Federated Hermes, Inc. reports record assets under management with third quarter 2025 earnings
PITTSBURGH, Oct. 30, 2025 /PRNewswire/ -- Federated Hermes, Inc. (NYSE: FHI), a global leader in active investing, today reported earnings per diluted share (EPS) of $1.34 for Q3 2025, compared to $1.06 for the same quarter last year, on net income of $104.1 million for Q3 2025, compared to $87.5 million for Q3 2024.
Federated Hermes' total managed assets were a record $871.2 billion at Sept. 30, 2025, up $70.7 billion or 9% from $800.5 billion at Sept. 30, 2024 and up $25.5 billion or 3% from $845.7 billion at June 30, 2025. Total average managed assets for Q3 2025 were $859.5 billion, up $66.0 billion or 8% from $793.5 billion for Q3 2024 and up $22.2 billion or 3% from $837.3 billion for Q2 2025.
"We saw record net sales of equity funds in the third quarter, driven by continued interest in our MDT equity and alternative quantitative investment offerings—a broad suite of quantitative investment solutions that employ a disciplined, bottom-up investment approach that fits a variety of portfolio structures as core or complementary strategies," said J. Christopher Donahue, president and chief executive officer. "In the declining rate environment of the third quarter, investors with interest in capital preservation and liquidity continued to rely on our money market offerings. They also turned to our microshort and ultrashort funds, which are a step further out the yield curve and pursue higher yields than money market strategies."
Federated Hermes' board of directors declared a dividend of $0.34 per share. The dividend is payable on Nov. 14, 2025 to shareholders of record as of Nov. 7, 2025. During Q3 2025, Federated Hermes purchased 20,808 shares of Federated Hermes class B common stock due to employee restricted stock forfeitures.
Equity assets were $94.7 billion at Sept. 30, 2025, up $11.1 billion or 13% from $83.6 billion at Sept. 30, 2024 and up $5.7 billion or 6% from $89.0 billion at June 30, 2025. Top-selling equity funds during Q3 2025 on a net basis were Federated Hermes MDT Mid Cap Growth Fund, Federated Hermes MDT Large Cap Growth Fund, Federated Hermes MDT All Cap Core Fund, Federated Hermes Asia ex-Japan Equity Fund and Federated Hermes MDT Large Cap Value Fund.
Fixed-income assets were a record $101.8 billion at Sept. 30, 2025, up $1.6 billion or 2% from $100.2 billion at Sept. 30, 2024 and up $3.1 billion or 3% from $98.7 billion at June 30, 2025. Top-selling fixed-income funds during Q3 2025 on a net basis were Federated Hermes Ultrashort Bond Fund, Federated Hermes Sustainable Global Investment Grade Credit Fund, Federated Hermes Municipal Ultrashort Fund, Federated Hermes Government Ultrashort Fund and Federated Hermes Short Term Income Fund.
Alternative/private markets assets were $19.0 billion at Sept. 30, 2025, down $1.7 billion or 8% from $20.7 billion at Sept. 30, 2024 and down $1.7 billion or 8% from $20.7 billion at June 30, 2025.
Money market assets were a record $652.8 billion at Sept. 30, 2025, up $59.8 billion or 10% from $593.0 billion at Sept. 30, 2024 and up $18.4 billion or 3% from $634.4 billion at June 30, 2025. Money market fund assets were a record $492.7 billion at Sept. 30, 2025, up $52.3 billion or 12% from $440.4 billion at Sept. 30, 2024 and up $24.7 billion or 5% from $468.0 billion at June 30, 2025.
Financial Summary
Q3 2025 vs. Q3 2024
Revenue increased $61.0 million or 15% primarily due to an increase in revenue resulting from higher average money market and equity assets.
During Q3 2025, Federated Hermes derived 52% of its revenue from money market assets, 46% from long-term assets (29% from equity, 11% from fixed-income, and 6% from alternative/private markets and multi-asset) and 2% from sources other than managed assets.
Operating expenses increased $43.3 million or 15% primarily due to a $17.7 million increase in distribution expenses resulting primarily from higher average managed money market fund assets, an increase in Other expense of $13.7 million primarily due to fluctuations in foreign currency exchange rates and a $8.5 million increase in Compensation and related expense primarily related to higher incentive compensation.
Nonoperating income (expenses), net for Q3 2025 was flat, as compared to the same period in 2024.
Q3 2025 vs. Q2 2025
Revenue increased $44.6 million or 10% primarily due to an increase in revenue from higher average money market and equity assets.
Operating expenses increased $32.2 million or 10% including a $14.3 million increase in Other expense primarily due to fluctuations in foreign currency exchange rates and a $14.2 million increase in Distribution expenses resulting primarily from higher average managed money market fund assets.
