólares en el tercer trimestre de 2023, con un ingreso neto de 87,5 millones de dólares. Los activos del mercado monetario alcanzaron un récord de 593,0 mil millones de dólares, mientras que los activos de renta fija llegaron a un récord de 100,2 mil millones de dólares. La junta declaró un dividendo de 0,31 dólares por acción y autorizó un nuevo programa de recompra de acciones de 5 millones. Los ingresos aumentaron en 5,8 millones de dólares o un 1% interanual, impulsados principalmente por un aumento en los activos promedio del mercado monetario.
Federated Hermes (NYSE: FHI)는 2024년 3분기 실적이 기록적인 수치를 보였으며, 총 관리 자산이 8,005억 달러에 달하며 전년 대비 12% 증가했다고 보고했습니다. 회사는 주당 순이익 1.06달러를 기록했으며, 2023년 3분기의 0.86달러와 비교됩니다. 순이익은 8,750만 달러에 달합니다. 머니 마켓 자산은 5,930억 달러로 기록을 세웠고, 고정 수입 자산은 1,002억 달러로 도달했습니다. 이사회는 주당 0.31달러의 배당금을 선언하고 500만 주의 새로운 자사주 매입 프로그램을 승인했습니다. 수익은 전년 대비 58억 달러 증가했으며, 주로 평균 머니 마켓 자산의 증가에 의해 주도되었습니다.
Federated Hermes (NYSE: FHI) a annoncé des résultats records pour le troisième trimestre 2024, avec des actifs totaux sous gestion atteignant 800,5 milliards de dollars, soit une augmentation de 12 % par rapport à l'année précédente. L'entreprise a réalisé un bénéfice par action de 1,06 dollar, contre 0,86 dollar au troisième trimestre 2023, avec un revenu net de 87,5 millions de dollars. Les actifs du marché monétaire ont atteint un record de 593,0 milliards de dollars, tandis que les actifs à revenu fixe ont atteint un record de 100,2 milliards de dollars. Le conseil d'administration a déclaré un dividende de 0,31 dollar par action et a autorisé un nouveau programme de rachat d'actions de 5 millions. Les revenus ont augmenté de 5,8 millions de dollars, soit 1 % par rapport à l'année précédente, principalement en raison d'une hausse des actifs moyens du marché monétaire.
Federated Hermes (NYSE: FHI) meldete Rekordergebnisse für das dritte Quartal 2024, mit einem Gesamtvermögen von 800,5 Milliarden Dollar, was einem Anstieg von 12 % im Vergleich zum Vorjahr entspricht. Das Unternehmen erreichte Gewinne pro Aktie von 1,06 Dollar, verglichen mit 0,86 Dollar im dritten Quartal 2023, mit einem Nettogewinn von 87,5 Millionen Dollar. Die Geldmarktaktiva erreichten einen Rekordwert von 593,0 Milliarden Dollar, während die festverzinslichen Vermögenswerte einen Rekord von 100,2 Milliarden Dollar erreichten. Der Vorstand erklärte eine Dividende von 0,31 Dollar pro Aktie und genehmigte ein neues Aktienrückkaufprogramm über 5 Millionen Aktien. Die Einnahmen stiegen um 5,8 Millionen Dollar oder 1 % im Vergleich zum Vorjahr, hauptsächlich bedingt durch höhere durchschnittliche Geldmarktaktiva.
- Record AUM of $800.5 billion, up 12% YoY
- EPS increased 23% YoY to $1.06
- Net income grew 17% to $87.5 million
- Money market assets reached record $593.0 billion, up 13% YoY
- Fixed-income assets hit record $100.2 billion, up 12% YoY
- Carried interest decreased by $10.7 million
- Revenue growth to 1% despite significant AUM growth
Insights
Federated Hermes delivered impressive Q3 2024 results with multiple record-breaking metrics.
Key positives include record fixed-income assets of
The asset management industry dynamics are clearly favoring Federated Hermes' business model. Eight consecutive quarters of record AUM demonstrate consistent execution and market share gains. The company's diversified product mix, particularly strong money market and fixed-income offerings, positions it well for various market cycles.
