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

Q4 2024 earnings per diluted share of $1.04; full-year 2024 EPS of $3.23 Total assets under management at record $829.6 billion Board declares $0.31 per share quarterly dividend , /PRNewswire/ -- Federated Hermes, Inc. (NYSE: FHI), a global leader in active investing, today reported earnings per diluted share (EPS) for Q4 2024 of $1.04, compared to $0.96 for the same quarter last year, on net income of $84.7 million for Q4 2024, compared to $82.2 million for Q4 2023. Full-year 2024 EPS was $3.23, compared to $3.40 for 2023 on net income of $268.3 million for 2024, compared to $299.0 million for 2023. Federated Hermes' full-year 2024 results include a $66.3 million non-cash expense, or ($0.73) per diluted share, related to the Q2 2024 impairment of an indefinite-lived intangible asset. Federated Hermes' total managed assets were a record $829.6 billion at Dec. 31, 2024, up $72.0 billion or 10% from $757.6 billion at Dec. 31, 2023 and up $29.1 billion or 4% from $800.5 billion at Sept. 30, 2024. Average managed assets for Q4 2024 were $804.4 billion, up $76.4 billion or 10% from $728.0 billion reported for Q4 2023 and up $10.9 billion or 1% from $793.5 billion reported for Q3 2024. "Federated Hermes' record assets at year-end were driven by another quarter of money market asset increases, as all segments of our liquidity products offered exceptional cash management resources, as well as opportunities for attractive returns in balanced client portfolios," said J. Christopher Donahue, president and chief executive officer. "We also continued to see investor interest in a range of fixed-income strategies, from multisector to ultrashorts to emerging market debt. In equities, we saw net positive flows into the full range of our quantitative MDT equity products—in large-, mid- and small-cap funds and ETFs." Federated Hermes' board of directors declared a quarterly dividend of $0.31 per share. The dividend is payable on Feb. 14, 2025 to shareholders of record as of Feb. 7, 2025. During Q4 2024, Federated Hermes purchased 552,533 shares of Federated Hermes class B common stock for $22.1 million, bringing the total shares of Class B common stock purchased in 2024 to 4,012,017 shares for $133.6 million. Federated Hermes' equity assets were $79.4 billion at Dec. 31, 2024, up $0.1 billion from $79.3 billion at Dec. 31, 2023 and down $4.2 billion or 5% from $83.6 billion at Sept. 30, 2024. Top-selling equity funds on a net basis during Q4 2024 were Federated Hermes MDT Mid Cap Growth Fund, Federated Hermes MDT Large Cap Growth Fund, Federated Hermes U.S. SMID Equity Fund, Federated Hermes MDT All Cap Core Fund and Federated Hermes U.S. Strategic Dividend ETF. Federated Hermes' fixed-income assets were $98.1 billion at Dec. 31, 2024, up $3.2 billion or 3% from $94.9 billion at Dec. 31, 2023 and down $2.1 billion or 2% from $100.2 billion at Sept. 30, 2024. Top-selling fixed-income funds on a net basis during Q4 2024 were Federated Hermes Total Return Bond Fund, Federated Hermes Government Ultrashort Fund, Federated Hermes Emerging Markets Debt Fund, Federated Hermes Short-Term Income Fund and Federated Hermes Conservative Municipal Microshort Fund. Federated Hermes' alternative/private markets assets were $18.9 billion at Dec. 31, 2024, down $1.7 billion or 8% from $20.6 billion at Dec. 31, 2023 and down $1.8 billion or 9% from $20.7 billion at Sept. 30, 2024. Federated Hermes' money market assets were a record $630.3 billion at Dec. 31, 2024, up $70.3 billion or 13% from $560.0 billion at Dec. 31, 2023 and up $37.3 billion or 6% from $593.0 billion at Sept. 30, 2024. Money market mutual fund assets were a record $461.7 billion