10/24/2024 | Press release | Distributed by Public on 10/24/2024 15:21
MEDIA: | ANALYSTS: |
Ed Costello 412-288-7538 | Ray Hanley 412-288-1920 |
Federated Hermes reports Q3 2024 earnings
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Federated Hermes reports Q3 2024 earnings
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Federated Hermes reports Q3 2024 earnings
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Federated Hermes reports Q3 2024 earnings
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Page 5 of 13
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Unaudited Condensed Consolidated Statements of Income | ||||||||||
(in thousands, except per share data) | ||||||||||
Quarter Ended | % Change Q3 2023 to Q3 2024 | Quarter Ended | % Change Q2 2024 to Q3 2024 | |||||||
Sept. 30, 2024 | Sept. 30, 2023 | June 30, 2024 | ||||||||
Revenue | ||||||||||
Investment advisory fees, net | $ | 274,621 | $ | 276,771 | (1) | % | $ | 270,622 | 1 | % |
Administrative service fees, net-affiliates | 97,687 | 88,023 | 11 | 95,346 | 2 | |||||
Other service fees, net | 36,148 | 37,862 | (5) | 36,615 | (1) | |||||
Total Revenue | 408,456 | 402,656 | 1 | 402,583 | 1 | |||||
Operating Expenses | ||||||||||
Compensation and related | 136,027 | 139,123 | (2) | 130,748 | 4 | |||||
Distribution | 95,859 | 89,838 | 7 | 93,503 | 3 | |||||
Systems and communications | 23,656 | 21,213 | 12 | 23,194 | 2 | |||||
Professional service fees | 19,849 | 17,561 | 13 | 19,845 | - | |||||
Office and occupancy | 9,884 | 10,632 | (7) | 9,765 | 1 | |||||
Advertising and promotional | 5,378 | 3,857 | 39 | 6,621 | (19) | |||||
Travel and related | 4,221 | 4,034 | 5 | 3,847 | 10 | |||||
Intangible asset related | 3,504 | 3,451 | 2 | 69,392 | (95) | |||||
Other | (1,664) | 11,523 | (114) | 4,951 | (134) | |||||
Total Operating Expenses | 296,714 | 301,232 | (1) | 361,866 | (18) | |||||
Operating Income | 111,742 | 101,424 | 10 | 40,717 | 174 | |||||
Nonoperating Income (Expenses) | ||||||||||
Investment income (loss), net | 14,015 | 2,722 | 415 | 5,132 | 173 | |||||
Debt expense | (3,170) | (3,133) | 1 | (3,159) | - | |||||
Other, net | 16 | (8) | 300 | (34) | 147 | |||||
Total Nonoperating Income (Expenses), net | 10,861 | (419) | NM | 1,939 | 460 | |||||
Income before income taxes | 122,603 | 101,005 | 21 | 42,656 | 187 | |||||
Income tax provision | 32,262 | 26,739 | 21 | 23,431 | 38 | |||||
Net income including the noncontrolling interests in subsidiaries | 90,341 | 74,266 | 22 | 19,225 | 370 | |||||
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries | 2,803 | (760) | 469 | (1,802) | 256 | |||||
Net Income | $ | 87,538 | $ | 75,026 | 17 | % | $ | 21,027 | 316 | % |
Amounts Attributable to Federated Hermes, Inc. | ||||||||||
Earnings Per Share1
|
||||||||||
Basic and diluted | $ | 1.06 | $ | 0.86 | 23 | % | $ | 0.20 | 430 | % |
Weighted-Average Shares Outstanding | ||||||||||
Basic | 78,690 | 83,710 | 80,026 | |||||||
Diluted | 78,706 | 83,710 | 80,026 | |||||||
Dividends Declared Per Share | $ | 0.31 | $ | 0.28 | $ | 1.31 |
Federated Hermes reports Q3 2024 earnings
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Unaudited Condensed Consolidated Statements of Income | ||||||
(in thousands, except per share data) | ||||||
