0001056288-20-000023.txt : 20200430 0001056288-20-000023.hdr.sgml : 20200430 20200430171419 ACCESSION NUMBER: 0001056288-20-000023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200430 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Submission of Matters to a Vote of Security Holders ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200430 DATE AS OF CHANGE: 20200430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED HERMES, INC. CENTRAL INDEX KEY: 0001056288 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 251111467 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14818 FILM NUMBER: 20836765 BUSINESS ADDRESS: STREET 1: 1001 LIBERTY AVENUE CITY: PITTSBURGH STATE: PA ZIP: 15222 BUSINESS PHONE: 4122881900 MAIL ADDRESS: STREET 1: 1001 LIBERTY AVENUE CITY: PITTSBURGH STATE: PA ZIP: 15222 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED INVESTORS INC /PA/ DATE OF NAME CHANGE: 20200130 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED HERMES, INC. DATE OF NAME CHANGE: 20200130 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED INVESTORS INC /PA/ DATE OF NAME CHANGE: 19980219 8-K 1 a8-kx20200430.htm 8-K Document
false0001056288 0001056288 2020-04-30 2020-04-30


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 2020


FEDERATED HERMES, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania
 
001-14818
 
25-1111467
  (State or other jurisdiction
 
(Commission File Number)
 
(I.R.S. Employer
of incorporation)
 
 
 
Identification No.)

1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Address of principal executive offices, including zip code)


(412) 288-1900
(Registrant's telephone number, including area code)


Not Applicable
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class B common stock, no par value
FHI
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐





ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 30, 2020, Federated Hermes, Inc. (Federated Hermes) issued the earnings press release attached hereto as Exhibit 99.1 to report first quarter 2020 results.
    

ITEM 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

At the Annual Meeting of Shareholders of Federated Hermes held as a teleconference meeting on Thursday, April 30, 2020, the holder of Federated Hermes' Class A Common Stock, which constituted all of the shares entitled to vote at the meeting, approved the following proposal which is described in more detail in Federated Hermes' Information Statement to shareholders dated March 19, 2020.

The holder of Federated Hermes' Class A Common Stock elected six individuals to the Board of Directors of Federated Hermes, Inc. as set forth below:
Director
Shares Voted For
Shares Voted Against
Shares Withheld
Joseph C. Bartolacci
9,000
—
—
J. Christopher Donahue
9,000
—
—
Thomas R. Donahue
9,000
—
—
Michael J. Farrell
9,000
—
—
John B. Fisher
9,000
—
—
Marie Milie Jones
9,000
—
—


ITEM 8.01 OTHER EVENTS.

On April 30, 2020, the board of directors of Federated Hermes authorized an additional share repurchase program with no stated expiration date that allows the buy back of up to 3.5 million shares of Class B common stock. This program authorizes executive management to determine the timing and the amount of shares for each purchase. The repurchased stock is to be held in treasury for employee share-based compensation plans, potential acquisitions and other corporate activities, unless Federated Hermes' board of directors subsequently determines to retire the repurchased stock and restore the shares to authorized but unissued status (rather than holding the shares in treasury).

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits:
 
 
Earnings press release issued by Federated Hermes, Inc. dated April 30, 2020
 
Exhibit 104
 
Cover Page Interactive Data File (embedded within the Inline XBRL document)






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
                                    

 
 
 
FEDERATED HERMES, INC.
 
 
 
 
(REGISTRANT)
 
 
 
 
 
 
 
 
 
 
 
Date
April 30, 2020
By:
/s/ Thomas R. Donahue
 
 
 
 
Thomas R. Donahue
 
 
 