at Dec. 31, 2024, up $55.5 billion or 14% from $406.2 billion at Dec. 31, 2023 and up $21.3 billion or 5% from $440.4 billion at Sept. 30, 2024. Federated Hermes' money market separate account assets were a record $168.6 billion at Dec. 31, 2024, up $14.8 billion or 10% from $153.8 billion at Dec. 31, 2023 and up $16.0 billion or 10% from $152.6 billion at Sept. 30, 2024. Financial Summary Q4 2024 vs. Q4 2023 Revenue increased $33.2 million or 8% primarily due to an increase in revenue from higher average money market and equity assets. During Q4 2024, Federated Hermes derived 51% of its revenue from money market assets, 48% from long-term assets (29% from equity assets, 12% from fixed-income assets and 7% from alternative/private markets and multi-asset) and 1% from sources other than managed assets. Operating expenses increased $25.3 million or 9% primarily due to an increase in compensation expense primarily from higher incentive compensation, an increase in distribution expenses resulting primarily from higher average managed money market and equity fund assets and an increase in other expense resulting primarily from fluctuations in foreign currency exchange rates. Nonoperating income (expenses), net decreased $12.8 million primarily due to a decrease in the market value of investments in Q4 2024 compared to an increase in the market value of investments in Q4 2023. Q4 2024 vs. Q3 2024 Revenue increased $16.2 million or 4% primarily due to an increase in revenue from higher average equity and money market assets. Operating expenses increased $17.5 million or 6% primarily due to an increase in other expense resulting primarily from fluctuations in foreign currency exchange rates, an increase in advertising and promotional expenses and an increase in distribution expenses resulting primarily from higher average managed money market fund assets. Nonoperating income (expenses), net decreased $9.0 million primarily due to a decrease in the market value of investments in Q4 2024 compared to an increase in the market value of investments in Q3 2024. 2024 vs. 2023 Revenue increased $22.5 million or 1% primarily due to an increase in revenue from higher average money market and fixed-income assets. These increases were partially offset by a decrease in carried interest of $50.0 million, including a decrease of $32.3 million of carried interest from consolidated carried interest vehicles, which is offset in compensation expense, and a decrease in revenue due to lower average equity and alternative/private markets assets. During 2024, Federated Hermes derived 51% of its revenue from money market assets, 48% from long-term assets (29% from equity assets, 12% from fixed-income assets and 7% from alternative/private markets and multi-asset) and 1% from sources other than managed assets. Operating expenses increased by $48.6 million or 4% primarily due to a $66.3 million increase in intangible asset-expense resulting from the impairment of an intangible asset in Q2 2024 associated with the 2018 acquisition of Federated Hermes Limited, offset by a decrease in compensation expense primarily resulting from the previously mentioned lower carried interest from consolidated carried interest vehicles. Nonoperating income (expenses), net decreased $3.6 million primarily due to a smaller increase in the market value of investments in 2024 compared to the increase in the market value of investments in 2023. This decrease was partially offset by an increase in investment income from larger investment balances and an increase in yields due to higher interest rates. Earnings call information Federated Hermes will host an earnings conference call at 9 a.m. Eastern on Jan. 31, 2025. Investors