Nonoperating income (expenses), net decreased $2.9 million primarily due to a smaller increase in the market value of investments in Q3 2025 as compared to the increase in the market value of the investments in Q2 2025.
YTD 2025 vs. YTD 2024
Revenue increased $110.4 million or 9% primarily due to an increase in revenue from higher average money market and equity assets.
For the first nine months of 2025, Federated Hermes derived 53% of its revenue from money market assets, 45% from long-term assets (28% from equity assets, 11% from fixed-income assets and 6% from alternative/private markets and multi-asset), and 2% from sources other than managed assets.
Operating expenses decreased $16.8 million or 2% primarily due to lower intangible asset related expense resulting from the $66.3 million impairment of an intangible asset in Q2 2024 associated with the 2018 acquisition of Federated Hermes Limited and a $13.6 million decrease in Other expense primarily due to a value added tax (VAT) refund received in Q1 2025 related to amended VAT filings in the U.K. These decreases were partially offset by a $29.4 million increase in Compensation and related expense primarily due to higher incentive compensation and a $27.8 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 nine 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, Oct. 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, 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 Oct. 31, 2025. To access the telephone replay, dial 877-481-4010 (domestic) or 919-882-2331 (international) and enter access code 53063. 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 $871.2 billion in assets under management 1. 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 6% of equity fund managers, the top 7% of money market fund managers and the top 11% of fixed-income fund managers 2 in the industry. Federated Hermes also ranks as the 10th-largest manager of model-delivered separately managed accounts 3. For more information, including an analyst presentation, which is updated periodically, visit FederatedHermes.com/us.
###
1) As of Sept. 30, 2025.
2) Morningstar, Sept. 30, 2025. Based on U.S. fund flows rankings.
3) Money Management Institute/Cerulli,Q2 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 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.
Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Quarter Ended
%
Change
Q3 2024
to Q3
2025
Quarter Ended
%
Change
Q2 2025
to Q3
2025
Sept. 30, 2025
Sept. 30, 2024
June 30, 2025
Revenue
Investment advisory fees, net
$ 310,366
$ 274,621
13 %
$ 287,435
8 %
Administrative service fees, net—affiliates
107,234
97,687
10
101,657
5
Other service fees, net
51,846
36,148
43
35,752
45
Total Revenue
469,446
408,456
15
424,844
10
Operating Expenses
Compensation and related
144,563
136,027
6
144,872
0
Distribution
113,569
95,859
18
99,399
14
Systems and communications
26,023
23,656
10
23,481
11
Professional service fees
20,239
19,849
2
18,628
9
Office and occupancy
10,129
9,884
2
9,910
2
Advertising and promotional
5,264
5,378
(2)
6,146
(14)
Travel and related
4,665
4,221
11
4,117
13
Intangible asset related
3,556
3,504
1
3,503
2
Other
11,986
(1,664)
NM
(2,296)
NM
Total Operating Expenses
339,994
296,714
15
307,760
10
Operating Income
129,452
111,742
16
117,084
11
Nonoperating Income (Expenses)
Investment income (loss), net
14,105
14,015
1
16,947
(17)
Debt expense
(3,182)
(3,170)
0
(3,170)
0
Other, net
(48)
16
(400)
(35)
(37)
Total Nonoperating Income (Expenses), net
10,875
10,861
0
13,742
(21)
Income before income taxes
140,327
122,603
14
130,826
7
Income tax provision
34,232
32,262
6
34,135
0
Net income including the noncontrolling interests
in subsidiaries
106,095
90,341
17
96,691
10
Less: Net income (loss) attributable to the
noncontrolling interests in subsidiaries
1,969
2,803
(30)
5,691
(65)
Net Income
$ 104,126
$ 87,538
19 %
$ 91,000
14 %
Amounts Attributable to Federated Hermes, Inc.
Earnings Per Share 1
Basic and diluted
$ 1.34
$ 1.06
26 %
$ 1.16
16 %
Weighted-Average Shares Outstanding
Basic
74,057
78,690
75,064
Diluted
74,057
78,706
75,072
Dividends Declared Per Share
$ 0.34
$ 0.31
$ 0.34
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 $4.7 million, $3.7 million and $4.1 million available to unvested restricted Federated Hermes shareholders for the quarterly periods ended Sept. 30, 2025, Sept. 30, 2024 and June 30, 2025, respectively, was excluded from the computation of earnings per share.
Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Nine Months Ended
Sept. 30, 2025
Sept. 30, 2024
% Change
Revenue
Investment advisory fees, net
$ 885,261
$ 809,537
9 %
Administrative service fees, net—affiliates
310,000
287,819
8
Other service fees, net
122,569
110,054
11
Total Revenue
1,317,830
1,207,410
9
Operating Expenses
Compensation and related
432,705
403,321
7
Distribution
312,052
284,257
10
Systems and communications
73,730
68,672
7
Professional service fees
57,415
58,046
(1)
Office and occupancy
29,991
29,617
1
Advertising and promotional
15,985
16,306
(2)
Travel and related
12,335
11,341
9
Intangible asset related
10,255
76,131
(87)
Other
(4,946)
8,679
(157)
Total Operating Expenses
939,522
956,370
(2)
Operating Income
378,308
251,040
51
Nonoperating Income (Expenses)
Investment income (loss), net
38,527
27,630
39
Debt expense
(9,531)
(9,478)
1
Other, net
(110)
85
(229)
Total Nonoperating Income (Expenses), net
28,886
18,237
58
Income before income taxes
407,194
269,277
51
Income tax provision
100,532
84,701
19
Net income including the noncontrolling interests in subsidiaries
306,662
184,576
66
Less: Net income (loss) attributable to the noncontrolling interests in
subsidiaries
10,402
978
NM
Net Income
$ 296,260
$ 183,598
61 %
Amounts Attributable to Federated Hermes, Inc.
Earnings Per Share 1
Basic and diluted
$ 3.75
$ 2.20
70 %
Weighted-Average Shares Outstanding
Basic
75,541
79,804
Diluted
75,544
79,809
Dividends Declared Per Share
$ 0.99
$ 1.90
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 $13.3 million and $8.0 million available to unvested restricted Federated Hermes shareholders for the nine months ended Sept. 30, 2025 and Sept. 30, 2024, respectively, was excluded from the computation of earnings per share.
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
Sept. 30, 2025
Dec. 31, 2024
Assets
Cash and other investments
$ 647,391
$ 641,042
Other current assets
154,945
140,310
Intangible assets, net, including goodwill
1,195,992
1,132,699
Other long-term assets
183,942
170,633
Total Assets
$ 2,182,270
$ 2,084,684
Liabilities, Redeemable Noncontrolling Interests and Equity
Current liabilities
$ 256,400
$ 289,193
Long-term debt
348,303
348,106
Other long-term liabilities
326,766
296,665
Redeemable noncontrolling interests
63,515
55,514
Equity excluding treasury stock
1,993,883
1,728,044
Treasury stock
(806,597)
(632,838)
Total Liabilities, Redeemable Noncontrolling Interests and Equity
$ 2,182,270
$ 2,084,684
Unaudited Changes in Long-Term Assets - By Asset Class
(in millions)
Quarter Ended
Nine Months Ended
Sept. 30, 2025
June 30, 2025
Sept. 30, 2024
Sept. 30, 2025
Sept. 30, 2024
Equity
Beginning assets
$ 88,994
$ 80,913
$ 77,851
$ 79,423
$ 79,291
Sales 1
6,845
7,961
3,607
22,218
11,333
Redemptions 1
(6,975)
(6,180)
(5,046)
(19,148)
(19,468)
Net sales (redemptions) 1
(130)
1,781
(1,439)
3,070
(8,135)
Net exchanges
154
0
(4)
40
10
Impact of foreign exchange 2
(85)
1,023
725
1,692
170
Market gains and (losses) 3
5,723
5,277
6,476
10,431
12,273
Ending assets
$ 94,656
$ 88,994
$ 83,609
$ 94,656
$ 83,609
Fixed Income
Beginning assets
$ 98,687
$ 99,486
$ 95,294
$ 98,059
$ 94,920
Sales 1
7,545
5,267
7,345
18,756
19,190
Redemptions 1
(5,887)
(7,652)
(5,942)
(19,827)
(18,036)
Net sales (redemptions) 1
1,658
(2,385)
1,403
(1,071)
1,154
Net exchanges
(134)
5
(12)
(28)
(198)
Impact of foreign exchange 2