 
Chief Financial Officer
 





 EX-99.1 2 a991-2020q1earningspre.htm EXHIBIT 99.1 Exhibit

Exhibit 99.1
fhipressreleaseimageq12020.gif

Federated Hermes, Inc. Reports First Quarter 2020 Earnings
•
Q1 2020 EPS of $0.63 compared to $0.54 for Q1 2019
•
Managed assets reach a record $605.8 billion
•
Board declares $0.27 per share quarterly dividend
(PITTSBURGH, Pa., April 30, 2020) — Federated Hermes, Inc. (NYSE: FHI), a leading global investment manager, today reported earnings per diluted share (EPS) of $0.63 for Q1 2020, compared to $0.54 for the same quarter last year, on net income of $64.2 million for Q1 2020, compared to $54.5 million for Q1 2019.
Federated Hermes' total managed assets were a record $605.8 billion at March 31, 2020, up $120.9 billion or 25% from $484.9 billion at March 31, 2019 and up $29.9 billion or 5% from $575.9 billion at Dec. 31, 2019. Total average managed assets for Q1 2020 were $580.2 billion, up $104.8 billion or 22% from $475.4 billion reported for Q1 2019 and up $30.1 billion or 5% from $550.1 billion reported for Q4 2019.
"As the coronavirus challenges the world, we are inspired by the front-line health care workers and others who are leading the fight against it as well as the sacrifices made by many to help reduce the virus’ spread," said J. Christopher Donahue, president and chief executive officer. "We also are thankful for the resiliency of our employees, who have adapted company operations while more than 95% of them successfully work remotely. They are simultaneously managing a variety of complications, from the isolation of social distancing to challenges such as educating their children at home—all while continuing to meet our clients' needs and providing excellent customer service."
"In the first quarter, Federated Hermes saw interest in our Kaufmann growth strategies, which invest in companies seeking to capitalize on innovation," Donahue said. "Investors seeking haven from volatile markets turned to our liquidity strategies, while we also experienced net sales in various long-term strategies, including Hermes global equity and SDG engagement funds, the Federated Government Ultrashort Duration Fund and the Federated Prudent Bear Fund."
Federated Hermes' board of directors declared a quarterly dividend of $0.27 per share. The dividend is payable on May 15, 2020 to shareholders of record as of May 11, 2020. During Q1 2020, Federated Hermes purchased 714,251 shares of Federated Hermes class B common stock for $16.0 million.
Equity assets were $68.2 billion at March 31, 2020, down $12.0 billion or 15% from $80.2 billion at March 31, 2019 and down $20.8 billion or 23% from $89.0 billion at Dec. 31, 2019. The decreases largely resulted from declines in the market value of investments from the impact of the coronavirus. Top-selling equity funds during Q1 2020 on a net basis were Federated Kaufmann Small Cap Fund, Hermes Global Emerging Markets Fund, Hermes SDG Engagement Equity Fund, Hermes Global Equity ESG Fund and Federated Kaufmann Large Cap Fund.
Fixed-income assets were $64.7 billion at March 31, 2020, up $0.6 billion or 1% from $64.1 billion at March 31, 2019 and down $4.3 billion or 6% from $69.0 billion at Dec. 31, 2019. Top-selling fixed-income funds during Q1 2020 on a net basis were Federated Government Ultrashort Duration Fund, Capital Preservation Fund, Hermes SDG Engagement High Yield Credit Fund, Federated Short-Intermediate Total Return Bond Fund and Federated Total Return Government Bond Fund.

MEDIA:
MEDIA:
ANALYSTS:
Ed Costello 412-288-7538
Meghan McAndrew 412-288-8103
Ray Hanley 412-288-1920
 
