Federated Hermes, Inc. reports record assets under management with second quarter 2025 earnings
•Total assets under management reach a record $845.7 billion
•MDT strategies reach $23.2 billion, up $6.4 billion from Q1 2025 and up $8.9 billion YTD
•Q2 2025 earnings per diluted share of $1.16
•Board declares $0.34 per share dividend and authorizes new share repurchase program
(PITTSBURGH, Pa., July 31, 2025) — Federated Hermes, Inc. (NYSE: FHI), a global leader in active investing, today reported earnings per diluted share (EPS) of $1.16 for Q2 2025, compared to $0.20 for the same quarter last year, on net income of $91.0 million for Q2 2025, compared to $21.0 million for Q2 2024. Federated Hermes' Q2 2024 results included a $66.3 million non-cash expense, or ($0.76) per diluted share, related to the impairment of an indefinite-lived intangible asset.
Federated Hermes' total managed assets were a record $845.7 billion at June 30, 2025, up $63.0 billion or 8% from $782.7 billion at June 30, 2024 and up $5.9 billion or 1% from $839.8 billion at March 31, 2025. Total average managed assets for Q2 2025 were $837.3 billion, up $57.7 billion or 7% from $779.6 billion for Q2 2024 and down $5.9 billion or 1% from $843.2 billion for Q1 2025.
"In the second quarter, we saw continued interest in our broad suite of MDT equity and alternative quantitative investment solutions, which deploy a disciplined, repeatable process that is based on fundamental and technical factors and offers the opportunity for outperformance," said J. Christopher Donahue, president and chief executive officer. "Investors with interest in capital preservation and liquidity helped drive demand for our microshort and ultrashort funds, which are a step further out the yield curve and pursue higher yields than money market strategies. Also, ETF and collective investment trust offerings were among our quarterly leaders in net sales. We will continue to strategically introduce complementary offerings of our most popular investment strategies."
Federated Hermes' board of directors declared a dividend of $0.34 per share. The dividend is payable on Aug 15, 2025 to shareholders of record as of Aug 8, 2025. During Q2 2025, Federated Hermes purchased 1,547,182 shares of Federated Hermes class B common stock for $64.5 million. The board of directors also authorized its 18th share repurchase program, allowing the buyback of up to an additional 5 million shares of Federated Hermes class B common stock in the open market with no expiration date. The repurchased stock is to be held in treasury for employee share-based compensation plans, potential acquisitions and other corporate activities. The company's existing 5 million share repurchase program, approved in October 2024, has approximately 1.1 million shares remaining.
Equity assets were $89.0 billion at June 30, 2025, up $11.1 billion or 14% from $77.9 billion at June 30, 2024 and up $8.1 billion or 10% from $80.9 billion at March 31, 2025. Top-selling equity funds during Q2 2025 on a net basis were Federated Hermes MDT Mid Cap Growth Fund, Federated Hermes MDT Mid Cap Growth Collective Investment Fund, Federated Hermes MDT All Cap Core Fund, Federated Hermes Asia ex-Japan Equity Fund and Federated Hermes MDT Large Cap Growth Fund.
MEDIA:
ANALYSTS:
Ed Costello 412-288-7538
Ray Hanley 412-288-1920
Federated Hermes reports Q2 2025 earnings
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Fixed-income assets were $98.7 billion at June 30, 2025, up $3.4 billion or 4% from $95.3 billion at June 30, 2024 and down $0.8 billion from $99.5 billion at March 31, 2025. Top-selling fixed-income funds during Q2 2025 on a net basis included Federated Hermes Conservative Municipal Microshort Fund, Federated Hermes Total Return Bond ETF, Federated Hermes Ultrashort Bond Fund and Federated Hermes Conservative Microshort Fund.
Alternative/private markets assets were $20.7 billion at June 30, 2025, up $0.6 billion or 3% from $20.1 billion at June 30, 2024 and up $1.3 billion or 7% from $19.4 billion at March 31, 2025.
Money market assets were $634.4 billion at June 30, 2025, up $47.8 billion or 8% from $586.6 billion at June 30, 2024 and down $2.7 billion from $637.1 billion at March 31, 2025. Money market fund assets were a record $468.0 billion at June 30, 2025, up $42.4 billion or 10% from $425.6 billion at June 30, 2024 and up $3.1 billion or 1% from $464.9 billion at March 31, 2025.
