0001056288false00010562882025-01-302025-01-30

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): January 30, 2025


FEDERATED HERMES, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania001-1481825-1111467
  (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 classTrading Symbol(s)Name of each exchange on which registered
Class B common stock, no par valueFHINew 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 January 30, 2025, Federated Hermes, Inc. issued the earnings press release attached hereto as Exhibit 99.1 to report fourth quarter 2024 results.

    


ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits:
Earnings press release issued by Federated Hermes, Inc. dated January 30, 2025
Exhibit 104Cover 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)
DateJanuary 30, 2025By:/s/ Thomas R. Donahue
Thomas R. Donahue
Chief Financial Officer




Exhibit 99.1

fhipressreleaseimageq12020a.gif
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
(PITTSBURGH, Pa., Jan. 30, 2025) — 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.

MEDIA:ANALYSTS:
Ed Costello 412-288-7538Ray Hanley 412-288-1920
Federated Hermes reports Q4 and full-year 2024 earnings
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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

Federated Hermes reports Q4 and full-year 2024 earnings
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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.

Federated Hermes reports Q4 and full-year 2024 earnings
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Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Quarter Ended% Change Q4 2023 to Q4 2024Quarter Ended% Change Q3 2024 to Q4 2024
Dec. 31, 2024Dec. 31, 2023Sept. 30, 2024
Revenue
Investment advisory fees, net$288,329 $264,693 9 %$274,621 5 %
Administrative service fees, net99,711 90,930 10 97,687 2 
Other service fees, net36,643 35,874 2 36,148 1 
Total Revenue424,683 391,497 8 408,456 4 
Operating Expenses
Compensation and related137,165 127,504 8 136,027 1 
Distribution98,070 90,940 8 95,859 2 
Systems and communications23,843 20,944 14 23,656 1 
Professional service fees20,307 16,632 22 19,849 2 
Office and occupancy10,328 10,159 2 9,884 4 
Advertising and promotional7,785 9,684 (20)5,378 45 
Travel and related4,058 4,308 (6)4,221 (4)
Intangible asset related3,230 3,676 (12)3,504 (8)
Other9,470 5,080 86 (1,664)NM
Total Operating Expenses314,256 288,927 9 296,714 6 
Operating Income110,427 102,570 8 111,742 (1)
Nonoperating Income (Expenses)
Investment income (loss), net5,037 17,418 (71)14,015 (64)
Debt expense(3,187)(3,142)1 (3,170)1 
Other, net54 461 (88)16 238 
Total Nonoperating Income (Expenses), net1,904 14,737 (87)10,861 (82)
Income before income taxes112,331 117,307 (4)122,603 (8)
Income tax provision28,477 31,260 (9)32,262 (12)
Net income including the noncontrolling interests in subsidiaries83,854 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
Basic78,300 81,961 78,690 
Diluted78,300 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.
    


Federated Hermes reports Q4 and full-year 2024 earnings
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Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Year Ended
Dec. 31, 2024Dec. 31, 2023% Change
Revenue
Investment advisory fees, net$1,097,866 $1,115,783 (2)%
Administrative service fees, net—affiliates387,531 343,332 13 
Other service fees, net146,696 150,459 (3)
     Total Revenue1,632,093 1,609,574 1 
Operating Expenses
Compensation and related540,486 563,388 (4)
Distribution382,327 371,198 3 
Systems and communications92,515 84,203 10 
Intangible asset related79,361 13,870 472 
Professional service fees78,353 69,514 13 
Office and occupancy39,946 45,069 (11)
Advertising and promotional24,090 22,992 5 
Travel and related15,399 15,409 0 
Other18,149 36,382 (50)
     Total Operating Expenses1,270,626 1,222,025 4 
Operating Income361,467 387,549 (7)
Nonoperating Income (Expenses)
Investment income (loss), net32,668 35,740 (9)
Debt expense(12,665)(12,519)1 
Other, net139 562 (75)
     Total Nonoperating Income (Expenses), net20,142 23,783 (15)
Income before income taxes381,609 411,332 (7)
Income tax provision113,179 106,551 6 
Net income including the noncontrolling interests in subsidiaries268,430 304,781 (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
    Basic79,426 83,858 
    Diluted79,430 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.



Federated Hermes reports Q4 and full-year 2024 earnings
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Unaudited Condensed Consolidated Balance Sheets
(in thousands)Dec. 31, 2024Dec. 31, 2023
Assets
  Cash and other investments$641,042 $560,675 
  Other current assets140,310 160,054 
  Intangible assets, net, including goodwill1,132,699 1,216,605 
  Other long-term assets170,633 164,510 
    Total Assets$2,084,684 $2,101,844 
Liabilities, Redeemable Noncontrolling Interests and Equity
  Current liabilities$289,193 $287,343 
  Long-term debt348,106 347,843 
  Other long-term liabilities296,665 312,561 
  Redeemable noncontrolling interests55,514 25,845 
Equity excluding treasury stock1,728,044 1,649,655 
Treasury stock(632,838)(521,403)
    Total Liabilities, Redeemable Noncontrolling Interests and Equity$2,084,684 $2,101,844 


Federated Hermes reports Q4 and full-year 2024 earnings
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Unaudited Changes in Long-Term Assets - By Asset Class
(in millions)Quarter EndedYear Ended
Dec. 31, 2024Sept. 30, 2024Dec. 31, 2023Dec. 31, 2024Dec. 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 exchanges35 (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 exchanges8 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 exchanges3 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.