Federated Hermes Reports Q1 2020 Earnings
Page 2 of 10

Money market assets were a record $451.3 billion at March 31, 2020, up $132.9 billion or 42% from $318.4 billion at March 31, 2019 and up $55.8 billion or 14% from $395.5 billion at Dec. 31, 2019. Money market fund assets were $336.1 billion at March 31, 2020, up $121.3 billion or 56% from $214.8 billion at March 31, 2019 and up $49.5 billion or 17% from $286.6 billion at Dec. 31, 2019.
Financial Summary
Q1 2020 vs. Q1 2019
Revenue increased $52.1 million or 17% primarily due to higher average money market and equity assets.
During Q1 2020, Federated Hermes derived 56% of its revenue from long-term assets (38% from equity assets, 13% from fixed-income assets and 5% from alternative/private markets and multi-asset), 43% from money market assets, and 1% from sources other than managed assets.
Operating expenses increased $30.3 million or 13% primarily due to an increase in distribution expenses associated with higher average money market fund assets.
Nonoperating income (expenses), net decreased $8.7 million due to a decrease in the market value of investments, which declined primarily due to the coronavirus' impact on the markets. This decrease was partially offset by a gain from a fair value adjustment to the equity investment of a previously nonconsolidated entity.
Q1 2020 vs. Q4 2019
Revenue increased $1.2 million primarily due to higher average money market assets.
Operating expenses increased $11.2 million or 4% primarily due to an increase in compensation and related expenses as well as distribution expenses associated with higher average money market fund assets.
Nonoperating income (expenses), net decreased $15.9 million due to a decrease in the market value of investments, which declined primarily due to the coronavirus' impact on the markets. This decrease was partially offset by a gain from a fair value adjustment to the equity investment of a previously nonconsolidated entity.
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 May 1, 2020. Investors are invited to listen to the earnings teleconference by calling 877-407-0782 (domestic) or 201-689-8567 (international) prior to the 9 a.m. start time. To listen online, go to the Investor Relations section and the Analyst Information tab of FederatedHermes.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 May 1, 2020. To access the telephone replay, dial 877-481-4010 (domestic) or 919-882-2331 (international) and enter access code 33971. The online replay will be available via FederatedHermes.com for one year.
Federated Hermes, Inc. is a leading global investment manager with $605.8 billion in assets under management as of March 31, 2020. Our investment solutions span 163 equity, fixed-income, alternative/private markets, multi-asset and liquidity management


 
Federated Hermes Reports Q1 2020 Earnings
Page 3 of 10

strategies, and a range of separately managed account strategies. Providing comprehensive investment management to more than 11,000 institutions and intermediaries, our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh, Federated Hermes' more than 1,900 employees include those in New York, Boston, London and several other offices worldwide.
Federated Hermes ranks in the top 6% of equity fund managers in the industry, the top 7% of money market fund managers and the top 11% of fixed-income fund managers1. Federated Hermes also ranks as the 13th-largest SMA manager2. Information regarding Hermes is available at Hermes-Investment.com. An analyst presentation that includes information about Hermes also is available. For more information, visit FederatedHermes.com.
###
1) Strategic Insight, March 30, 2020. Based on assets under management in open-end funds.
2) Money Management Institute/Cerulli, Q4 2019.
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, each a registered investment adviser.
Certain statements in this press release, such as those related to performance, investor preferences and demand, asset flows and mix, and the coronavirus and efforts to combat it, 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. 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, 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 of such statements in the future.




.


 
Federated Hermes Reports Q1 2020 Earnings
Page 4 of 10

Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
 
 
 
 
 
 
 
Quarter Ended
% Change Q1 2019 to Q1 2020
 
Quarter Ended
% Change Q4 2019 to Q1 2020
 
March 31, 2020
March 31, 2019
 
Dec. 31, 2019
Revenue
 
 
 
 
 
 
Investment advisory fees, net
$
240,660

$
211,199

14
 %
 
$
243,631

(1)
 %
Administrative service fees, net—affiliates
72,199

54,135

33

 
69,568

4

Other service fees, net
46,324

41,716

11

 
44,826

3

Total Revenue
359,183

307,050

17

 
358,025

0

 
 
 
 
 
 
 
Operating Expenses
 
 
 
 
 
 
Compensation and related
115,335

111,216

4

 
111,436

3

Distribution
96,160

77,632

24

 
92,950

3

Systems and communications
14,896

12,794

16

 
14,731

1

Professional service fees
13,268

10,486

27

 
12,269

8

Office and occupancy
11,771

11,362

4

 
11,643

1

Advertising and promotional
4,995

4,190

19

 
4,785

4

Travel and related
3,159

3,848

(18
)
 
4,180

(24
)
Other
6,855

4,633

48

 
3,240

112

Total Operating Expenses
266,439

236,161

13

 
255,234

4

Operating Income
92,744

70,889

31

 
102,791

(10
)
 
 
 
 
 
 
 
Nonoperating Income (Expenses)
 
 
 
 
 