Financial Summary
Q2 2025 vs. Q2 2024
Revenue increased $22.3 million or 6% primarily due to an increase in revenue resulting from higher average money market and equity assets.
During Q2 2025, Federated Hermes derived 53% of its revenue from money market assets, 46% from long-term assets (28% from equity, 12% from fixed-income, and 6% from alternative/private markets and multi-asset) and 1% from sources other than managed assets.
Operating expenses decreased $54.1 million or 15% primarily due to lower intangible asset related expense due to the Q2 2024 impairment of an intangible asset associated with the 2018 acquisition of Federated Hermes Limited, and a decrease in Other expense of $7.2 million primarily due to fluctuations in foreign currency exchange rates. These decreases were partially offset by a $14.1 million increase in compensation and related expense related to higher incentive compensation and a $5.9 million increase in distribution expenses resulting primarily from higher average managed money market fund assets.
Nonoperating income (expenses), net increased $11.8 million primarily due to an increase in the market value of investments in Q2 2025.
Q2 2025 vs. Q1 2025
Revenue increased $1.3 million primarily due to one more day in Q2 2025. This increase was partially offset by a decrease in performance fees.
Operating expenses increased $16.0 million or 5% primarily due to a $12.3 million increase in Other expense resulting from a Q1 2025 value added tax (VAT) refund received related to amended VAT filings in the U.K.
Nonoperating income (expenses), net increased $9.5 million primarily due to a larger increase in the market value of investments in Q2 2025 as compared to the increase in the market value of the investments in Q1 2025.
YTD 2025 vs. YTD 2024
Revenue increased $49.4 million or 6% primarily due to an increase in revenue from higher average money market and equity assets and an increase in performance fees.
Federated Hermes reports Q2 2025 earnings
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For the first half of 2025, Federated Hermes derived 53% of its revenue from money market assets, 46% from long-term assets (28% from equity assets, 12% from fixed-income assets and 6% from alternative/private markets and multi-asset), and 1% from sources other than managed assets.
Operating expenses decreased $60.1 million or 9% primarily due to lower intangible asset related expense due to the Q2 2024 impairment charge and a $27.3 million decrease in Other expense resulting from the VAT refund received and fluctuations in foreign currency exchange rates. These decreases were offset by a $20.8 million increase in compensation and related expense primarily related to higher incentive compensation and a $10.1 million increase in distribution expenses resulting primarily from higher average managed money market fund assets.
Nonoperating income (expenses), net increased $10.6 million primarily due to a larger increase in the market value of investments in the first six months of 2025 compared to the increase in the market value of investments for the same period in 2024.
Earnings call information
Federated Hermes will host an earnings conference call at 9 a.m. Eastern on Friday, Aug. 1, 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, go to the About section of 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 Aug. 1, 2025. To access the telephone replay, dial 877-481-4010 (domestic) or 919-882-2331 (international) and enter access code 52682. 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 investment management, with $845.7 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 8% of money market fund managers and the top 12% of fixed-income fund managers2 in the industry. Federated Hermes also ranks as the 10th-largest manager of model-delivered separately managed accounts3. For more information, including an analyst presentation, which is updated periodically, visit FederatedHermes.com/us.
###
1) As of June 30, 2025.
2) Morningstar, June 30, 2025. Based on U.S. fund flows rankings.
3) Money Management Institute/Cerulli,Q1 2025.
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 LLP, each a registered investment advisor in one or more of the U.S., U.K. or Ireland.