are invited to listen to the earnings teleconference by calling 888-506-0062 (domestic) or 973-528-0011 (international) prior to the 9 a.m. start time. To listen online, visit FederatedHermes.com/us at least 15 minutes prior to register and join the call. A replay will be available at approximately 12:30 p.m. Eastern on Jan. 31, 2025. To access the telephone replay, dial 877-481-4010 (domestic) or 919-882-2331 (international) and enter access code 51862. The online replay will be available via FederatedHermes.com/us for one year. About Federated Hermes Federated Hermes, Inc. is a global leader in active, responsible investment management, with $829.6 billion in assets under 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 10,000 institutions and intermediaries worldwide. Our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh, Federated Hermes has more than 2,000 employees in London, New York, Boston and offices worldwide. Federated Hermes ranks in the top 7% of equity fund managers, the top 9% of money market fund managers and the top 10% of fixed-income fund managers2 in the industry. For more information, including an analyst presentation, visit FederatedHermes.com/us. ### 1) As of Dec. 31, 2024.2) Morningstar, Dec. 31, 2024. Based on U.S. fund flows rankings.Federated Securities Corp. is distributor of the Federated Hermes funds. Certain statements in this press release, such as those related to performance, investment strategies and uses, investor preferences and demand, asset flows and asset mix constitute or may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the company, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements can include statements that do not relate strictly to historical or current facts and are typically identified by words or phrases such as "trend," "forecast," "project," "predict," "potential," "approximate," "opportunity," "believe," "expect," "anticipate," "current," "intention," "estimate," "position," "projection," "plan," "assume," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "can," "may" and similar expressions. Any forward-looking statement, and Federated Hermes' level of business activity and financial results, are inherently subject to significant business, market, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond Federated Hermes' control. Other risks and uncertainties include the ability of the company to predict the level of fee waivers and expenses in future quarters, predict whether performance fees or carried interest will be earned and retained, the ability of the company to sustain product demand, the timing and level of product sales and redemptions, market appreciation or depreciation, revenues, and asset levels, flows and mix, which could vary significantly depending on various factors, such as market conditions, investment performance and investor behavior. Other risks and uncertainties include the risk factors discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission. As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the company nor any other person assumes responsibility for the accuracy and completeness, or updating, of such statements in the future. Unaudited Condensed Consolidated Statements of Income (in thousands, except per share data) Quarter Ended % Change Q4 2023 toQ4 2024 Quarter Ended % Change Q32024 to Q42024 Dec. 31, 2024 Dec. 31, 2023 Sept. 30, 2024 Revenue Investment advisory fees, net $ 288,329 $ 264,693 9 % $ 274,621 5 % Administrative service fees, net 99,711 90,930 10 97,687 2 Other service fees, net 36,643 35,874 2 36,148 1 Total Revenue 424,683 391,497 8 408,456 4 Operating Expenses Compensation and related 137,165 127,504 8 136,027 1 Distribution 98,070 