 
Investment income (loss), net
(14,451
)
2,709

NM

 
4,737

(405
)
Debt expense
(931
)
(1,400
)
(34
)
 
(1,066
)
(13
)
Other, net
8,345

324

NM

 
5,209

60

Total Nonoperating Income (Expenses), net
(7,037
)
1,633

NM

 
8,880

(179
)
Income before income taxes
85,707

72,522

18

 
111,671

(23
)
Income tax provision
22,442

17,911

25

 
26,582

(16
)
Net income including the noncontrolling interests in subsidiaries
63,265

54,611

16

 
85,089

(26
)
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries
(913
)
65

NM

 
2,982

(131
)
Net Income
$
64,178

$
54,546

18
 %
 
$
82,107

(22)
 %
 
 
 
 
 
 
 
Amounts Attributable to Federated Hermes, Inc.
 
 
 
 
 
 
Earnings Per Share1
 
 
 
 
 
 
Basic and diluted
$
0.63

$
0.54

17
 %
 
$
0.81

(22)
 %
Weighted-Average Shares Outstanding
 
 
 
 
 
 
Basic
97,345

96,994

 
 
97,403

 
Diluted
97,345

96,995

 
 
97,403

 
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 basic earnings per share under the "two-class method." As such, total net income of $2.4 million, $2.1 million and $2.9 million available to unvested restricted Federated Hermes shareholders for the quarterly periods ended March 31, 2020, March 31, 2019 and Dec. 31, 2019, respectively, was excluded from the computation of basic earnings per share. In addition to the amounts excluded from the basic earnings per share calculation, the computation of diluted earnings per share excludes net income available to unvested shareholders of a nonpublic consolidated subsidiary.



 
Federated Hermes Reports Q1 2020 Earnings
Page 5 of 10

Unaudited Condensed Consolidated Balance Sheets
 
 
(in thousands)
March 31, 2020
Dec. 31, 2019
Assets
 
 
  Cash and other investments
$
381,010

$
340,635

  Other current assets
123,103

120,649

  Intangible assets, net, including goodwill
1,248,553

1,220,762

  Other long-term assets
173,243

198,085

  Total Assets
$
1,925,909

$
1,880,131

 
 
 
Liabilities, Redeemable Noncontrolling Interests and Equity
 
 
  Current liabilities
$
187,226

$
230,713

  Long-term debt
195,000

100,000

  Other long-term liabilities
301,489

296,052

  Redeemable noncontrolling interests
199,261

212,086

  Equity excluding treasury stock
1,323,778

1,322,312

  Treasury stock
(280,845
)
(281,032
)
  Total Liabilities, Redeemable Noncontrolling Interests and Equity
$
1,925,909

$
1,880,131




 
Federated Hermes Reports Q1 2020 Earnings
Page 6 of 10

Unaudited Changes in Long-Term Assets - By Asset Class
 
 
 
(in millions)
Quarter Ended
 
March 31, 2020
Dec. 31, 2019
March 31, 2019
Equity
 
 
 
Beginning assets
$
89,011

$
80,750

$
72,497

Sales1
6,080

5,092

5,136

Redemptions1
(7,842
)
(5,080
)
(5,926
)
Net sales (redemptions)1
(1,762
)
12

(790
)
Net exchanges
(37
)
(12
)
13

Acquisitions/(dispositions)
(71
)
2,244

0

Impact of foreign exchange2
(768
)
667

(122
)
Market gains and (losses)3
(18,134
)
5,350

8,647

Ending assets
$
68,239

$
89,011

$
80,245

 
 
 
 
Fixed Income
 
 
 
Beginning assets
$
69,023

$
65,824

$
63,158

Sales1
7,687

6,010

5,416

Redemptions1
(9,398
)
(4,603
)
(6,341
)
Net sales (redemptions)1
(1,711
)
1,407

(925
)
Net exchanges
(115
)
6

(33
)
Acquisitions/(dispositions)
(1
)
450

0

Impact of foreign exchange2
(155
)
184

8

Market gains and (losses)3
(2,326
)
1,152

1,899

Ending assets
$
64,715

$
69,023

$
64,107

 
 