Cautionary statements
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
Federated Hermes reports Q2 2025 earnings
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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 offering demand, the timing and level of offering 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 Q2 2025 earnings
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Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Quarter Ended
% Change Q2 2024 to Q2 2025
Quarter Ended
% Change Q1 2025 to Q2 2025
June 30, 2025
June 30, 2024
March 31, 2025
Revenue
Investment advisory fees, net
$
287,435
$
270,622
6
%
$
287,460
0
%
Administrative service fees, net—affiliates
101,657
95,346
7
101,109
1
Other service fees, net
35,752
36,615
(2)
34,971
2
Total Revenue
424,844
402,583
6
423,540
0
Operating Expenses
Compensation and related
144,872
130,748
11
143,270
1
Distribution
99,399
93,503
6
99,085
0
Systems and communications
23,481
23,194
1
24,226
(3)
Professional service fees
18,628
19,845
(6)
18,548
0
Office and occupancy
9,910
9,765
1
9,952
0
Advertising and promotional
6,146
6,621
(7)
4,576
34
Travel and related
4,117
3,847
7
3,553
16
Intangible asset related
3,503
69,392
(95)
3,196
10
Other
(2,296)
4,951
(146)
(14,638)
84
Total Operating Expenses
307,760
361,866
(15)
291,768
5
Operating Income
117,084
40,717
188
131,772
(11)
Nonoperating Income (Expenses)
Investment income (loss), net
16,947
5,132
230
7,475
127
Debt expense
(3,170)
(3,159)
0
(3,179)
0
Other, net
(35)
(34)
(3)
(27)
(30)
Total Nonoperating Income (Expenses), net
13,742
1,939
NM
4,269
222
Income before income taxes
130,826
42,656
207
136,041
(4)
Income tax provision
34,135
23,431
46
32,165
6
Net income including the noncontrolling interests in subsidiaries
96,691
19,225
403
103,876
(7)
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries
5,691
(1,802)
416
2,742
108
Net Income
$
91,000
$
21,027
333
%
$
101,134
(10)
%
Amounts Attributable to Federated Hermes, Inc.
Earnings Per Share1
Basic and diluted
$
1.16
$
0.20
480
%
$
1.25
(7)
%
Weighted-Average Shares Outstanding
Basic
75,064
80,026
77,541
Diluted
75,072
80,026
77,542
Dividends Declared Per Share
$
0.34
$
1.31
$
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 $4.1 million, $4.7 million and $4.5 million available to unvested restricted Federated Hermes shareholders for the quarterly periods ended June 30, 2025, June 30, 2024 and March 31, 2025, respectively, was excluded from the computation of earnings per share.
Federated Hermes reports Q2 2025 earnings
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Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Six Months Ended
June 30, 2025
June 30, 2024
% Change
Revenue
Investment advisory fees, net
$
574,895
$
534,916
7
%
Administrative service fees, net—affiliates
202,766
190,132
7
Other service fees, net
70,723
73,906
(4)
Total Revenue
848,384
798,954
6
Operating Expenses
Compensation and related
288,143
267,294
8
Distribution
198,484
188,398
5
Systems and communications
47,707
45,017
6
Professional service fees
37,176
38,197
(3)
Office and occupancy
19,862
19,734
1
Advertising and promotional
10,722
10,927
(2)
Travel and related
7,670
7,119
8
Intangible asset related
6,699
72,627
NM
Other
(16,935)
10,343
(264)
Total Operating Expenses
599,528
659,656
(9)
Operating Income
248,856
139,298
79
Nonoperating Income (Expenses)
Investment income (loss), net
24,422
13,615
79
Debt expense
(6,349)
(6,308)
1
Other, net
(62)
69
(190)
Total Nonoperating Income (Expenses), net
18,011
7,376
144
Income before income taxes
266,867
146,674
82
Income tax provision
66,300
52,439
26
Net income including the noncontrolling interests in subsidiaries
200,567
94,235
113
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries
8,433
(1,825)
NM
Net Income
$
192,134
$
96,060
100
%
Amounts Attributable to Federated Hermes, Inc.
Earnings Per Share1
Basic and diluted
$
2.40
$
1.12
114
%
Weighted-Average Shares Outstanding
Basic
76,296
80,367
Diluted
76,300
80,368
Dividends Declared Per Share
$
0.65
$
1.59
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 $8.7 million and $5.8 million available to unvested restricted Federated Hermes shareholders for the six months ended June 30, 2025 and June 30, 2024, respectively, was excluded from the computation of earnings per share.