Federated Hermes reports Q4 and full-year 2024 earnings
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Unaudited Changes in Long-Term Assets - By Asset Class and Product Type
(in millions)
Quarter Ended
Dec. 31, 2024
EquityFixed IncomeAlternative / Private MarketsMulti-assetTotal
Funds
Separate Accounts1
Funds
Separate Accounts1
Funds
Separate Accounts1
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 
Sales3,127 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
EquityFixed IncomeAlternative / Private MarketsMulti-assetTotal
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 
Sales10,220 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.




Federated Hermes reports Q4 and full-year 2024 earnings
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Unaudited Changes in Long-Term Assets - By Product Type
(in millions)
Quarter EndedYear Ended
Dec. 31, 2024Sept. 30, 2024Dec. 31, 2023Dec. 31, 2024Dec. 31, 2023
Total Fund Assets
Beginning assets$106,799 $101,247 $98,378 $101,530 $102,423 
Sales7,704 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 exchanges4 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 exchanges3 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.



Federated Hermes reports Q4 and full-year 2024 earnings
Page 10 of 12
Unaudited Managed Assets
(in millions)
Dec. 31, 2024Sept. 30, 2024June 30, 2024March 31, 2024Dec. 31, 2023
By Asset Class
Equity$79,423 $83,609 $77,851 $80,157 $79,291 
Fixed-income98,059 100,171 95,294 96,325 94,920 
Alternative / private markets18,864 20,683 20,061 20,465 20,551 
Multi-asset2,883 2,958 2,876 2,928 2,867 
Total long-term assets199,229 207,421 196,082 199,875 197,629 
 Money market630,349 593,030 586,647 578,811 559,993 
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-income45,550 46,027 43,842 44,481 43,908 
Alternative / private markets11,501 12,558 12,258 12,458 12,379 
Multi-asset2,764 2,823 2,743 2,789 2,730 
Total long-term assets
103,567 106,799 101,247 103,143 101,530 
Money market461,720 440,397 425,627 417,102 406,166 
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-income52,509 54,144 51,452 51,844 51,012 
Alternative / private markets7,363 8,125 7,803 8,007 8,172 
Multi-asset119 135 133 139 137 
Total long-term assets
95,662 100,622 94,835 96,732 96,099 
Money market168,629 152,633 161,020 161,709 153,827 
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 



Federated Hermes reports Q4 and full-year 2024 earnings
Page 11 of 12
Unaudited Average Managed AssetsQuarter Ended
(in millions)
Dec. 31, 2024Sept. 30, 2024June 30, 2024March 31, 2024Dec. 31, 2023
By Asset Class
Equity$82,247 $80,220 $78,137 $78,969 $76,009 
Fixed-income98,254 97,563 95,484 95,791 91,927 
Alternative / private markets19,754 20,455 20,306 20,485 20,623 
Multi-asset2,934 2,910 2,889 2,874 2,744 
Total long-term assets203,189 201,148 196,816 198,119 191,303 
 Money market601,169 592,304 582,758 578,383 536,727 
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-income45,654 44,977 43,910 43,857 42,705 
Alternative / private markets12,010 12,451 12,331 12,377 12,571 
Multi-asset2,811 2,775 2,737 2,739 2,615 
Total long-term assets
105,736 103,835 101,252 101,328 98,187 
Money market445,775 436,418 419,999 414,902 392,946 
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-income52,600 52,586 51,574 51,934 49,222 
Alternative / private markets7,744 8,004 7,975 8,108 8,052 
Multi-asset123 135 152 135 129 
Total long-term assets
97,453 97,313 95,564 96,791 93,116 
Money market155,394 155,886 162,759 163,481 143,781 
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 




Federated Hermes reports Q4 and full-year 2024 earnings
Page 12 of 12
Unaudited Average Managed AssetsYear Ended
(in millions)
Dec. 31, 2024Dec. 31, 2023
By Asset Class
Equity$79,893 $81,348 
Fixed-income96,773 89,079 
Alternative / private markets20,250 21,096 
Multi-asset2,902 2,887 
Total long-term assets199,818 194,410 
Money market588,653 511,568 
Total Avg. Managed Assets
$788,471 $705,978 
By Product Type
Funds:
Equity$43,380 $43,314 
Fixed-income44,600 43,482 
Alternative / private markets12,292 12,999 
Multi-asset2,766 2,749 
Total long-term assets103,038 102,544 
Money market429,273 365,500 
Total Avg. Fund Assets
$532,311 $468,044 
Separate Accounts:
Equity$36,513 $38,034 
Fixed-income52,173 45,597 
Alternative / private markets7,958 8,097 
Multi-asset136 138 
Total long-term assets96,780 91,866 
Money market159,380 146,068 
Total Avg. Separate Account Assets
$256,160 $237,934 
Total Avg. Managed Assets
$788,471 $705,978 


v3.24.4
Cover Page
Jan. 30, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 30, 2025
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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