 
 
Alternative/Private Markets4
 
 
 
Beginning assets
$
18,102

$
17,156

$
18,318

Sales1
888

426

313

Redemptions1
(582
)
(486
)
(858
)
Net sales (redemptions)1
306

(60
)
(545
)
Net exchanges
2

(1
)
(2
)
Acquisitions/(dispositions)
452

0

0

Impact of foreign exchange2
(1,121
)
1,302

387

Market gains and (losses)3
320

(295
)
(304
)
Ending assets
$
18,061

$
18,102

$
17,854

 
 
 
 
Multi-asset
 
 
 
Beginning assets
$
4,199

$
4,140

$
4,093

Sales1
98

85

104

Redemptions1
(235
)
(206
)
(241
)
Net sales (redemptions)1
(137
)
(121
)
(137
)
Net exchanges
(14
)
(4
)
2

Acquisitions/(dispositions)
0

11

0

Market gains and (losses)3
(554
)
173

301

Ending assets
$
3,494

$
4,199

$
4,259

 
 
 
 
Total Long-term Assets4
 
 
 
Beginning assets
$
180,335

$
167,870

$
158,066

Sales1
14,753

11,613

10,969

Redemptions1
(18,057
)
(10,375
)
(13,366
)
Net sales (redemptions)1
(3,304
)
1,238

(2,397
)
Net exchanges
(164
)
(11
)
(20
)
Acquisitions/(dispositions)
380

2,705

0

Impact of foreign exchange2
(2,044
)
2,153

273

Market gains and (losses)3
(20,694
)
6,380

10,543

Ending assets
$
154,509

$
180,335

$
166,465

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 the portfolios and, to a lesser extent, reinvested dividends, distributions and net investment income.
4)
Ending assets includes $8.2 billion and $8.1 billion at Dec. 31, 2019 and March 31, 2019, respectively, of assets managed by a previously nonconsolidated entity, Hermes GPE LLP, in which Hermes held an equity method investment. As of March 1, 2020, Hermes GPE LLP is a consolidated subsidiary as a result of Federated Hermes’ acquisition of the remaining equity interests in Hermes GPE LLP that are not held by Hermes Fund Managers Limited.


 
Federated Hermes Reports Q1 2020 Earnings
Page 7 of 10

Unaudited Changes in Long-Term Assets - By Asset Class and Product Type
(in millions) 
 
 
Quarter Ended
 
March 31, 2020
 
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
$
48,112

$
40,899

$
44,223

$
24,800

$
11,389

$
6,713

$
4,000

$
199

$
107,724

$
72,611

Sales
4,392

1,688

6,272

1,415

624

264

73

25

11,361

3,392

Redemptions
(4,802
)
(3,040
)
(8,132
)
(1,266
)
(441
)
(141
)
(229
)
(6
)
(13,604
)
(4,453
)
Net sales (redemptions)
(410
)
(1,352
)
(1,860
)
149

183

123

(156
)
19

(2,243
)
(1,061
)
Net exchanges
(31
)
(6
)
(115
)
0

2

0

(14
)
0

(158
)
(6
)
Acquisitions/(dispositions)
0

(71
)
0

(1
)
0

452

0

0

0

380

Impact of foreign exchange2
(344
)
(424
)
(141
)
(14
)
(679
)
(442
)
0

0

(1,164
)
(880
)
Market gains and (losses)3
(10,372
)
(7,762
)
(1,506
)
(820
)
470

(150
)
(500
)
(54
)
(11,908
)
(8,786
)
Ending assets
$
36,955

$
31,284

$
40,601

$
24,114

$
11,365

$
6,696

$
3,330

$
164

$
92,251

$
62,258

1)
Includes separately managed accounts, institutional accounts, 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 Reports Q1 2020 Earnings
Page 8 of 10

Unaudited Changes in Long-Term Assets - By Product Type
(in millions) 
Quarter Ended
 
March 31, 2020
Dec. 31, 2019
March 31, 2019
Total Fund Assets1
 
 
 