Federated Hermes reports Q2 2025 earnings
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Unaudited Condensed Consolidated Balance Sheets
(in thousands)
June 30, 2025
Dec. 31, 2024
Assets
Cash and other investments
$
607,479
$
641,042
Other current assets
153,203
140,310
Intangible assets, net, including goodwill
1,207,039
1,132,699
Other long-term assets
183,864
170,633
Total Assets
$
2,151,585
$
2,084,684
Liabilities, Redeemable Noncontrolling Interests and Equity
Current liabilities
$
225,729
$
289,193
Long-term debt
348,237
348,106
Other long-term liabilities
300,521
296,665
Redeemable noncontrolling interests
162,993
55,514
Equity excluding treasury stock
1,920,707
1,728,044
Treasury stock
(806,602)
(632,838)
Total Liabilities, Redeemable Noncontrolling Interests and Equity
$
2,151,585
$
2,084,684
Federated Hermes reports Q2 2025 earnings
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Unaudited Changes in Long-Term Assets - By Asset Class
(in millions)
Quarter Ended
Six Months Ended
June 30, 2025
March 31, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Equity
Beginning assets
$
80,913
$
79,423
$
80,157
$
79,423
$
79,291
Sales1
7,961
7,412
3,811
15,373
7,726
Redemptions1
(6,180)
(5,993)
(7,071)
(12,173)
(14,422)
Net sales (redemptions)1
1,781
1,419
(3,260)
3,200
(6,696)
Net exchanges
0
(114)
9
(114)
14
Impact of foreign exchange2
1,023
754
12
1,777
(555)
Market gains and (losses)3
5,277
(569)
933
4,708
5,797
Ending assets
$
88,994
$
80,913
$
77,851
$
88,994
$
77,851
Fixed Income
Beginning assets
$
99,486
$
98,059
$
96,325
$
98,059
$
94,920
Sales1
5,267
5,944
5,262
11,211
11,845
Redemptions1
(7,652)
(6,288)
(6,699)
(13,940)
(12,094)
Net sales (redemptions)1
(2,385)
(344)
(1,437)
(2,729)
(249)
Net exchanges
5
101
(179)
106
(186)
Impact of foreign exchange2
208
85
(8)
293
(79)
Market gains and (losses)3
1,373
1,585
593
2,958
888
Ending assets
$
98,687
$
99,486
$
95,294
$
98,687
$
95,294
Alternative/Private Markets
Beginning assets
$
19,426
$
18,864
$
20,465
$
18,864
$
20,551
Sales1
782
1,085
647
1,867
1,408
Redemptions1
(551)
(1,024)
(1,177)
(1,575)
(1,917)
Net sales (redemptions)1
231
61
(530)
292
(509)
Net exchanges
(1)
1
174
0
176
Acquisitions/(dispositions)
109
0
0
109
0
Impact of foreign exchange2
1,091
532
21
1,623
(205)
Market gains and (losses)3
(118)
(32)
(69)
(150)
48
Ending assets
$
20,738
$
19,426
$
20,061
$
20,738
$
20,061
Multi-asset
Beginning assets
$
2,826
$
2,883
$
2,928
$
2,883
$
2,867
Sales1
44
63
42
107
86
Redemptions1
(137)
(105)
(113)
(242)
(225)
Net sales (redemptions)1
(93)
(42)
(71)
(135)
(139)
Net exchanges
(2)
2
1
0
1
Market gains and (losses)3
125
(17)
18
108
147
Ending assets
$
2,856
$
2,826
$
2,876
$
2,856
$
2,876
Total Long-term Assets
Beginning assets
$
202,651
$
199,229
$
199,875
$
199,229
$
197,629
Sales1
14,054
14,504
9,762
28,558
21,065
Redemptions1
(14,520)
(13,410)
(15,060)
(27,930)
(28,658)
Net sales (redemptions)1
(466)
1,094
(5,298)
628
(7,593)
Net exchanges
2
(10)
5
(8)
5
Acquisitions/(dispositions)
109
0
0
109
0
Impact of foreign exchange2
2,322
1,371
25
3,693
(839)
Market gains and (losses)3
6,657
967
1,475
7,624
6,880
Ending assets
$
211,275
$
202,651
$
196,082
$
211,275
$
196,082
1) For certain accounts, including separately managed accounts, institutional accounts, certain sub-advised funds and other managed offerings, 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 Q2 2025 earnings
