10/24/2024 | Press release | Distributed by Public on 10/24/2024 14:17
FEDERATED HERMES, INC. | |||||
Excel version of financial statements provided for informational purposes only. | |||||
Please consult full press release for a complete review of quarterly earnings. | |||||
Unaudited Condensed Consolidated Statements of Income | |||||
(in thousands, except per share data) | |||||
Quarter Ended | % Change Q3 2023 to Q3 2024 | Quarter Ended | % Change Q2 2024 to Q3 2024 | ||
September 30, 2024 | September 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 % |
Diluted | $ 1.06 | $ 0.86 | 23 % | $ 0.2 | 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 $3.7 million, $3.3 million and $4.7 million available to unvested restricted Federated Hermes shareholders for the quarterly periods ended Sept. 30, 2024, Sept. 30, 2023 and June 30, 2024, respectively, was excluded from the computation of earnings per share. |
FEDERATED HERMES, INC. | |||
Excel version of financial statements provided for informational purposes only. | |||
Please consult full press release for a complete review of quarterly earnings. | |||
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)% |
Diluted | $ 2.2 | $ 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 basic earnings per share under the "two-class method." As such, total net income of $8.0 million and $10.3 million available to unvested restricted Federated Hermes shareholders for the nine months ended Sept. 30, 2024 and Sept. 30, 2023, respectively, was excluded from the computation of earnings per share. |
FEDERATED HERMES, INC. | ||
Excel version of financial statements provided for informational purposes only. | ||
Please consult full press release for a complete review of quarterly earnings. | ||
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 |
FEDERATED HERMES, INC. | |||||
Excel version of financial statements provided for informational purposes only. | |||||
Please consult full press release for a complete review of quarterly earnings. | |||||
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 |
Acquisitions/(dispositions) | 0 | 0 | 0 | 0 | 0 |
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) |
Acquisitions/(dispositions) | 0 | 0 | 0 | 0 | 0 |
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) |
Acquisitions/(dispositions) | 0 | 0 | 0 | 0 | 0 |
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 |
Acquisitions/(dispositions) | 0 | 0 | 0 | 0 | 0 |
Impact of foreign exchange2 | 0 | 0 | 0 | 0 | 0 |
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 |
Acquisitions/(dispositions) | 0 | 0 | 0 | 0 | 0 |
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-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. |
FEDERATED HERMES, INC. | ||||||||||
Excel version of financial statements provided for informational purposes only. | ||||||||||
Please consult full press release for a complete review of quarterly earnings. | ||||||||||
Unaudited Changes in Long-Term Assets - By Asset Class and Product Type | ||||||||||
(in millions) | ||||||||||
Quarter Ended | ||||||||||
September 30, 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 | $ 42,404 | $ 35,447 | $ 43,842 | $ 51,452 | $ 12,258 | $ 7,803 | $ 2,743 | $ 133 | $ 101,247 | $ 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) |
Acquisition-related | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Impact of foreign exchange2 | 397 | 328 | 75 | 23 | 588 | 429 | 0 | 0 | 1,060 | 780 |
Market gains and losses3 | 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 | $ 106,799 | $ 100,622 |
Nine Months Ended | ||||||||||
September 30, 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 | 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) |
Acquisition-related | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Impact of foreign exchange2 | 151 | 19 | 28 | (9) | 456 | 356 | 0 | 0 | 635 | 366 |
Market gains and losses3 | 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 | $ 106,799 | $ 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-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. |
FEDERATED HERMES, INC. | |||||
Excel version of financial statements provided for informational purposes only. | |||||
Please consult full press release for a complete review of quarterly earnings. | |||||
Unaudited Total 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 |
Acquisitions/(dispositions) | 0 | 0 | 0 | 0 | 0 |
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) |
Acquisitions/(dispositions) | 0 | 0 | 0 | 0 | 0 |
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 |
Acquisitions/(dispositions) | 0 | 0 | 0 | 0 | 0 |
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-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. |
FEDERATED HERMES, INC. | |||||
Excel version of financial statements provided for informational purposes only. | |||||
Please consult full press release for a complete review of quarterly earnings. | |||||
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 |
FEDERATED HERMES, INC. | |||||
Excel version of financial statements provided for informational purposes only. | |||||
Please consult full press release for a complete review of quarterly earnings. | |||||
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 |
FEDERATED HERMES, INC. | ||
Excel version of financial statements provided for informational purposes only. | ||
Please consult full press release for a complete review of quarterly earnings. | ||
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 markets1 | 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 markets1 | 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 |