(22)
208
98
271
19
Market gains and (losses) 3
1,624
1,373
3,388
4,582
4,276
Ending assets
$ 101,813
$ 98,687
$ 100,171
$ 101,813
$ 100,171
Alternative/Private Markets
Beginning assets
$ 20,738
$ 19,426
$ 20,061
$ 18,864
$ 20,551
Sales 1
670
782
558
2,537
1,966
Redemptions 1
(2,291)
(551)
(881)
(3,866)
(2,798)
Net sales (redemptions) 1
(1,621)
231
(323)
(1,329)
(832)
Net exchanges
0
(1)
12
0
188
Acquisitions/(dispositions)
0
109
0
109
0
Impact of foreign exchange 2
(341)
1,091
1,017
1,282
812
Market gains and (losses) 3
248
(118)
(84)
98
(36)
Ending assets
$ 19,024
$ 20,738
$ 20,683
$ 19,024
$ 20,683
Multi-asset
Beginning assets
$ 2,856
$ 2,826
$ 2,876
$ 2,883
$ 2,867
Sales 1
45
44
38
152
124
Redemptions 1
(92)
(137)
(94)
(334)
(319)
Net sales (redemptions) 1
(47)
(93)
(56)
(182)
(195)
Net exchanges
(3)
(2)
4
(3)
5
Market gains and (losses) 3
134
125
134
242
281
Ending assets
$ 2,940
$ 2,856
$ 2,958
$ 2,940
$ 2,958
Total Long-term Assets
Beginning assets
$ 211,275
$ 202,651
$ 196,082
$ 199,229
$ 197,629
Sales 1
15,105
14,054
11,548
43,663
32,613
Redemptions 1
(15,245)
(14,520)
(11,963)
(43,175)
(40,621)
Net sales (redemptions) 1
(140)
(466)
(415)
488
(8,008)
Net exchanges
17
2
0
9
5
Acquisitions/(dispositions)
0
109
0
109
0
Impact of foreign exchange 2
(448)
2,322
1,840
3,245
1,001
Market gains and (losses) 3
7,729
6,657
9,914
15,353
16,794
Ending assets
$ 218,433
$ 211,275
$ 207,421
$ 218,433
$ 207,421
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.
Unaudited Changes in Long-Term Assets - By Asset Class and Offering Type
(in millions)
Quarter Ended
Sept. 30, 2025
Equity
Fixed Income
Alternative / Private
Markets
Multi-asset
Total
Funds
Separate
Accounts 1
Funds
Separate
Accounts 1
Funds
Separate
Accounts 1
Funds
Separate
Accounts 1
Funds .
Separate
Accounts 1
Beginning assets
$ 49,359
$ 39,635
$ 45,415
$ 53,272
$ 12,905
$ 7,833
$ 2,730
$ 126
$ 110,409
$ 100,866
Sales
4,797
2,048
3,556
3,989
620
50
45
0
9,018
6,087
Redemptions
(3,386)
(3,589)
(3,090)
(2,797)
(1,786)
(505)
(87)
(5)
(8,349)
(6,896)
Net sales (redemptions)
1,411
(1,541)
466
1,192
(1,166)
(455)
(42)
(5)
669
(809)
Net exchanges
154
0
(134)
0
0
0
(3)
0
17
0
Impact of foreign exchange 2
(82)
(3)
(18)
(4)
(194)
(147)
0
0
(294)
(154)
Market gains and (losses) 3
3,268
2,455
749
875
269
(21)
128
6
4,414
3,315
Ending assets
$ 54,110
$ 40,546
$ 46,478
$ 55,335
$ 11,814
$ 7,210
$ 2,813
$ 127
$ 115,215
$ 103,218
Nine Months Ended
Sept. 30, 2025
Equity
Fixed Income
Alternative / Private
Markets
Multi-asset
Total
Funds
Separate
Accounts 1
Funds
Separate
Accounts 1
Funds
Separate
Accounts 1
Funds
Separate
Accounts 1
Funds
Separate
Accounts 1
Beginning assets
$ 43,752
$ 35,671
$ 45,550
$ 52,509
$ 11,501
$ 7,363
$ 2,764
$ 119
$ 103,567
$ 95,662
Sales
14,276
7,942
10,272
8,484
2,350
187
152
0
27,050
16,613
Redemptions
(11,224)
(7,924)
(11,618)
(8,209)
(3,127)
(739)
(309)
(25)
(26,278)
(16,897)
Net sales (redemptions)
3,052
18
(1,346)
275
(777)
(552)
(157)
(25)
772
(284)
Net exchanges
47
(7)
(24)
(4)
0
0
(3)
0
20
(11)
Acquisition-related
0
0
0
0
109
0
0
0
109
0
Impact of foreign exchange 2
823
869
153
118
728
554
0
0
1,704
1,541
Market gains and (losses) 3
6,436
3,995
2,145
2,437
253
(155)
209
33
9,043
6,310
Ending assets
$ 54,110
$ 40,546
$ 46,478
$ 55,335
$ 11,814
$ 7,210
$ 2,813
$ 127
$ 115,215
$ 103,218
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.
