PITTSBURGH, Feb. 4, 2025
/PRNewswire/ -- Federated Hermes, a global leader in active
investing, today announced changes within the organization of its
fixed-income group. The firm has named Kathryn (Katie) Glass, CFA, an experienced
long-term Federated Hermes portfolio manager, as co-head of the
Domestic High Yield Group, alongside Mark
Durbiano, CFA, who has been with Federated Hermes for 42
years. In addition, the firm announced portfolio manager changes
related to the May 1, 2025,
retirement of Jeff Kozemchak, CFA,
senior portfolio manager for municipal liquidity, ultrashort and
short-intermediate strategies.
In her new role as co-head of the high-yield group, Glass will
draw upon her 27 years of investment experience as she takes on
more administrative and investment oversight responsibilities for
the team. She has been an integral member of the high-yield
fixed-income team across a range of investment strategies and
offerings spanning mutual funds, collective investment trusts,
exchange-traded funds (ETFs), subadvised portfolios and
institutional separate accounts. She joined Federated Hermes in
1999 and has been on Durbiano's team in the domestic high-yield
sector for 26 years.
Working with Robert J. Ostrowski,
CFA, chief investment officer of the Global Fixed Income Group at
Federated Hermes, Durbiano has built a deep and experienced
high-yield fixed-income team and a collaborative investment process
for Federated Hermes' range of high-yield offerings. The 16-person
team averages 20 years of industry experience and 17 years at
Federated Hermes. The group manages approximately $13 billion in US high-yield fixed income
strategies, as part of the firm's $98
billion in fixed-income assets as of Dec. 31, 2024.
In the municipal fixed-income area, Jeff
Kozemchak will retire after 38 years with the firm. "We
thank Jeff for his outstanding contributions to Federated Hermes
over nearly four decades," said Deborah
Cunningham, CFA, chief investment officer for Global
Liquidity Markets. "During his tenure throughout multiple business
cycles, Jeff was a key contributor in establishing Federated
Hermes' reputation for strong, risk-adjusted results in municipal
strategies."
In anticipation of Kozemchak's retirement, Federated Hermes will
make the following portfolio manager changes:
- Federated Hermes Municipal Ultrashort Fund – Ann Ferentino, CFA, a senior portfolio manager
who has 27 years of investment management experience, will be added
as a portfolio manager on the fund alongside current portfolio
managers Mary Jo Ochson, CFA, chief
investment officer and head of the Tax-Free Liquidity Investment
Area, and Kyle Stewart, CFA, senior
portfolio manager, effective Feb. 10,
2025.
- Federated Hermes Short-Intermediate Municipal Fund –
Ann Ferentino, CFA, will be added as
a portfolio manager on the fund alongside current portfolio
managers Mary Jo Ochson, CFA, and
Kyle Stewart, CFA, effective
Feb. 10, 2025.
- Federated Hermes New York Municipal Cash Trust – Michael Sirianni Jr., a senior portfolio manager
who has 37 years of investment management experience, will be added
as a portfolio manager on the fund alongside current portfolio
manager Kyle Stewart, CFA, effective
Feb. 10, 2025.
Federated Hermes offers extensive depth and experience in
municipal portfolio management, with 28 investment professionals
combined across multiple investment teams that manage tax-free
money market funds and short-, intermediate and long-term municipal
mutual fund and SMA strategies. The group averages 23 years of
industry experience and manages approximately $23 billion in municipal strategies, as of
Dec. 31, 2024.
Additional information on high-yield and municipal fixed-income
changes will be disclosed in regulatory filings as appropriate.
Federated Hermes, Inc. (NYSE: FHI) is a global leader in active,
responsible investment management, with $829.6 billion in assets under management, as of
Dec. 31, 2024. 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. For more information, visit FederatedHermes.com/us.
# # #
Certain statements in this press release, such as those relating
to succession plans, retirement date, effective dates, and the
ability to maintain investment processes, 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 risk factors discussed in the company's
annual and quarterly reports as filed with the Securities and
Exchange Commission and in each fund's registration statement
(e.g., prospectus and statement of additional information).
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.
Past performance is no guarantee of future results. Mutual Funds
are subject to risks and fluctuate in value.
Bond prices are sensitive to changes in interest rates, and a
rise in interest rates can cause a decline in their prices.
High-yield, lower-rated securities generally entail greater market,
credit/default and liquidity risks and may be more volatile than
investment-grade securities.
Income generated by municipal bond funds may be subject to the
federal alternative minimum tax (AMT) and state and local
taxes.
Ultrashort and other short-term fixed income funds are not
"money market" mutual funds. Some money market mutual funds attempt
to maintain a stable net asset value through compliance with
relevant Securities and Exchange Commission (SEC) rules. Short-term
fixed income funds are not governed by those rules, and their
shares will fluctuate in value.
You could lose money by investing in the funds.
Although Federated Hermes New York Municipal Cash Trust seeks to
preserve the value of your investment at $1.00 per share, it cannot guarantee it will do
so. The Fund may impose a fee upon sale of your shares.
An investment in the Fund is not a bank account and is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency. The Fund's sponsor is not required
to reimburse the Fund for losses, and you should not expect that
the sponsor will provide financial support to the Fund at any time,
including during periods of market stress.
For more complete information, visit FederatedHermes.com/us
or contact your investment professional for summary prospectuses or
prospectuses. You should consider the fund's investment objectives,
risks, charges and expenses carefully before you invest.
Information about these and other important subjects is in the
fund's summary prospectus or prospectus, which you should read
carefully before investing.
Separately managed accounts are made available through Federated
Investment Counseling.
Federated Securities Corp. Distributor
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SOURCE Federated Hermes, Inc.