Nine Months Ended | ||||||
Sept. 30, 2024 | Sept. 30, 2023 | % Change | ||||
Revenue | ||||||
Investment advisory fees, net | $ | 809,537 | $ | 851,089 | (5) | % |
Administrative service fees, net-affiliates | 287,819 | 252,402 | 14 | |||
Other service fees, net | 110,054 | 114,586 | (4) | |||
Total Revenue | 1,207,410 | 1,218,077 | (1) | |||
Operating Expenses | ||||||
Compensation and related | 403,321 | 435,884 | (7) | |||
Distribution | 284,257 | 280,258 | 1 | |||
Intangible asset related | 76,131 | 10,194 | NM | |||
Systems and communications | 68,672 | 63,259 | 9 | |||
Professional service fees | 58,046 | 52,881 | 10 | |||
Office and occupancy | 29,617 | 34,910 | (15) | |||
Advertising and promotional | 16,306 | 13,308 | 23 | |||
Travel and related | 11,341 | 11,101 | 2 | |||
Other | 8,679 | 31,303 | (72) | |||
Total Operating Expenses | 956,370 | 933,098 | 2 | |||
Operating Income | 251,040 | 284,979 | (12) | |||
Nonoperating Income (Expenses) | ||||||
Investment income (loss), net | 27,630 | 18,322 | 51 | |||
Debt expense | (9,478) | (9,377) | 1 | |||
Other, net | 85 | 101 | (16) | |||
Total Nonoperating Income (Expenses), net | 18,237 | 9,046 | 102 | |||
Income before income taxes | 269,277 | 294,025 | (8) | |||
Income tax provision | 84,701 | 75,291 | 12 | |||
Net income including the noncontrolling interests in subsidiaries | 184,576 | 218,734 | (16) | |||
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries | 978 | 1,932 | (49) | |||
Net Income | $ | 183,598 | $ | 216,802 | (15) | % |
Amounts Attributable to Federated Hermes, Inc. | ||||||
Earnings Per Share1
|
||||||
Basic and diluted | $ | 2.20 | $ | 2.44 | (10) | % |
Weighted-Average Shares Outstanding | ||||||
Basic | 79,804 | 84,499 | ||||
Diluted | 79,809 | 84,502 | ||||
Dividends Declared Per Share | $ | 1.90 | $ | 0.83 |
Federated Hermes reports Q3 2024 earnings
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Unaudited Condensed Consolidated Balance Sheets | ||||
(in thousands) | Sept. 30, 2024 | Dec. 31, 2023 | ||
Assets | ||||
Cash and other investments | $ | 565,028 | $ | 560,675 |
Other current assets | 158,158 | 160,054 | ||
Intangible assets, net, including goodwill | 1,156,135 | 1,216,605 | ||
Other long-term assets | 158,230 | 164,510 | ||
Total Assets | $ | 2,037,551 | $ | 2,101,844 |
Liabilities, Redeemable Noncontrolling Interests and Equity | ||||
Current liabilities | $ | 263,138 | $ | 287,343 |
Long-term debt | 348,040 | 347,843 | ||
Other long-term liabilities | 289,449 | 312,561 | ||
Redeemable noncontrolling interests | 53,408 | 25,845 | ||
Equity excluding treasury stock | 1,706,212 | 1,649,655 | ||
Treasury stock | (622,696) | (521,403) | ||
Total Liabilities, Redeemable Noncontrolling Interests and Equity | $ | 2,037,551 | $ | 2,101,844 |
Federated Hermes reports Q3 2024 earnings
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Page 8 of 13
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Unaudited Changes in Long-Term Assets - By Asset Class | ||||||||||
(in millions) | Quarter Ended | Nine Months Ended | ||||||||
Sept. 30, 2024 | June 30, 2024 | Sept. 30, 2023 | Sept. 30, 2024 | Sept. 30, 2023 | ||||||
Equity | ||||||||||
Beginning assets | $ | 77,851 | $ | 80,157 | $ | 82,992 | $ | 79,291 | $ | 81,523 |
Sales1
|