The new share repurchase program and continued dividend payments signal management's confidence in future cash flows. Notable positive fund flows in quantitative equity strategies and fixed-income products indicate successful product development and distribution. The
- Total assets under management reach a record
$800.5 billion - Money market assets at record
; fixed income assets at record$593.0 billion $100.2 billion - Q3 2024 earnings per diluted share of
$1.06 - Board declares
per share dividend; authorizes new share repurchase program$0.31
Federated Hermes' total managed assets were a record
"Federated Hermes reached record assets under management for the eighth consecutive quarter on the strength of flows into money market and fixed-income products, along with market appreciation of equity and fixed-income assets. This continued after the Fed's mid-September rate cut, as money market products historically offer a yield advantage when compared to bank deposit accounts and some securities in the direct market," said J. Christopher Donahue, president and chief executive officer. "We also saw interest in our Total Return Bond Fund and core plus strategies—in mutual fund, ETF and collective investment fund offerings—as those products are well positioned to meet changing market conditions. In equities, we saw positive net flows in nine of our strong-performing Federated Hermes MDT quantitative mutual funds and ETFs."
Federated Hermes' board of directors declared a dividend of
Equity assets were
Fixed-income assets were a record
Alternative/private markets assets were
Money market assets were a record
Financial Summary
Q3 2024 vs. Q3 2023
Revenue increased
During Q3 2024, Federated Hermes derived
Operating expenses decreased
Nonoperating income (expenses), net increased
Q3 2024 vs. Q2 2024
Revenue increased
Operating expenses decreased
Nonoperating income (expenses), net increased
YTD 2024 vs. YTD 2023
Revenue decreased
For the first nine months of 2024, Federated Hermes derived
Operating expenses increased
Nonoperating income (expenses), net increased
Earnings call information
Federated Hermes will host an earnings conference call at 9 a.m. Eastern on Friday, Oct. 25, 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 Oct. 25, 2024. To access the telephone replay, dial 877-481-4010 (domestic) or 919-882-2331 (international) and enter access code 51374. 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
Federated Hermes ranks in the top
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1) As of Sept. 30, 2024.
2) Morningstar, Sept. 30, 2024. Based on
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
Cautionary statements
Certain statements in this press release, such as those related to performance, investment strategies and uses, investor preferences and demand, asset flows, asset mix, interest rates and uses of repurchased class B common stock 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 | % | Quarter Ended | % | |||
Sept. 30, 2024 | Sept. 30, 2023 | June 30, 2024 | ||||
Revenue | ||||||
Investment advisory fees, net | $ 274,621 | $ 276,771 | (1) % | $ 270,622 | 1 % | |
Administrative service fees, net—affiliates | 97,687 | 88,023 | 11 | 95,346 | 2 | |
Other service fees, net | 36,148 | 37,862 | (5) | 36,615 | (1) | |