90,940 8 95,859 2 Systems and communications 23,843 20,944 14 23,656 1 Professional service fees 20,307 16,632 22 19,849 2 Office and occupancy 10,328 10,159 2 9,884 4 Advertising and promotional 7,785 9,684 (20) 5,378 45 Travel and related 4,058 4,308 (6) 4,221 (4) Intangible asset related 3,230 3,676 (12) 3,504 (8) Other 9,470 5,080 86 (1,664) NM Total Operating Expenses 314,256 288,927 9 296,714 6 Operating Income 110,427 102,570 8 111,742 (1) Nonoperating Income (Expenses) Investment income (loss), net 5,037 17,418 (71) 14,015 (64) Debt expense (3,187) (3,142) 1 (3,170) 1 Other, net 54 461 (88) 16 238 Total Nonoperating Income (Expenses), net 1,904 14,737 (87) 10,861 (82) Income before income taxes 112,331 117,307 (4) 122,603 (8) Income tax provision 28,477 31,260 (9) 32,262 (12) Net income including the noncontrolling interests in subsidiaries 83,854 86,047 (3) 90,341 (7) Less: Net (loss) income attributable to the noncontrolling interests in subsidiaries (862) 3,869 (122) 2,803 (131) Net Income $ 84,716 $ 82,178 3 % $ 87,538 (3) % Amounts Attributable to Federated Hermes, Inc. Earnings Per Share1 Basic and diluted $ 1.04 $ 0.96 8 % $ 1.06 (2) % Weighted-Average Shares Outstanding Basic 78,300 81,961 78,690 Diluted 78,300 81,973 78,706 Dividends Declared Per Share $ 0.31 $ 0.28 $ 0.31 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 $3.6 million, $3.6 million and $3.7 million available to unvested restricted Federated Hermes shareholders for the quarterly periods ended Dec. 31, 2024, Dec. 31, 2023 and Sept. 30, 2024, respectively, was excluded from the computation of earnings per share. Unaudited Condensed Consolidated Statements of Income (in thousands, except per share data) Year Ended Dec. 31, 2024 Dec. 31, 2023 % Change Revenue Investment advisory fees, net $ 1,097,866 $ 1,115,783 (2) % Administrative service fees, net—affiliates 387,531 343,332 13 Other service fees, net 146,696 150,459 (3) Total Revenue 1,632,093 1,609,574 1 Operating Expenses Compensation and related 540,486 563,388 (4) Distribution 382,327 371,198 3 Systems and communications 92,515 84,203 10 Intangible asset related 79,361 13,870 472 Professional service fees 78,353 69,514 13 Office and occupancy 39,946 45,069 (11) Advertising and promotional 24,090 22,992 5 Travel and related 15,399 15,409 0 Other 18,149 36,382 (50) Total Operating Expenses 1,270,626 1,222,025 4 Operating Income 361,467 387,549 (7) Nonoperating Income (Expenses) Investment income (loss), net 32,668 35,740 (9) Debt expense (12,665) (12,519) 1 Other, net 139 562 (75) Total Nonoperating Income (Expenses), net 20,142 23,783 (15) Income before income taxes 381,609 411,332 (7) Income tax provision 113,179 106,551 6 Net income including the noncontrolling interests in subsidiaries 268,430 304,781 (12) Less: Net income attributable to the noncontrolling interests in subsidiaries 116 5,801 (98) Net Income $ 268,314 $ 298,980 (10) % Amounts Attributable to Federated Hermes, Inc. Earnings Per Share1 Basic and diluted $ 3.23 $ 3.40 (5) % Weighted-Average Shares Outstanding Basic 79,426 83,858 Diluted 79,430 83,863 Dividends Declared Per Share $ 2.21 $ 1.11 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 $11.6 million and $14.0 million available to unvested restricted Federated Hermes shareholders for the years ended Dec. 31, 2024 and Dec. 31, 2023, respectively, was excluded from the computation of earnings per share. Unaudited Condensed Consolidated Balance Sheets (in thousands) Dec. 31, 2024 Dec. 31, 2023 Assets Cash and other investments $ 641,042 $ 560,675 Other current assets 140,310 160,054 Intangible assets, net, including goodwill 1,132,699 1,216,605 Other long-term assets 170,633 164,510 Total Assets $ 2,084,684 $ 2,101,844 Liabilities, Redeemable Noncontrolling Interests and Equity Current liabilities $ 289,193 $ 287,343 Long-term debt 348,106 347,843 Other long-term liabilities 296,665 312,561 Redeemable noncontrolling interests 55,514 25,845 Equity excluding treasury stock 1,728,044 1,649,655 Treasury stock (632,838) (521,403) Total Liabilities, Redeemable Noncontrolling Interests and Equity $ 2,084,684 $ 2,101,844 Unaudited Changes in Long-Term Assets - By Asset Class (in millions) Quarter Ended Year Ended Dec. 31, 2024 Sept. 30, 2024 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2023 Equity Beginning assets $ 83,609 $ 77,851 $ 77,315 $ 79,291 $ 81,523 Sales1 4,868 3,607 3,335 16,201 17,732 Redemptions1 (7,388) (5,046) (8,005) (26,856) (24,742) Net sales (redemptions)1 (2,520) (1,439) (4,670) (10,655) (7,010) Net exchanges (39) (4) (6) (29) 120 Impact of foreign exchange2 (1,313) 725 891 (1,143) 538 Market gains and (losses)3 (314) 6,476 5,761 11,959 4,120 Ending assets $ 79,423 $ 83,609 $ 79,291 $ 79,423 $ 79,291 Fixed Income Beginning assets $ 100,171 $ 95,294 $ 89,765 $ 94,920 $ 86,743 Sales1 6,400 7,345 7,594 25,590 26,809 Redemptions1 (7,345) (5,942) (6,669) (25,381) (23,892) Net sales (redemptions)1 (945) 1,403 925 209 2,917 Net exchanges 35 (12) 7 (163) (113) Impact of foreign exchange2 (160) 98 143 (141) 128 Market gains and (losses)3 (1,042) 3,388 4,080 3,234 5,245 Ending assets $ 98,059 $ 100,171 $ 94,920 $ 98,059 $ 94,920 Alternative / Private Markets Beginning assets $ 20,683 $ 20,061 $ 20,337 $ 20,551 $ 20,802 Sales1 618 558 700 2,584 3,268 Redemptions1 (1,487) (881) (755) (4,285) (3,158) Net sales (redemptions)1 (869) (323) (55) (1,701) 110 Net exchanges (1) 12 (3) 187 (9) Impact of foreign exchange2 (1,188) 1,017 836 (376) 981 Market gains and (losses)3 239 (84) (564) 203 (1,333) Ending assets $ 18,864 $ 20,683 $ 20,551 $ 18,864 $ 20,551 Multi-asset Beginning assets $ 2,958 $ 2,876 $ 2,728 $ 2,867 $ 2,989 Sales1 45 38 34 169 144 Redemptions1 (97) (94) (142) (416) (548) Net sales (redemptions)1 (52) (56) (108) (247) (404) Net exchanges 8 4 8 13 11 Market gains and (losses)3 (31) 134 239 250 271 Ending assets $ 2,883 $ 2,958 $ 2,867 $ 2,883 $ 2,867 Total Long-term Assets Beginning assets $ 207,421 $ 196,082 $ 190,145 $ 197,629 $ 192,057 Sales1 11,931 11,548 11,663 44,544 47,953 Redemptions1 (16,317) (11,963) (15,571) (56,938) (52,340) Net sales (redemptions)1 (4,386) (415) (3,908) (12,394) (4,387) Net exchanges 3 0 6 8 9 Impact of foreign exchange2 (2,661) 1,840 1,870 (1,660) 1,647 Market gains and (losses)3 (1,148) 9,914 9,516 15,646 8,303 Ending assets $ 199,229 $ 207,421 $ 197,629 $ 199,229 $ 197,629 1) For certain accounts, including separately managed accounts, institutional accounts, certain sub-advised funds and other managed products, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return. 2) Reflects the impact of translating non-U.S. dollar denominated assets under management (AUM) into U.S. dollars for reporting purposes. 3) Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions and net investment income. Unaudited Changes in Long-Term Assets - By Asset Class and Product Type (in millions) Quarter Ended Dec. 31, 2024 Equity Fixed Income Alternative / PrivateMarkets Multi-asset Total Funds Separate Accounts1 Funds SeparateAccounts1 Funds SeparateAccounts1 Funds Separate Accounts1 Funds Separate Accounts1 Beginning assets $ 45,391 $ 38,218 $ 46,027 $ 54,144 $ 12,558 $ 8,125 $ 2,823 $ 135 $ 106,799 $ 100,622 Sales 3,127 1,741 4,056 2,344 477 141 44 1 7,704 4,227 Redemptions (3,442) (3,946) (3,748) (3,597) (1,112) (375) (90) (7) (8,392) (7,925) Net sales (redemptions) (315) (2,205) 308 (1,253) (635) (234) (46) (6) (688) (3,698) Net