3,607 | 3,811 | 3,897 | 11,333 | 14,397 | |||||
Redemptions1
|
(5,046) | (7,071) | (6,304) | (19,468) | (16,737) | |||||
Net sales (redemptions)1
|
(1,439) | (3,260) | (2,407) | (8,135) | (2,340) | |||||
Net exchanges | (4) | 9 | 18 | 10 | 126 | |||||
Impact of foreign exchange2
|
725 | 12 | (532) | 170 | (353) | |||||
Market gains and (losses)3
|
6,476 | 933 | (2,756) | 12,273 | (1,641) | |||||
Ending assets | $ | 83,609 | $ | 77,851 | $ | 77,315 | $ | 83,609 | $ | 77,315 |
Fixed Income | ||||||||||
Beginning assets | $ | 95,294 | $ | 96,325 | $ | 87,425 | $ | 94,920 | $ | 86,743 |
Sales1
|
7,345 | 5,262 | 8,277 | 19,190 | 19,215 | |||||
Redemptions1
|
(5,942) | (6,699) | (5,133) | (18,036) | (17,223) | |||||
Net sales (redemptions)1
|
1,403 | (1,437) | 3,144 | 1,154 | 1,992 | |||||
Net exchanges | (12) | (179) | (25) | (198) | (120) | |||||
Impact of foreign exchange2
|
98 | (8) | (96) | 19 | (15) | |||||
Market gains and (losses)3
|
3,388 | 593 | (683) | 4,276 | 1,165 | |||||
Ending assets | $ | 100,171 | $ | 95,294 | $ | 89,765 | $ | 100,171 | $ | 89,765 |
Alternative/Private Markets | ||||||||||
Beginning assets | $ | 20,061 | $ | 20,465 | $ | 21,602 | $ | 20,551 | $ | 20,802 |
Sales1
|
558 | 647 | 660 | 1,966 | 2,568 | |||||
Redemptions1
|
(881) | (1,177) | (866) | (2,798) | (2,403) | |||||
Net sales (redemptions)1
|
(323) | (530) | (206) | (832) | 165 | |||||
Net exchanges | 12 | 174 | (3) | 188 | (6) | |||||
Impact of foreign exchange2
|
1,017 | 21 | (762) | 812 | 145 | |||||
Market gains and (losses)3
|
(84) | (69) | (294) | (36) | (769) | |||||
Ending assets | $ | 20,683 | $ | 20,061 | $ | 20,337 | $ | 20,683 | $ | 20,337 |
Multi-asset | ||||||||||
Beginning assets | $ | 2,876 | $ | 2,928 | $ | 2,922 | $ | 2,867 | $ | 2,989 |
Sales1
|
38 | 42 | 30 | 124 | 110 | |||||
Redemptions1
|
(94) | (113) | (119) | (319) | (406) | |||||
Net sales (redemptions)1
|
(56) | (71) | (89) | (195) | (296) | |||||
Net exchanges | 4 | 1 | 0 | 5 | 3 | |||||
Market gains and (losses)3
|
134 | 18 | (105) | 281 | 32 | |||||
Ending assets | $ | 2,958 | $ | 2,876 | $ | 2,728 | $ | 2,958 | $ | 2,728 |
Total Long-term Assets | ||||||||||
Beginning assets | $ | 196,082 | $ | 199,875 | $ | 194,941 | $ | 197,629 | $ | 192,057 |
Sales1
|
11,548 | 9,762 | 12,864 | 32,613 | 36,290 | |||||
Redemptions1
|
(11,963) | (15,060) | (12,422) | (40,621) | (36,769) | |||||
Net sales (redemptions)1
|
(415) | (5,298) | 442 | (8,008) | (479) | |||||
Net exchanges | 0 | 5 | (10) | 5 | 3 | |||||
Impact of foreign exchange2
|
1,840 | 25 | (1,390) | 1,001 | (223) | |||||
Market gains and (losses)3
|
9,914 | 1,475 | (3,838) | 16,794 | (1,213) | |||||
Ending assets | $ | 207,421 | $ | 196,082 | $ | 190,145 | $ | 207,421 | $ | 190,145 |
Federated Hermes reports Q3 2024 earnings
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Unaudited Changes in Long-Term Assets - By Asset Class and Product Type
|
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(in millions)
|
||||||||||||||||||||
Quarter Ended
|
||||||||||||||||||||
Sept. 30, 2024 | ||||||||||||||||||||
Equity | Fixed Income | Alternative / Private Markets | Multi-asset | Total | ||||||||||||||||
Funds |
Separate Accounts1
|
Funds |
Separate Accounts1
|
Funds |
Separate Accounts1
|
Funds |
Separate Accounts1
|
Funds.