Total Revenue | 408,456 | 402,656 | 1 | 402,583 | 1 | |
Operating Expenses | ||||||
Compensation and related | 136,027 | 139,123 | (2) | 130,748 | 4 | |
Distribution | 95,859 | 89,838 | 7 | 93,503 | 3 | |
Systems and communications | 23,656 | 21,213 | 12 | 23,194 | 2 | |
Professional service fees | 19,849 | 17,561 | 13 | 19,845 | — | |
Office and occupancy | 9,884 | 10,632 | (7) | 9,765 | 1 | |
Advertising and promotional | 5,378 | 3,857 | 39 | 6,621 | (19) | |
Travel and related | 4,221 | 4,034 | 5 | 3,847 | 10 | |
Intangible asset related | 3,504 | 3,451 | 2 | 69,392 | (95) | |
Other | (1,664) | 11,523 | (114) | 4,951 | (134) | |
Total Operating Expenses | 296,714 | 301,232 | (1) | 361,866 | (18) | |
Operating Income | 111,742 | 101,424 | 10 | 40,717 | 174 | |
Nonoperating Income (Expenses) | ||||||
Investment income (loss), net | 14,015 | 2,722 | 415 | 5,132 | 173 | |
Debt expense | (3,170) | (3,133) | 1 | (3,159) | — | |
Other, net | 16 | (8) | 300 | (34) | 147 | |
Total Nonoperating Income (Expenses), net | 10,861 | (419) | NM | 1,939 | 460 | |
Income before income taxes | 122,603 | 101,005 | 21 | 42,656 | 187 | |
Income tax provision | 32,262 | 26,739 | 21 | 23,431 | 38 | |
Net income including the noncontrolling interests in subsidiaries | 90,341 | 74,266 | 22 | 19,225 | 370 | |
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries | 2,803 | (760) | 469 | (1,802) | 256 | |
Net Income | $ 87,538 | $ 75,026 | 17 % | $ 21,027 | 316 % | |
Amounts Attributable to Federated Hermes, Inc. | ||||||
Earnings Per Share1 | ||||||
Basic and diluted | $ 1.06 | $ 0.86 | 23 % | $ 0.20 | 430 % | |
Weighted-Average Shares Outstanding | ||||||
Basic | 78,690 | 83,710 | 80,026 | |||
Diluted | 78,706 | 83,710 | 80,026 | |||
Dividends Declared Per Share | $ 0.31 | $ 0.28 | $ 1.31 |
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 |
Unaudited Condensed Consolidated Statements of Income | |||
(in thousands, except per share data) | |||
Nine Months Ended | |||
Sept. 30, 2024 | Sept. 30, 2023 | % Change | |
Revenue | |||
Investment advisory fees, net | $ 809,537 | $ 851,089 | (5) % |
Administrative service fees, net—affiliates | 287,819 | 252,402 | 14 |
Other service fees, net | 110,054 | 114,586 | (4) |
Total Revenue | 1,207,410 | 1,218,077 | (1) |
Operating Expenses | |||
Compensation and related | 403,321 | 435,884 | (7) |
Distribution | 284,257 | 280,258 | 1 |
Intangible asset related | 76,131 | 10,194 | NM |
Systems and communications | 68,672 | 63,259 | 9 |
Professional service fees | 58,046 | 52,881 | 10 |
Office and occupancy | 29,617 | 34,910 | (15) |
Advertising and promotional | 16,306 | 13,308 | 23 |
Travel and related | 11,341 | 11,101 | 2 |
Other | 8,679 | 31,303 | (72) |
Total Operating Expenses | 956,370 | 933,098 | 2 |
Operating Income | 251,040 | 284,979 | (12) |
Nonoperating Income (Expenses) | |||
Investment income (loss), net | 27,630 | 18,322 | 51 |
Debt expense | (9,478) | (9,377) | 1 |
Other, net | 85 | 101 | (16) |
Total Nonoperating Income (Expenses), net | 18,237 | 9,046 | 102 |
Income before income taxes | 269,277 | 294,025 | (8) |
Income tax provision | 84,701 | 75,291 | 12 |
Net income including the noncontrolling interests in subsidiaries | 184,576 | 218,734 | (16) |