exchanges (39) 0 36 (1) (1) 0 8 0 4 (1) Impact of foreign exchange2 (604) (709) (96) (64) (672) (516) 0 0 (1,372) (1,289) Market gains and (losses)3 (681) 367 (725) (317) 251 (12) (21) (10) (1,176) 28 Ending assets $ 43,752 $ 35,671 $ 45,550 $ 52,509 $ 11,501 $ 7,363 $ 2,764 $ 119 $ 103,567 $ 95,662 Year Ended Dec. 31, 2024 Equity Fixed Income Alternative / Private Markets Multi-asset Total Funds Separate Accounts1 Funds SeparateAccounts1 Funds Separate Accounts1 Funds SeparateAccounts1 Funds SeparateAccounts1 Beginning assets $ 42,513 $ 36,778 $ 43,908 $ 51,012 $ 12,379 $ 8,172 $ 2,730 $ 137 $ 101,530 $ 96,099 Sales 10,220 5,981 15,307 10,283 2,144 440 163 6 27,834 16,710 Redemptions (13,979) (12,877) (14,760) (10,621) (3,478) (807) (396) (20) (32,613) (24,325) Net sales (redemptions) (3,759) (6,896) 547 (338) (1,334) (367) (233) (14) (4,779) (7,615) Net exchanges (29) 0 (145) (18) 187 0 13 0 26 (18) Impact of foreign exchange2 (453) (690) (68) (73) (216) (160) 0 0 (737) (923) Market gains and (losses)3 5,480 6,479 1,308 1,926 485 (282) 254 (4) 7,527 8,119 Ending assets $ 43,752 $ 35,671 $ 45,550 $ 52,509 $ 11,501 $ 7,363 $ 2,764 $ 119 $ 103,567 $ 95,662 1) Includes separately managed accounts, institutional accounts, certain sub-advised funds and other managed products. For certain accounts, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return. 2) Reflects the impact of translating non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes. 3) Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions and net investment income. Unaudited Changes in Long-Term Assets - By Product Type (in millions) Quarter Ended Year Ended Dec. 31, 2024 Sept. 30, 2024 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2023 Total Fund Assets Beginning assets $ 106,799 $ 101,247 $ 98,378 $ 101,530 $ 102,423 Sales 7,704 6,646 5,999 27,834 26,191 Redemptions (8,392) (7,234) (9,578) (32,613) (34,003) Net sales (redemptions) (688) (588) (3,579) (4,779) (7,812) Net exchanges 4 14 (7) 26 3 Impact of foreign exchange1 (1,372) 1,060 1,002 (737) 1,025 Market gains and (losses)2 (1,176) 5,066 5,736 7,527 5,891 Ending assets $ 103,567 $ 106,799 $ 101,530 $ 103,567 $ 101,530 Total Separate Accounts Assets3 Beginning assets $ 100,622 $ 94,835 $ 91,767 $ 96,099 $ 89,634 Sales4 4,227 4,902 5,664 16,710 21,762 Redemptions4 (7,925) (4,729) (5,993) (24,325) (18,337) Net sales (redemptions)4 (3,698) 173 (329) (7,615) 3,425 Net exchanges (1) (14) 13 (18) 6 Impact of foreign exchange1 (1,289) 780 868 (923) 622 Market gains and (losses)2 28 4,848 3,780 8,119 2,412 Ending assets $ 95,662 $ 100,622 $ 96,099 $ 95,662 $ 96,099 Total Long-term Assets3 Beginning assets $ 207,421 $ 196,082 $ 190,145 $ 197,629 $ 192,057 Sales4 11,931 11,548 11,663 44,544 47,953 Redemptions4 (16,317) (11,963) (15,571) (56,938) (52,340) Net sales (redemptions)4 (4,386) (415) (3,908) (12,394) (4,387) Net exchanges 3 0 6 8 9 Impact of foreign exchange1 (2,661) 1,840 1,870 (1,660) 1,647 Market gains and (losses)2 (1,148) 9,914 9,516 15,646 8,303 Ending assets $ 199,229 $ 207,421 $ 197,629 $ 199,229 $ 197,629 1) Reflects the impact of translating non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes. 2) Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions and net investment income. 3) Includes separately managed accounts, institutional accounts, certain sub-advised funds and other managed products. 