|
Separate Accounts1
|
|||||||||||
Beginning assets | $ | 42,404 | $ | 35,447 | $ | 43,842 | $ | 51,452 | $ | 12,258 | $ | 7,803 | $ | 2,743 | $ | 133 | $ | 101,247 | $ | 94,835 |
Sales | 2,261 | 1,346 | 3,876 | 3,469 | 476 | 82 | 33 | 5 | 6,646 | 4,902 | ||||||||||
Redemptions | (2,874) | (2,172) | (3,571) | (2,371) | (699) | (182) | (90) | (4) | (7,234) | (4,729) | ||||||||||
Net sales (redemptions) | (613) | (826) | 305 | 1,098 | (223) | (100) | (57) | 1 | (588) | 173 | ||||||||||
Net exchanges | (4) | 0 | 2 | (14) | 12 | 0 | 4 | 0 | 14 | (14) | ||||||||||
Impact of foreign exchange2
|
397 | 328 | 75 | 23 | 588 | 429 | 0 | 0 | 1,060 | 780 | ||||||||||
Market gains and (losses)3
|
3,207 | 3,269 | 1,803 | 1,585 | (77) | (7) | 133 | 1 | 5,066 | 4,848 | ||||||||||
Ending assets | $ | 45,391 | $ | 38,218 | $ | 46,027 | $ | 54,144 | $ | 12,558 | $ | 8,125 | $ | 2,823 | $ | 135 | $ | 106,799 | $ | 100,622 |
Nine Months Ended
|
||||||||||||||||||||
Sept. 30, 2024 | ||||||||||||||||||||
Equity | Fixed Income | Alternative / Private Markets | Multi-asset | Total | ||||||||||||||||
Funds |
Separate Accounts1
|
Funds |
Separate Accounts1
|
Funds |
Separate Accounts1
|
Funds |
Separate Accounts1
|
Funds |
Separate Accounts1
|
|||||||||||
Beginning assets | $ | 42,513 | $ | 36,778 | $ | 43,908 | $ | 51,012 | $ | 12,379 | $ | 8,172 | $ | 2,730 | $ | 137 | $ | 101,530 | $ | 96,099 |
Sales | 7,093 | 4,240 | 11,251 | 7,939 | 1,667 | 299 | 119 | 5 | 20,130 | 12,483 | ||||||||||
Redemptions | (10,537) | (8,931) | (11,012) | (7,024) | (2,366) | (432) | (306) | (13) | (24,221) | (16,400) | ||||||||||
Net sales (redemptions) | (3,444) | (4,691) | 239 | 915 | (699) | (133) | (187) | (8) | (4,091) | (3,917) | ||||||||||
Net exchanges | 10 | 0 | (181) | (17) | 188 | 0 | 5 | 0 | 22 | (17) | ||||||||||
Impact of foreign exchange2
|
151 | 19 | 28 | (9) | 456 | 356 | 0 | 0 | 635 | 366 | ||||||||||
Market gains and (losses)3
|
6,161 | 6,112 | 2,033 | 2,243 | 234 | (270) | 275 | 6 | 8,703 | 8,091 | ||||||||||
Ending assets | $ | 45,391 | $ | 38,218 | $ | 46,027 | $ | 54,144 | $ | 12,558 | $ | 8,125 | $ | 2,823 | $ | 135 | $ | 106,799 | $ | 100,622 |
Federated Hermes reports Q3 2024 earnings
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Unaudited Changes in Long-Term Assets - By Product Type
|
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(in millions)
|
Quarter Ended | Nine Months Ended | ||||||||
Sept. 30, 2024 | June 30, 2024 | Sept. 30, 2023 | Sept. 30, 2024 | Sept. 30, 2023 | ||||||
Total Fund Assets | ||||||||||
Beginning assets | $ | 101,247 | $ | 103,143 | $ | 104,387 | $ | 101,530 | $ | 102,423 |
Sales | 6,646 | 6,318 | 5,413 | 20,130 | 20,192 | |||||
Redemptions | (7,234) | (8,757) | (8,018) | (24,221) | (24,425) | |||||
Net sales (redemptions) | (588) | (2,439) | (2,605) | (4,091) | (4,233) | |||||
Net exchanges | 14 | 6 | 0 | 22 | 10 | |||||
Impact of foreign exchange1
|
1,060 | (5) | (798) | 635 | 23 | |||||
Market gains and (losses)2
|
5,066 | 542 | (2,606) | 8,703 | 155 | |||||
Ending assets | $ | 106,799 | $ | 101,247 | $ | 98,378 | $ | 106,799 | $ | 98,378 |
Total Separate Account Assets3
|
||||||||||
Beginning assets | $ | 94,835 | $ | 96,732 | $ | 90,554 | $ | 96,099 | $ | 89,634 |
Sales4
|
4,902 | 3,444 | 7,451 | 12,483 | 16,098 | |||||