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries | 978 | 1,932 | (49) |
Net Income | $ 183,598 | $ 216,802 | (15) % |
Amounts Attributable to Federated Hermes, Inc. | |||
Earnings Per Share1 | |||
Basic and diluted | $ 2.20 | $ 2.44 | (10) % |
Weighted-Average Shares Outstanding | |||
Basic | 79,804 | 84,499 | |
Diluted | 79,809 | 84,502 | |
Dividends Declared Per Share | $ 1.90 | $ 0.83 |
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 |
Unaudited Condensed Consolidated Balance Sheets | ||
(in thousands) | ||
Sept. 30, 2024 | Dec. 31, 2023 | |
Assets | ||
Cash and other investments | $ 565,028 | $ 560,675 |
Other current assets | 158,158 | 160,054 |
Intangible assets, net, including goodwill | 1,156,135 | 1,216,605 |
Other long-term assets | 158,230 | 164,510 |
Total Assets | $ 2,037,551 | $ 2,101,844 |
Liabilities, Redeemable Noncontrolling Interests and Equity | ||
Current liabilities | $ 263,138 | $ 287,343 |
Long-term debt | 348,040 | 347,843 |
Other long-term liabilities | 289,449 | 312,561 |
Redeemable noncontrolling interests | 53,408 | 25,845 |
Equity excluding treasury stock | 1,706,212 | 1,649,655 |
Treasury stock | (622,696) | (521,403) |
Total Liabilities, Redeemable Noncontrolling Interests and Equity | $ 2,037,551 | $ 2,101,844 |
Unaudited Changes in Long-Term Assets - By Asset Class | ||||||
(in millions) | Quarter Ended | Nine Months Ended | ||||
Sept. 30, 2024 | June 30, 2024 | Sept. 30, 2023 | Sept. 30, 2024 | Sept. 30, 2023 | ||
Equity | ||||||
Beginning assets | $ 77,851 | $ 80,157 | $ 82,992 | $ 79,291 | $ 81,523 | |
Sales1 | 3,607 | 3,811 | 3,897 | 11,333 | 14,397 | |
Redemptions1 | (5,046) | (7,071) | (6,304) | (19,468) | (16,737) | |
Net sales (redemptions)1 | (1,439) | (3,260) | (2,407) | (8,135) | (2,340) | |
Net exchanges | (4) | 9 | 18 | 10 | 126 | |
Impact of foreign exchange2 | 725 | 12 | (532) | 170 | (353) | |
Market gains and (losses)3 | 6,476 | 933 | (2,756) | 12,273 | (1,641) | |
Ending assets | $ 83,609 | $ 77,851 | $ 77,315 | $ 83,609 | $ 77,315 | |
Fixed Income | ||||||
Beginning assets | $ 95,294 | $ 96,325 | $ 87,425 | $ 94,920 | $ 86,743 | |
Sales1 | 7,345 | 5,262 | 8,277 | 19,190 | 19,215 | |
Redemptions1 | (5,942) | (6,699) | (5,133) | (18,036) | (17,223) | |
Net sales (redemptions)1 | 1,403 | (1,437) | 3,144 | 1,154 | 1,992 | |
Net exchanges | (12) | (179) | (25) | (198) | (120) | |
Impact of foreign exchange2 | 98 | (8) | (96) | 19 | (15) | |
Market gains and (losses)3 | 3,388 | 593 | (683) | 4,276 | 1,165 | |
Ending assets | $ 100,171 | $ 95,294 | $ 89,765 | $ 100,171 | $ 89,765 | |
Alternative/Private Markets | ||||||
Beginning assets | $ 20,061 | $ 20,465 | $ 21,602 | $ 20,551 | $ 20,802 | |
Sales1 | 558 | 647 | 660 | 1,966 | 2,568 | |
Redemptions1 | (881) | (1,177) | (866) | (2,798) | (2,403) | |
Net sales (redemptions)1 | (323) | (530) | (206) | (832) | 165 | |
Net exchanges | 12 | 174 | (3) | 188 | (6) | |
Impact of foreign exchange2 | 1,017 | 21 | (762) | 812 | 145 | |
Market gains and (losses)3 | (84) | (69) | (294) | (36) | (769) | |
Ending assets | $ 20,683 | $ 20,061 | $ 20,337 | $ 20,683 | $ 20,337 | |
Multi-asset | ||||||
Beginning assets | $ 2,876 | $ 2,928 | $ 2,922 | $ 2,867 | $ 2,989 | |
Sales1 | 38 | 42 | 30 | 124 | 110 | |