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Unaudited Changes in Long-Term Assets - By Asset Class and Offering Type
(in millions)
Quarter Ended
June 30, 2025
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
$
43,910
$
37,003
$
45,800
$
53,686
$
11,879
$
7,547
$
2,700
$
126
$
104,289
$
98,362
Sales
4,764
3,197
3,271
1,996
674
108
44
0
8,753
5,301
Redemptions
(4,195)
(1,985)
(4,459)
(3,193)
(391)
(160)
(121)
(16)
(9,166)
(5,354)
Net sales (redemptions)
569
1,212
(1,188)
(1,197)
283
(52)
(77)
(16)
(413)
(53)
Net exchanges
0
0
6
(1)
(1)
0
(2)
0
3
(1)
Acquisitions/(dispositions)
0
0
0
0
109
0
0
0
109
0
Impact of foreign exchange2
567
456
125
83
621
470
0
0
1,313
1,009
Market gains and (losses)3
4,313
964
672
701
14
(132)
109
16
5,108
1,549
Ending assets
$
49,359
$
39,635
$
45,415
$
53,272
$
12,905
$
7,833
$
2,730
$
126
$
110,409
$
100,866
Six Months Ended
June 30, 2025
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
$
43,752
$
35,671
$
45,550
$
52,509
$
11,501
$
7,363
$
2,764
$
119
$
103,567
$
95,662
Sales
9,479
5,894
6,716
4,495
1,730
137
107
0
18,032
10,526
Redemptions
(7,838)
(4,335)
(8,528)
(5,412)
(1,341)
(234)
(222)
(20)
(17,929)
(10,001)
Net sales (redemptions)
1,641
1,559
(1,812)
(917)
389
(97)
(115)
(20)
103
525
Net exchanges
(107)
(7)
110
(4)
0
0
0
0
3
(11)
Acquisition-related
0
0
0
0
109
0
0
0
109
0
Impact of foreign exchange2
905
872
171
122
922
701
0
0
1,998
1,695
Market gains and (losses)3
3,168
1,540
1,396
1,562
(16)
(134)
81
27
4,629
2,995
Ending assets
$
49,359
$
39,635
$
45,415
$
53,272
$
12,905
$
7,833
$
2,730
$
126
$
110,409
$
100,866
1) Includes separately managed accounts, institutional accounts, certain sub-advised funds and other managed offerings. 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 Q2 2025 earnings
Page 10 of 13
Unaudited Changes in Long-Term Assets - By Offering Type
(in millions)
Quarter Ended
Six Months Ended
June 30, 2025
March 31, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Total Fund Assets
Beginning assets
$
104,289
$
103,567
$
103,143
$
103,567
$
101,530
Sales
8,753
9,279
6,318
18,032
13,484
Redemptions
(9,166)
(8,763)
(8,757)
(17,929)
(16,987)
Net sales (redemptions)
(413)
516
(2,439)
103
(3,503)
Net exchanges
3
0
6
3
8
Acquisitions/(dispositions)
109
0
0
109
0
Impact of foreign exchange1
1,313
685
(5)
1,998
(425)
Market gains and (losses)2
5,108
(479)
542
4,629
3,637
Ending assets
$
110,409
$
104,289
$
101,247
$
110,409
$
101,247
Total Separate Account Assets3
Beginning assets
$
98,362
$
95,662
$
96,732
$
95,662
$
96,099
Sales4
5,301
5,225
3,444
10,526
7,581
Redemptions4
(5,354)
(4,647)
(6,303)
(10,001)
(11,671)
Net sales (redemptions)4
(53)
578
(2,859)
525
(4,090)
Net exchanges
(1)
(10)
(1)
(11)
(3)
Impact of foreign exchange1
1,009
686
30
1,695
(414)
Market gains and (losses)2
1,549
1,446
933
2,995
3,243
Ending assets
$
100,866
$
98,362
$
94,835
$
100,866
$
94,835
Total Long-term Assets3
Beginning assets
$
202,651
$
199,229
$
199,875
$
199,229
$
197,629
Sales4
14,054
14,504
9,762
28,558
21,065
Redemptions4
(14,520)
(13,410)
(15,060)
(27,930)
(28,658)
Net sales (redemptions)4
(466)
1,094
(5,298)
628
(7,593)
Net exchanges
2
(10)
5
(8)
5
Acquisitions/(dispositions)
109
0
0
109
0
Impact of foreign exchange1
2,322
1,371
25
3,693
(839)
Market gains and (losses)2
6,657
967
1,475
7,624
6,880
Ending assets
$
211,275
$
202,651
$
196,082
$
211,275
$
196,082
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 offerings.
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.