Redemptions4
|
(4,729) | (6,303) | (4,404) | (16,400) | (12,344) | |||||
Net sales (redemptions)4
|
173 | (2,859) | 3,047 | (3,917) | 3,754 | |||||
Net exchanges | (14) | (1) | (10) | (17) | (7) | |||||
Impact of foreign exchange1
|
780 | 30 | (592) | 366 | (246) | |||||
Market gains and (losses)2
|
4,848 | 933 | (1,232) | 8,091 | (1,368) | |||||
Ending assets | $ | 100,622 | $ | 94,835 | $ | 91,767 | $ | 100,622 | $ | 91,767 |
Total Long-term Assets3
|
||||||||||
Beginning assets | $ | 196,082 | $ | 199,875 | $ | 194,941 | $ | 197,629 | $ | 192,057 |
Sales4
|
11,548 | 9,762 | 12,864 | 32,613 | 36,290 | |||||
Redemptions4
|
(11,963) | (15,060) | (12,422) | (40,621) | (36,769) | |||||
Net sales (redemptions)4
|
(415) | (5,298) | 442 | (8,008) | (479) | |||||
Net exchanges | 0 | 5 | (10) | 5 | 3 | |||||
Impact of foreign exchange1
|
1,840 | 25 | (1,390) | 1,001 | (223) | |||||
Market gains and (losses)2
|
9,914 | 1,475 | (3,838) | 16,794 | (1,213) | |||||
Ending assets | $ | 207,421 | $ | 196,082 | $ | 190,145 | $ | 207,421 | $ | 190,145 |
Federated Hermes reports Q3 2024 earnings
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Page 11 of 13
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Unaudited Managed Assets | ||||||||||
(in millions)
|
Sept. 30, 2024 | June 30, 2024 | March 31, 2024 | Dec. 31, 2023 | Sept. 30, 2023 | |||||
By Asset Class | ||||||||||
Equity | $ | 83,609 | $ | 77,851 | $ | 80,157 | $ | 79,291 | $ | 77,315 |
Fixed-income | 100,171 | 95,294 | 96,325 | 94,920 | 89,765 | |||||
Alternative / private markets | 20,683 | 20,061 | 20,465 | 20,551 | 20,337 | |||||
Multi-asset | 2,958 | 2,876 | 2,928 | 2,867 | 2,728 | |||||
Total long-term assets | 207,421 | 196,082 | 199,875 | 197,629 | 190,145 | |||||
Money market | 593,030 | 586,647 | 578,811 | 559,993 | 525,085 | |||||
Total Managed Assets | $ | 800,451 | $ | 782,729 | $ | 778,686 | $ | 757,622 | $ | 715,230 |
By Product Type | ||||||||||
Funds: | ||||||||||
Equity | $ | 45,391 | $ | 42,404 | $ | 43,415 | $ | 42,513 | $ | 40,801 |
Fixed-income | 46,027 | 43,842 | 44,481 | 43,908 | 42,569 | |||||
Alternative / private markets | 12,558 | 12,258 | 12,458 | 12,379 | 12,409 | |||||
Multi-asset | 2,823 | 2,743 | 2,789 | 2,730 | 2,599 | |||||
Total long-term assets | 106,799 | 101,247 | 103,143 | 101,530 | 98,378 | |||||
Money market | 440,397 | 425,627 | 417,102 | 406,166 | 384,896 | |||||
Total Fund Assets | $ | 547,196 | $ | 526,874 | $ | 520,245 | $ | 507,696 | $ | 483,274 |
Separate Accounts: | ||||||||||
Equity | $ | 38,218 | $ | 35,447 | $ | 36,742 | $ | 36,778 | $ | 36,514 |
Fixed-income | 54,144 | 51,452 | 51,844 | 51,012 | 47,196 | |||||
Alternative / private markets | 8,125 | 7,803 | 8,007 | 8,172 | 7,928 | |||||
Multi-asset | 135 | 133 | 139 | 137 | 129 | |||||
Total long-term assets | 100,622 | 94,835 | 96,732 | 96,099 | 91,767 | |||||
Money market | 152,633 | 161,020 | 161,709 | 153,827 | 140,189 | |||||
Total Separate Account Assets | $ | 253,255 | $ | 255,855 | $ | 258,441 | $ | 249,926 | $ | 231,956 |
Total Managed Assets | $ | 800,451 | $ | 782,729 | $ | 778,686 | $ | 757,622 | $ | 715,230 |
Federated Hermes reports Q3 2024 earnings
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Page 12 of 13