Redemptions1 | (94) | (113) | (119) | (319) | (406) | |
Net sales (redemptions)1 | (56) | (71) | (89) | (195) | (296) | |
Net exchanges | 4 | 1 | 0 | 5 | 3 | |
Market gains and (losses)3 | 134 | 18 | (105) | 281 | 32 | |
Ending assets | $ 2,958 | $ 2,876 | $ 2,728 | $ 2,958 | $ 2,728 | |
Total Long-term Assets | ||||||
Beginning assets | $ 196,082 | $ 199,875 | $ 194,941 | $ 197,629 | $ 192,057 | |
Sales1 | 11,548 | 9,762 | 12,864 | 32,613 | 36,290 | |
Redemptions1 | (11,963) | (15,060) | (12,422) | (40,621) | (36,769) | |
Net sales (redemptions)1 | (415) | (5,298) | 442 | (8,008) | (479) | |
Net exchanges | 0 | 5 | (10) | 5 | 3 | |
Impact of foreign exchange2 | 1,840 | 25 | (1,390) | 1,001 | (223) | |
Market gains and (losses)3 | 9,914 | 1,475 | (3,838) | 16,794 | (1,213) | |
Ending assets | $ 207,421 | $ 196,082 | $ 190,145 | $ 207,421 | $ 190,145 |
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- |
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 | ||||||||||
Sept. 30, 2024 | ||||||||||
Equity | Fixed Income | Alternative / Private | Multi-asset | Total | ||||||
Funds | Separate | Funds | Separate | Funds | Separate | Funds | Separate | Funds. | Separate | |
Beginning assets | $ 42,404 | $ 35,447 | $ 43,842 | $ 51,452 | $ 12,258 | $ 7,803 | $ 2,743 | $ 133 | $ 94,835 | |
Sales | 2,261 | 1,346 | 3,876 | 3,469 | 476 | 82 | 33 | 5 | 6,646 | 4,902 |
Redemptions | (2,874) | (2,172) | (3,571) | (2,371) | (699) | (182) | (90) | (4) | (7,234) | (4,729) |
Net sales (redemptions) | (613) | (826) | 305 | 1,098 | (223) | (100) | (57) | 1 | (588) | 173 |
Net exchanges | (4) | 0 | 2 | (14) | 12 | 0 | 4 | 0 | 14 | (14) |
Impact of foreign exchange2 | 397 | 328 | 75 | 23 | 588 | 429 | 0 | 0 | 1,060 | 780 |
Market gains and (losses)3 | 3,207 | 3,269 | 1,803 | 1,585 | (77) | (7) | 133 | 1 | 5,066 | 4,848 |
Ending assets | $ 45,391 | $ 38,218 | $ 46,027 | $ 54,144 | $ 12,558 | $ 8,125 | $ 2,823 | $ 135 | $ 100,622 | |
Nine Months Ended | ||||||||||
Sept. 30, 2024 | ||||||||||
Equity | Fixed Income | Alternative / Private | Multi-asset | Total | ||||||
Funds | Separate | Funds | Separate | Funds | Separate | Funds | Separate | Funds | Separate | |
Beginning assets | $ 42,513 | $ 36,778 | $ 43,908 | $ 51,012 | $ 12,379 | $ 8,172 | $ 2,730 | $ 137 | $ 96,099 | |
Sales | 7,093 | 4,240 | 11,251 | 7,939 | 1,667 | 299 | 119 | 5 | 20,130 | 12,483 |
Redemptions | (10,537) | (8,931) | (11,012) | (7,024) | (2,366) | (432) | (306) | (13) | (24,221) | (16,400) |
Net sales (redemptions) | (3,444) | (4,691) | 239 | 915 | (699) | (133) | (187) | (8) | (4,091) | (3,917) |
Net exchanges | 10 | 0 | (181) | (17) | 188 | 0 | 5 | 0 | 22 | (17) |
Impact of foreign exchange2 | 151 | 19 | 28 | (9) | 456 | 356 | 0 | 0 | 635 | 366 |
Market gains and (losses)3 | 6,161 | 6,112 | 2,033 | 2,243 | 234 | (270) | 275 | 6 | 8,703 | 8,091 |
Ending assets | $ 45,391 | $ 38,218 | $ 46,027 | $ 54,144 | $ 12,558 | $ 8,125 | $ 2,823 | $ 135 | $ 100,622 |
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- |
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 | Nine Months Ended | ||||
Sept. 30, 2024 | June 30, 2024 | Sept. 30, 2023 | Sept. 30, 2024 | Sept. 30, 2023 | ||
Total Fund Assets | ||||||
Beginning assets | $ 101,247 | $ 103,143 | $ 104,387 | $ 101,530 | $ 102,423 | |