4) For certain accounts, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return. Unaudited Managed Assets(in millions) Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Dec. 31, 2023 By Asset Class Equity $ 79,423 $ 83,609 $ 77,851 $ 80,157 $ 79,291 Fixed-income 98,059 100,171 95,294 96,325 94,920 Alternative / private markets 18,864 20,683 20,061 20,465 20,551 Multi-asset 2,883 2,958 2,876 2,928 2,867 Total long-term assets 199,229 207,421 196,082 199,875 197,629 Money market 630,349 593,030 586,647 578,811 559,993 Total Managed Assets $ 829,578 $ 800,451 $ 782,729 $ 778,686 $ 757,622 By Product Type Funds: Equity $ 43,752 $ 45,391 $ 42,404 $ 43,415 $ 42,513 Fixed-income 45,550 46,027 43,842 44,481 43,908 Alternative / private markets 11,501 12,558 12,258 12,458 12,379 Multi-asset 2,764 2,823 2,743 2,789 2,730 Total long-term assets 103,567 106,799 101,247 103,143 101,530 Money market 461,720 440,397 425,627 417,102 406,166 Total Fund Assets $ 565,287 $ 547,196 $ 526,874 $ 520,245 $ 507,696 Separate Accounts: Equity $ 35,671 $ 38,218 $ 35,447 $ 36,742 $ 36,778 Fixed-income 52,509 54,144 51,452 51,844 51,012 Alternative / private markets 7,363 8,125 7,803 8,007 8,172 Multi-asset 119 135 133 139 137 Total long-term assets 95,662 100,622 94,835 96,732 96,099 Money market 168,629 152,633 161,020 161,709 153,827 Total Separate Account Assets $ 264,291 $ 253,255 $ 255,855 $ 258,441 $ 249,926 Total Managed Assets $ 829,578 $ 800,451 $ 782,729 $ 778,686 $ 757,622 Unaudited Average Managed Assets Quarter Ended (in millions) Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Dec. 31, 2023 By Asset Class Equity $ 82,247 $ 80,220 $ 78,137 $ 78,969 $ 76,009 Fixed-income 98,254 97,563 95,484 95,791 91,927 Alternative / private markets 19,754 20,455 20,306 20,485 20,623 Multi-asset 2,934 2,910 2,889 2,874 2,744 Total long-term assets 203,189 201,148 196,816 198,119 191,303 Money market 601,169 592,304 582,758 578,383 536,727 Total Avg. Managed Assets $ 804,358 $ 793,452 $ 779,574 $ 776,502 $ 728,030 By Product Type Funds: Equity $ 45,261 $ 43,632 $ 42,274 $ 42,355 $ 40,296 Fixed-income 45,654 44,977 43,910 43,857 42,705 Alternative / private markets 12,010 12,451 12,331 12,377 12,571 Multi-asset 2,811 2,775 2,737 2,739 2,615 Total long-term assets 105,736 103,835 101,252 101,328 98,187 Money market 445,775 436,418 419,999 414,902 392,946 Total Avg. Fund Assets $ 551,511 $ 540,253 $ 521,251 $ 516,230 $ 491,133 Separate Accounts: Equity $ 36,986 $ 36,588 $ 35,863 $ 36,614 $ 35,713 Fixed-income 52,600 52,586 51,574 51,934 49,222 Alternative / private markets 7,744 8,004 7,975 8,108 8,052 Multi-asset 123 135 152 135 129 Total long-term assets 97,453 97,313 95,564 96,791 93,116 Money market 155,394 155,886 162,759 163,481 143,781 Total Avg. Separate Account Assets $ 252,847 $ 253,199 $ 258,323 $ 260,272 $ 236,897 Total Avg. Managed Assets $ 804,358 $ 793,452 $ 779,574 $ 776,502 $ 728,030 Unaudited Average Managed Assets Year Ended (in millions) Dec. 31, 2024 Dec. 31, 2023 By Asset Class Equity $ 79,893 $ 81,348 Fixed-income 96,773 89,079 Alternative / private markets 20,250 21,096 Multi-asset 2,902 2,887 Total long-term assets 199,818 194,410 Money market 588,653 511,568 Total Avg. Managed Assets $ 788,471 $ 705,978 By Product Type Funds: Equity $ 43,380 $ 43,314 Fixed-income 44,600 43,482 Alternative / private markets 12,292 12,999 Multi-asset 2,766 2,749 Total long-term assets 103,038 102,544 Money market 429,273 365,500 Total Avg. Fund Assets $ 532,311 $ 468,044 Separate Accounts: Equity $ 36,513 $ 38,034 Fixed-income 52,173 45,597 Alternative / private markets 7,958 8,097 Multi-asset 136 138 Total long-term assets 96,780 91,866 Money market 159,380 146,068 Total Avg. Separate Account Assets $ 256,160 $ 237,934 Total Avg. Managed Assets $ 788,471 $ 705,978 SOURCE Federated Hermes, Inc. 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Federated Hermes, Inc. reports record assets under management with fourth quarter and full-year 2024 earnings

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