Federated Hermes, Inc. reports first quarter 2023 earnings
- 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 |
% |
Quarter |
% |
|||
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 |
71,466 |
54,597 |
31 |
61,635 |
16 |
|
Less: Net income (loss) attributable to the |
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 |
Multi-asset |
Total |
||||||
Funds |
Separate |
Funds |
Separate |
Funds |
Separate |
Funds |
Separate |
Funds. |
Separate |
|
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 |
SOURCE Federated Hermes, Inc.
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