Beginning assets
$
107,724

$
99,682

$
92,359

Sales
11,361

8,165

7,922

Redemptions
(13,604
)
(7,296
)
(8,351
)
Net sales (redemptions)
(2,243
)
869

(429
)
Net exchanges
(158
)
69

5

Acquisitions/(dispositions)
0

2,652

0

Impact of foreign exchange2
(1,164
)
1,364

248

Market gains and (losses)3
(11,908
)
3,088

6,299

Ending assets
$
92,251

$
107,724

$
98,482

 
 
 
 
Total Separate Account Assets4
 
 
 
Beginning assets
$
72,611

$
68,188

$
65,707

Sales5
3,392

3,448

3,047

Redemptions5
(4,453
)
(3,079
)
(5,015
)
Net sales (redemptions)5
(1,061
)
369

(1,968
)
Net exchanges
(6
)
(80
)
(25
)
Acquisitions/(dispositions)
380

53

0

Impact of foreign exchange2
(880
)
789

25

Market gains and (losses)3
(8,786
)
3,292

4,244

Ending assets
$
62,258

$
72,611

$
67,983

 
 
 
 
Total Long-term Assets1,4
 
 
 
Beginning assets
$
180,335

$
167,870

$
158,066

Sales5
14,753

11,613

10,969

Redemptions5
(18,057
)
(10,375
)
(13,366
)
Net sales (redemptions)5
(3,304
)
1,238

(2,397
)
Net exchanges
(164
)
(11
)
(20
)
Acquisitions/(dispositions)
380

2,705

0

Impact of foreign exchange2
(2,044
)
2,153

273

Market gains and (losses)3
(20,694
)
6,380

10,543

Ending assets
$
154,509

$
180,335

$
166,465

1)
Includes $8.2 billion and $8.1 billion at Dec. 31, 2019 and March 31, 2019, respectively, of assets managed by a previously nonconsolidated entity, Hermes GPE LLP, in which Hermes held an equity method investment. As of March 1, 2020, Hermes GPE LLP is a consolidated subsidiary as a result of Federated Hermes’ acquisition of the remaining equity interests in Hermes GPE LLP that are not held by Hermes Fund Managers Limited.
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.
4) Includes separately managed accounts, institutional accounts, sub-advised funds and other managed products.
5)
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 Reports Q1 2020 Earnings
Page 9 of 10

Unaudited Managed Assets
(in millions)
March 31, 2020
Dec. 31, 2019
Sept. 30, 2019
June 30, 2019
March 31, 2019
By Asset Class
 
 
 
 
 
Equity
$
68,239

$
89,011

$
80,750

$
81,999

$
80,245

Fixed-income
64,715

69,023

65,824

65,052

64,107

Alternative / private markets1
18,061

18,102

17,156

17,917

17,854

Multi-asset
3,494

4,199

4,140

4,213

4,259

Total long-term assets
154,509

180,335

167,870

169,181

166,465

Money market
451,330

395,539

359,292

333,066

318,413

Total Managed Assets
$
605,839

$
575,874

$
527,162

$
502,247

$
484,878

 
 
 
 
 
 
By Product Type
 
 
 
 
 
Funds:
 
 
 
 
 
Equity
$
36,955

$
48,112

$
42,575

$
43,443

$
42,057

Fixed-income
40,601

44,223

42,329

42,084

41,189

Alternative / private markets1
11,365

11,389

10,826

11,400

11,164

Multi-asset
3,330

4,000

3,952

4,019

4,072

Total long-term assets
92,251

107,724

99,682

100,946

98,482

Money market
336,133

286,612

261,215

231,321

214,764

Total Fund Assets
$
428,384

$
394,336

$
360,897

$
332,267

$
313,246

Separate Accounts:
 
 
 
 
 