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Unaudited Average Managed Assets | Quarter Ended | |||||||||
(in millions)
|
Sept. 30, 2024 | June 30, 2024 | March 31, 2024 | Dec. 31, 2023 | Sept. 30, 2023 | |||||
By Asset Class | ||||||||||
Equity | $ | 80,220 | $ | 78,137 | $ | 78,969 | $ | 76,009 | $ | 82,203 |
Fixed-income | 97,563 | 95,484 | 95,791 | 91,927 | 88,677 | |||||
Alternative / private markets | 20,455 | 20,306 | 20,485 | 20,623 | 21,413 | |||||
Multi-asset | 2,910 | 2,889 | 2,874 | 2,744 | 2,861 | |||||
Total long-term assets | 201,148 | 196,816 | 198,119 | 191,303 | 195,154 | |||||
Money market | 592,304 | 582,758 | 578,383 | 536,727 | 516,046 | |||||
Total Avg. Managed Assets | $ | 793,452 | $ | 779,574 | $ | 776,502 | $ | 728,030 | $ | 711,200 |
By Product Type | ||||||||||
Funds: | ||||||||||
Equity | $ | 43,632 | $ | 42,274 | $ | 42,355 | $ | 40,296 | $ | 43,687 |
Fixed-income | 44,977 | 43,910 | 43,857 | 42,705 | 43,437 | |||||
Alternative / private markets | 12,451 | 12,331 | 12,377 | 12,571 | 13,184 | |||||
Multi-asset | 2,775 | 2,737 | 2,739 | 2,615 | 2,724 | |||||
Total long-term assets | 103,835 | 101,252 | 101,328 | 98,187 | 103,032 | |||||
Money market | 436,418 | 419,999 | 414,902 | 392,946 | 373,088 | |||||
Total Avg. Fund Assets | $ | 540,253 | $ | 521,251 | $ | 516,230 | $ | 491,133 | $ | 476,120 |
Separate Accounts: | ||||||||||
Equity | $ | 36,588 | $ | 35,863 | $ | 36,614 | $ | 35,713 | $ | 38,516 |
Fixed-income | 52,586 | 51,574 | 51,934 | 49,222 | 45,240 | |||||
Alternative / private markets | 8,004 | 7,975 | 8,108 | 8,052 | 8,229 | |||||
Multi-asset | 135 | 152 | 135 | 129 | 137 | |||||
Total long-term assets | 97,313 | 95,564 | 96,791 | 93,116 | 92,122 | |||||
Money market | 155,886 | 162,759 | 163,481 | 143,781 | 142,958 | |||||
Total Avg. Separate Account Assets | $ | 253,199 | $ | 258,323 | $ | 260,272 | $ | 236,897 | $ | 235,080 |
Total Avg. Managed Assets | $ | 793,452 | $ | 779,574 | $ | 776,502 | $ | 728,030 | $ | 711,200 |
Federated Hermes reports Q3 2024 earnings
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Page 13 of 13
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Unaudited Average Managed Assets | Nine Months Ended | |||
(in millions) | Sept. 30, 2024 | Sept. 30, 2023 | ||
By Asset Class | ||||
Equity | $ | 79,108 | $ | 83,128 |
Fixed-income | 96,280 | 88,130 | ||
Alternative / private markets | 20,415 | 21,254 | ||
Multi-asset | 2,891 | 2,934 | ||
Total long-term assets | 198,694 | 195,446 | ||
Money market | 584,482 | 503,182 | ||
Total Avg. Managed Assets | $ | 783,176 | $ | 698,628 |
By Product Type | ||||
Funds: | ||||
Equity | $ | 42,754 | $ | 44,320 |
Fixed-income | 44,248 | 43,741 | ||
Alternative / private markets | 12,386 | 13,143 | ||
Multi-asset | 2,751 | 2,794 | ||
Total long-term assets | 102,139 | 103,998 | ||
Money market | 423,773 | 356,351 | ||
Total Avg. Fund Assets | $ | 525,912 | $ | 460,349 |
Separate Accounts: | ||||
Equity | $ | 36,354 | $ | 38,808 |
Fixed-income | 52,032 | 44,389 | ||
Alternative / private markets | 8,029 | 8,111 | ||
Multi-asset | 140 | 140 | ||
Total long-term assets | 96,555 | 91,448 | ||
Money market | 160,709 | 146,831 | ||
Total Avg. Separate Account Assets | $ | 257,264 | $ | 238,279 |
Total Avg. Managed Assets | $ | 783,176 | $ | 698,628 |