Sales | 6,646 | 6,318 | 5,413 | 20,130 | 20,192 | |
Redemptions | (7,234) | (8,757) | (8,018) | (24,221) | (24,425) | |
Net sales (redemptions) | (588) | (2,439) | (2,605) | (4,091) | (4,233) | |
Net exchanges | 14 | 6 | 0 | 22 | 10 | |
Impact of foreign exchange1 | 1,060 | (5) | (798) | 635 | 23 | |
Market gains and (losses)2 | 5,066 | 542 | (2,606) | 8,703 | 155 | |
Ending assets | $ 106,799 | $ 101,247 | $ 98,378 | $ 106,799 | $ 98,378 | |
Total Separate Account Assets3 | ||||||
Beginning assets | $ 94,835 | $ 96,732 | $ 90,554 | $ 96,099 | $ 89,634 | |
Sales4 | 4,902 | 3,444 | 7,451 | 12,483 | 16,098 | |
Redemptions4 | (4,729) | (6,303) | (4,404) | (16,400) | (12,344) | |
Net sales (redemptions)4 | 173 | (2,859) | 3,047 | (3,917) | 3,754 | |
Net exchanges | (14) | (1) | (10) | (17) | (7) | |
Impact of foreign exchange1 | 780 | 30 | (592) | 366 | (246) | |
Market gains and (losses)2 | 4,848 | 933 | (1,232) | 8,091 | (1,368) | |
Ending assets | $ 100,622 | $ 94,835 | $ 91,767 | $ 100,622 | $ 91,767 | |
Total Long-term Assets3 | ||||||
Beginning assets | $ 196,082 | $ 199,875 | $ 194,941 | $ 197,629 | $ 192,057 | |
Sales4 | 11,548 | 9,762 | 12,864 | 32,613 | 36,290 | |
Redemptions4 | (11,963) | (15,060) | (12,422) | (40,621) | (36,769) | |
Net sales (redemptions)4 | (415) | (5,298) | 442 | (8,008) | (479) | |
Net exchanges | 0 | 5 | (10) | 5 | 3 | |
Impact of foreign exchange1 | 1,840 | 25 | (1,390) | 1,001 | (223) | |
Market gains and (losses)2 | 9,914 | 1,475 | (3,838) | 16,794 | (1,213) | |
Ending assets | $ 207,421 | $ 196,082 | $ 190,145 | $ 207,421 | $ 190,145 |
1) | Reflects the impact of translating non- |
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) | Sept. 30, 2024 | June 30, 2024 | March 31, 2024 | Dec. 31, 2023 | Sept. 30, 2023 |
By Asset Class | |||||
Equity | $ 83,609 | $ 77,851 | $ 80,157 | $ 79,291 | $ 77,315 |
Fixed-income | 100,171 | 95,294 | 96,325 | 94,920 | 89,765 |
Alternative / private markets | 20,683 | 20,061 | 20,465 | 20,551 | 20,337 |
Multi-asset | 2,958 | 2,876 | 2,928 | 2,867 | 2,728 |
Total long-term assets | 207,421 | 196,082 | 199,875 | 197,629 | 190,145 |
Money market | 593,030 | 586,647 | 578,811 | 559,993 | 525,085 |
Total Managed Assets | $ 800,451 | $ 782,729 | $ 778,686 | $ 757,622 | $ 715,230 |
By Product Type | |||||
Funds: | |||||
Equity | $ 45,391 | $ 42,404 | $ 43,415 | $ 42,513 | $ 40,801 |
Fixed-income | 46,027 | 43,842 | 44,481 | 43,908 | 42,569 |
Alternative / private markets | 12,558 | 12,258 | 12,458 | 12,379 | 12,409 |
Multi-asset | 2,823 | 2,743 | 2,789 | 2,730 | 2,599 |
Total long-term assets | 106,799 | 101,247 | 103,143 | 101,530 | 98,378 |
Money market | 440,397 | 425,627 | 417,102 | 406,166 | 384,896 |
Total Fund Assets | $ 547,196 | $ 526,874 | $ 520,245 | $ 507,696 | $ 483,274 |
Separate Accounts: | |||||
Equity | $ 38,218 | $ 35,447 | $ 36,742 | $ 36,778 | $ 36,514 |
Fixed-income | 54,144 | 51,452 | 51,844 | 51,012 | 47,196 |
Alternative / private markets | 8,125 | 7,803 | 8,007 | 8,172 | 7,928 |
Multi-asset | 135 | 133 | 139 | 137 | 129 |
Total long-term assets | 100,622 | 94,835 | 96,732 | 96,099 | 91,767 |
Money market | 152,633 | 161,020 | 161,709 | 153,827 | 140,189 |
Total Separate Account Assets | $ 253,255 | $ 255,855 | $ 258,441 | $ 249,926 | $ 231,956 |