Equity
$
31,284

$
40,899

$
38,175

$
38,556

$
38,188

Fixed-income
24,114

24,800

23,495

22,968

22,918

Alternative / private markets
6,696

6,713

6,330

6,517

6,690

Multi-asset
164

199

188

194

187

Total long-term assets
62,258

72,611

68,188

68,235

67,983

Money market
115,197

108,927

98,077

101,745

103,649

Total Separate Account Assets
$
177,455

$
181,538

$
166,265

$
169,980

$
171,632

Total Managed Assets
$
605,839

$
575,874

$
527,162

$
502,247

$
484,878

1) Includes $8.2 billion, $8.0 billion, $8.4 billion and $8.1 billion at Dec. 31, 2019, Sept. 30, 2019, June 30, 2019 and March 31, 2019, respectively, of assets managed by a previously nonconsolidated entity, Hermes GPE LLP, in which Hermes held an equity method investment. As of March 1, 2020, Hermes GPE LLP is a consolidated subsidiary as a result of Federated Hermes’ acquisition of the remaining equity interests in Hermes GPE LLP that are not held by Hermes Fund Managers Limited.



 
Federated Hermes Reports Q1 2020 Earnings
Page 10 of 10

Unaudited Average Managed Assets
Quarter Ended
(in millions)
March 31, 2020
Dec. 31, 2019
Sept. 30, 2019
June 30, 2019
March 31, 2019
By Asset Class
 
 
 
 
 
Equity
$
82,767

$
84,448

$
82,027

$
80,819

$
77,554

Fixed-income
69,068

67,602

65,074

64,913

64,167

Alternative / private markets1
17,983

17,838

17,407

17,772

18,311

Multi-asset
4,006

4,149

4,167

4,225

4,225

Total long-term assets
173,824

174,037

168,675

167,729

164,257

Money market
406,365

376,029

349,313

325,527

311,150

Total Avg. Managed Assets
$
580,189

$
550,066

$
517,988

$
493,256

$
475,407

 
 
 
 
 
 
By Product Type
 
 
 
 
 
Funds:
 
 
 
 
 
Equity
$
44,996

$
44,984

$
43,077

$
42,571

$
40,217

Fixed-income
44,017

43,304

41,958

41,652

41,095

Alternative / private markets1
11,143

11,283

11,035

11,146

11,545

Multi-asset
3,814

3,956

3,978

4,034

4,042

Total long-term assets
103,970

103,527

100,048

99,403

96,899

Money market
290,641

274,116

249,846

222,282

209,260

Total Avg. Fund Assets
$
394,611

$
377,643

$
349,894

$
321,685

$
306,159

Separate Accounts:
 
 
 
 
 
Equity
$
37,771

$
39,464

$
38,950

$
38,248

$
37,337

Fixed-income
25,051

24,298

23,116

23,261

23,072

Alternative / private markets
6,840

6,555

6,372

6,626

6,766

Multi-asset
192

193

189

191

183

Total long-term assets
69,854

70,510

68,627

68,326

67,358

Money market
115,724

101,913

99,467

103,245

101,890

Total Avg. Separate Account Assets
$
185,578

$
172,423

$
168,094

$
171,571

$
169,248

Total Avg. Managed Assets
$
580,189

$
550,066

$
517,988

$
493,256

$
475,407

1) The average balance includes $8.3 billion, $8.1 billion, $8.1 billion and $8.4 billion for the quarters ended Dec. 31, 2019, Sept. 30, 2019, June 30, 2019 and March 31, 2019 respectively, of assets managed by a previously nonconsolidated entity, Hermes GPE LLP, in which Hermes held an equity method investment. As of March 1, 2020, Hermes GPE LLP is a consolidated subsidiary as a result of Federated Hermes’ acquisition of the remaining equity interests in Hermes GPE LLP that are not held by Hermes Fund Managers Limited.



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Cover Page
Apr. 30, 2020
Cover page.  
Document Type 8-K
Document Period End Date Apr. 30, 2020
Entity Registrant Name FEDERATED HERMES, INC.
Entity Incorporation, State or Country Code PA
Entity File Number 001-14818
Entity Tax Identification Number 25-1111467
Entity Address, Address Line One 1001 Liberty Avenue
Entity Address, City or Town Pittsburgh
Entity Address, State or Province PA
Entity Address, Postal Zip Code 15222-3779
City Area Code 412
Local Phone Number 288-1900
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class B common stock, no par value
Trading Symbol FHI
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001056288
Amendment Flag false
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