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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 412-288-7538Ray 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.

    
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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.
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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.

    
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Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Quarter Ended% Change Q2 2024 to Q2 2025Quarter Ended% Change Q1 2025 to Q2 2025
June 30, 2025June 30, 2024March 31, 2025
Revenue
Investment advisory fees, net$287,435 $270,622 6 %$287,460 0 %
Administrative service fees, net—affiliates101,657 95,346 7 101,109 1 
Other service fees, net35,752 36,615 (2)34,971 2 
Total Revenue424,844 402,583 6 423,540 0 
Operating Expenses
Compensation and related144,872 130,748 11 143,270 1 
Distribution99,399 93,503 6 99,085 0 
Systems and communications23,481 23,194 1 24,226 (3)
Professional service fees18,628 19,845 (6)18,548 0 
Office and occupancy9,910 9,765 1 9,952 0 
Advertising and promotional6,146 6,621 (7)4,576 34 
Travel and related4,117 3,847 7 3,553 16 
Intangible asset related3,503 69,392 (95)3,196 10 
Other(2,296)4,951 (146)(14,638)84 
Total Operating Expenses307,760 361,866 (15)291,768 5 
Operating Income117,084 40,717 188 131,772 (11)
Nonoperating Income (Expenses)
Investment income (loss), net16,947 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), net13,742 1,939 NM4,269 222 
Income before income taxes130,826 42,656 207 136,041 (4)
Income tax provision34,135 23,431 46 32,165 6 
Net income including the noncontrolling interests in subsidiaries96,691 19,225 403 103,876 (7)
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries5,691 (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
Basic75,064 80,026 77,541 
Diluted75,072 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.

    
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Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Six Months Ended
June 30, 2025June 30, 2024% Change
Revenue
Investment advisory fees, net$574,895 $534,916 7 %
Administrative service fees, net—affiliates202,766 190,132 7 
Other service fees, net70,723 73,906 (4)
Total Revenue848,384 798,954 6 
Operating Expenses
Compensation and related288,143 267,294 8 
Distribution198,484 188,398 5 
Systems and communications47,707 45,017 6 
Professional service fees37,176 38,197 (3)
Office and occupancy19,862 19,734 1 
Advertising and promotional10,722 10,927 (2)
Travel and related7,670 7,119 8 
Intangible asset related6,699 72,627 NM
Other(16,935)10,343 (264)
Total Operating Expenses599,528 659,656 (9)
Operating Income248,856 139,298 79 
Nonoperating Income (Expenses)
Investment income (loss), net24,422 13,615 79 
Debt expense(6,349)(6,308)1 
Other, net(62)69 (190)
Total Nonoperating Income (Expenses), net18,011 7,376 144 
Income before income taxes266,867 146,674 82 
Income tax provision66,300 52,439 26 
Net income including the noncontrolling interests in subsidiaries200,567 94,235 113 
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries8,433 (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
Basic76,296 80,367 
Diluted76,300 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.




    
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Unaudited Condensed Consolidated Balance Sheets
(in thousands)June 30, 2025Dec. 31, 2024
Assets
  Cash and other investments$607,479 $641,042 
  Other current assets153,203 140,310 
  Intangible assets, net, including goodwill1,207,039 1,132,699 
  Other long-term assets183,864 170,633 
  Total Assets$2,151,585 $2,084,684 
Liabilities, Redeemable Noncontrolling Interests and Equity
  Current liabilities$225,729 $289,193 
  Long-term debt348,237 348,106 
  Other long-term liabilities300,521 296,665 
  Redeemable noncontrolling interests162,993 55,514 
Equity excluding treasury stock1,920,707 1,728,044 
Treasury stock(806,602)(632,838)
  Total Liabilities, Redeemable Noncontrolling Interests and Equity$2,151,585 $2,084,684 



    
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Unaudited Changes in Long-Term Assets - By Asset Class
(in millions)Quarter EndedSix Months Ended
June 30, 2025March 31, 2025June 30, 2024June 30, 2025June 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 exchanges0 (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 exchanges5 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 exchanges2 (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.




    
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Unaudited Changes in Long-Term Assets - By Asset Class and Offering Type
(in millions)
Quarter Ended
June 30, 2025
EquityFixed IncomeAlternative / Private MarketsMulti-assetTotal
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 
Sales4,764 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 exchanges0 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
EquityFixed IncomeAlternative / Private MarketsMulti-assetTotal
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 
Sales9,479 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-related0 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.









    
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Unaudited Changes in Long-Term Assets - By Offering Type
(in millions)
Quarter EndedSix Months Ended
June 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024
Total Fund Assets
Beginning assets$104,289 $103,567 $103,143 $103,567 $101,530 
Sales8,753 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 exchanges3 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 exchanges2 (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.




