Total Managed Assets | $ 800,451 | $ 782,729 | $ 778,686 | $ 757,622 | $ 715,230 |
Unaudited Average Managed Assets | Quarter Ended | ||||
(in millions) | Sept. 30, 2024 | June 30, 2024 | March 31, 2024 | Dec. 31, 2023 | Sept. 30, 2023 |
By Asset Class | |||||
Equity | $ 80,220 | $ 78,137 | $ 78,969 | $ 76,009 | $ 82,203 |
Fixed-income | 97,563 | 95,484 | 95,791 | 91,927 | 88,677 |
Alternative / private markets | 20,455 | 20,306 | 20,485 | 20,623 | 21,413 |
Multi-asset | 2,910 | 2,889 | 2,874 | 2,744 | 2,861 |
Total long-term assets | 201,148 | 196,816 | 198,119 | 191,303 | 195,154 |
Money market | 592,304 | 582,758 | 578,383 | 536,727 | 516,046 |
Total Avg. Managed Assets | $ 793,452 | $ 779,574 | $ 776,502 | $ 728,030 | $ 711,200 |
By Product Type | |||||
Funds: | |||||
Equity | $ 43,632 | $ 42,274 | $ 42,355 | $ 40,296 | $ 43,687 |
Fixed-income | 44,977 | 43,910 | 43,857 | 42,705 | 43,437 |
Alternative / private markets | 12,451 | 12,331 | 12,377 | 12,571 | 13,184 |
Multi-asset | 2,775 | 2,737 | 2,739 | 2,615 | 2,724 |
Total long-term assets | 103,835 | 101,252 | 101,328 | 98,187 | 103,032 |
Money market | 436,418 | 419,999 | 414,902 | 392,946 | 373,088 |
Total Avg. Fund Assets | $ 540,253 | $ 521,251 | $ 516,230 | $ 491,133 | $ 476,120 |
Separate Accounts: | |||||
Equity | $ 36,588 | $ 35,863 | $ 36,614 | $ 35,713 | $ 38,516 |
Fixed-income | 52,586 | 51,574 | 51,934 | 49,222 | 45,240 |
Alternative / private markets | 8,004 | 7,975 | 8,108 | 8,052 | 8,229 |
Multi-asset | 135 | 152 | 135 | 129 | 137 |
Total long-term assets | 97,313 | 95,564 | 96,791 | 93,116 | 92,122 |
Money market | 155,886 | 162,759 | 163,481 | 143,781 | 142,958 |
Total Avg. Separate Account Assets | $ 253,199 | $ 258,323 | $ 260,272 | $ 236,897 | $ 235,080 |
Total Avg. Managed Assets | $ 793,452 | $ 779,574 | $ 776,502 | $ 728,030 | $ 711,200 |
Unaudited Average Managed Assets | Nine Months Ended | |||
(in millions) | Sept. 30, 2024 | Sept. 30, 2023 | ||
By Asset Class | ||||
Equity | $ 79,108 | $ 83,128 | ||
Fixed-income | 96,280 | 88,130 | ||
Alternative / private markets | 20,415 | 21,254 | ||
Multi-asset | 2,891 | 2,934 | ||
Total long-term assets | 198,694 | 195,446 | ||
Money market | 584,482 | 503,182 | ||
Total Avg. Managed Assets | $ 783,176 | $ 698,628 | ||
By Product Type | ||||
Funds: | ||||
Equity | $ 42,754 | $ 44,320 | ||
Fixed-income | 44,248 | 43,741 | ||
Alternative / private markets | 12,386 | 13,143 | ||
Multi-asset | 2,751 | 2,794 | ||
Total long-term assets | 102,139 | 103,998 | ||
Money market | 423,773 | 356,351 | ||
Total Avg. Fund Assets | $ 525,912 | $ 460,349 | ||
Separate Accounts: | ||||
Equity | $ 36,354 | $ 38,808 | ||
Fixed-income | 52,032 | 44,389 | ||
Alternative / private markets | 8,029 | 8,111 | ||
Multi-asset | 140 | 140 | ||
Total long-term assets | 96,555 | 91,448 | ||
Money market | 160,709 | 146,831 | ||
Total Avg. Separate Account Assets | $ 257,264 | $ 238,279 | ||
Total Avg. Managed Assets | $ 783,176 | $ 698,628 |
View original content:https://www.prnewswire.com/news-releases/federated-hermes-inc-reports-record-assets-under-management-with-third-quarter-2024-earnings-302286549.html
SOURCE Federated Hermes, Inc.
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