Exhibit 99.1

Federated Hermes, Inc. Reports First Quarter 2020 Earnings

• Q1 2020 EPS of $0.63 compared to $0.54forQ1 2019

• Managed assets reach a record $605.8 billion

• Board declares $0.27per 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.comfor 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.

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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.

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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

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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.

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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.

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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.

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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.

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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.