    
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Unaudited Managed Assets

(in millions)
June 30, 2025March 31, 2025Dec. 31, 2024Sept. 30, 2024June 30, 2024
By Asset Class
Equity$88,994 $80,913 $79,423 $83,609 $77,851 
Fixed-income98,687 99,486 98,059 100,171 95,294 
Alternative / private markets20,738 19,426 18,864 20,683 20,061 
Multi-asset2,856 2,826 2,883 2,958 2,876 
Total long-term assets211,275 202,651 199,229 207,421 196,082 
Money market634,400 637,122 630,349 593,030 586,647 
Total Managed Assets$845,675 $839,773 $829,578 $800,451 $782,729 
By Offering Type
Funds:
Equity$49,359 $43,910 $43,752 $45,391 $42,404 
Fixed-income45,415 45,800 45,550 46,027 43,842 
Alternative / private markets12,905 11,879 11,501 12,558 12,258 
Multi-asset2,730 2,700 2,764 2,823 2,743 
Total long-term assets110,409 104,289 103,567 106,799 101,247 
Money market468,044 464,912 461,720 440,397 425,627 
Total Fund Assets$578,453 $569,201 $565,287 $547,196 $526,874 
Separate Accounts:
Equity$39,635 $37,003 $35,671 $38,218 $35,447 
Fixed-income53,272 53,686 52,509 54,144 51,452 
Alternative / private markets7,833 7,547 7,363 8,125 7,803 
Multi-asset126 126 119 135 133 
Total long-term assets100,866 98,362 95,662 100,622 94,835 
Money market166,356 172,210 168,629 152,633 161,020 
Total Separate Account Assets$267,222 $270,572 $264,291 $253,255 $255,855 
Total Managed Assets$845,675 $839,773 $829,578 $800,451 $782,729 

    
Federated Hermes reports Q2 2025 earnings
Page 12 of 13
Unaudited Average Managed AssetsQuarter Ended
(in millions)
June 30, 2025March 31, 2025Dec. 31, 2024Sept. 30, 2024June 30, 2024
By Asset Class
Equity$83,564 $82,105 $82,247 $80,220 $78,137 
Fixed-income98,365 99,360 98,254 97,563 95,484 
Alternative / private markets20,053 19,012 19,754 20,455 20,306 
Multi-asset2,779 2,900 2,934 2,910 2,889 
Total long-term assets204,761 203,377 203,189 201,148 196,816 
Money market632,543 639,827 601,169 592,304 582,758 
Total Avg. Managed Assets$837,304 $843,204 $804,358 $793,452 $779,574 
By Offering Type
Funds:
Equity$45,965 $45,260 $45,261 $43,632 $42,274 
Fixed-income44,972 45,715 45,654 44,977 43,910 
Alternative / private markets12,370 11,610 12,010 12,451 12,331 
Multi-asset2,654 2,774 2,811 2,775 2,737 
Total long-term assets105,961 105,359 105,736 103,835 101,252 
Money market462,683 463,727 445,775 436,418 419,999 
Total Avg. Fund Assets$568,644 $569,086 $551,511 $540,253 $521,251 
Separate Accounts:
Equity$37,599 $36,845 $36,986 $36,588 $35,863 
Fixed-income53,393 53,645 52,600 52,586 51,574 
Alternative / private markets7,683 7,402 7,744 8,004 7,975 
Multi-asset125 126 123 135 152 
Total long-term assets98,800 98,018 97,453 97,313 95,564 
Money market169,860 176,100 155,394 155,886 162,759 
Total Avg. Separate Account Assets$268,660 $274,118 $252,847 $253,199 $258,323 
Total Avg. Managed Assets$837,304 $843,204 $804,358 $793,452 $779,574 


    
Federated Hermes reports Q2 2025 earnings
Page 13 of 13
Unaudited Average Managed AssetsSix Months Ended
(in millions)June 30, 2025June 30, 2024
By Asset Class
Equity$82,834 $78,553 
Fixed-income98,862 95,638 
Alternative / private markets19,533 20,395 
Multi-asset2,840 2,882 
Total long-term assets204,069 197,468 
Money market636,185 580,570 
Total Avg. Managed Assets$840,254 $778,038 
By Offering Type
Funds:
Equity$45,612 $42,315 
Fixed-income45,344 43,884 
Alternative / private markets11,990 12,354 
Multi-asset2,714 2,738 
Total long-term assets105,660 101,291 
Money market463,205 417,450 
Total Avg. Fund Assets$568,865 $518,741 
Separate Accounts:
Equity$37,222 $36,238 
Fixed-income53,518 51,754 
Alternative / private markets7,543 8,041 
Multi-asset126 144 
Total long-term assets98,409 96,177 
Money market172,980 163,120 
Total Avg. Separate Account Assets$271,389 $259,297 
Total Avg. Managed Assets$840,254 $778,038