Unaudited Changes in Long-Term Assets - By Offering Type
(in millions)
Quarter Ended
Nine Months Ended
Sept. 30, 2025
June 30, 2025
Sept. 30, 2024
Sept. 30, 2025
Sept. 30, 2024
Total Fund Assets
Beginning assets
$ 110,409
$ 104,289
$ 101,247
$ 103,567
$ 101,530
Sales
9,018
8,753
6,646
27,050
20,130
Redemptions
(8,349)
(9,166)
(7,234)
(26,278)
(24,221)
Net sales (redemptions)
669
(413)
(588)
772
(4,091)
Net exchanges
17
3
14
20
22
Acquisitions/(dispositions)
0
109
0
109
0
Impact of foreign exchange 1
(294)
1,313
1,060
1,704
635
Market gains and (losses) 2
4,414
5,108
5,066
9,043
8,703
Ending assets
$ 115,215
$ 110,409
$ 106,799
$ 115,215
$ 106,799
Total Separate Account Assets 3
Beginning assets
$ 100,866
$ 98,362
$ 94,835
$ 95,662
$ 96,099
Sales 4
6,087
5,301
4,902
16,613
12,483
Redemptions 4
(6,896)
(5,354)
(4,729)
(16,897)
(16,400)
Net sales (redemptions) 4
(809)
(53)
173
(284)
(3,917)
Net exchanges
0
(1)
(14)
(11)
(17)
Impact of foreign exchange 1
(154)
1,009
780
1,541
366
Market gains and (losses) 2
3,315
1,549
4,848
6,310
8,091
Ending assets
$ 103,218
$ 100,866
$ 100,622
$ 103,218
$ 100,622
Total Long-term Assets 3
Beginning assets
$ 211,275
$ 202,651
$ 196,082
$ 199,229
$ 197,629
Sales 4
15,105
14,054
11,548
43,663
32,613
Redemptions 4
(15,245)
(14,520)
(11,963)
(43,175)
(40,621)
Net sales (redemptions) 4
(140)
(466)
(415)
488
(8,008)
Net exchanges
17
2
0
9
5
Acquisitions/(dispositions)
0
109
0
109
0
Impact of foreign exchange 1
(448)
2,322
1,840
3,245
1,001
Market gains and (losses) 2
7,729
6,657
9,914
15,353
16,794
Ending assets
$ 218,433
$ 211,275
$ 207,421
$ 218,433
$ 207,421
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.
Unaudited Managed Assets
(in millions)
Sept. 30, 2025
June 30, 2025
March 31, 2025
Dec. 31, 2024
Sept. 30, 2024
By Asset Class
Equity
$ 94,656
$ 88,994
$ 80,913
$ 79,423
$ 83,609
Fixed-income
101,813
98,687
99,486
98,059
100,171
Alternative / private markets
19,024
20,738
19,426
18,864
20,683
Multi-asset
2,940
2,856
2,826
2,883
2,958
Total long-term assets
218,433
211,275
202,651
199,229
207,421
Money market
652,767
634,400
637,122
630,349
593,030
Total Managed Assets
$ 871,200
$ 845,675
$ 839,773
$ 829,578
$ 800,451
By Offering Type
Funds:
Equity
$ 54,110
$ 49,359
$ 43,910
$ 43,752
$ 45,391
Fixed-income
46,478
45,415
45,800
45,550
46,027
Alternative / private markets
11,814
12,905
11,879
11,501
12,558
Multi-asset
2,813
2,730
2,700
2,764
2,823
Total long-term assets
115,215
110,409
104,289
103,567
106,799
Money market
492,701
468,044
464,912
461,720
440,397
Total Fund Assets
$ 607,916
$ 578,453
$ 569,201
$ 565,287
$ 547,196
Separate Accounts:
Equity
$ 40,546
$ 39,635
$ 37,003
$ 35,671
$ 38,218
Fixed-income
55,335
53,272
53,686
52,509
54,144
Alternative / private markets
7,210
7,833
7,547
7,363
8,125
Multi-asset
127
126
126
119
135
Total long-term assets
103,218
100,866
98,362
95,662
100,622
Money market
160,066
166,356
172,210
168,629
152,633
Total Separate Account Assets
$ 263,284
$ 267,222
$ 270,572
$ 264,291
$ 253,255
Total Managed Assets
$ 871,200
$ 845,675
$ 839,773
$ 829,578
$ 800,451
Unaudited Average Managed Assets
Quarter Ended
(in millions)
Sept. 30, 2025
June 30, 2025
March 31, 2025
Dec. 31, 2024
Sept. 30, 2024
By Asset Class
Equity
$ 92,436
$ 83,564
$ 82,105
$ 82,247
$ 80,220
Fixed-income
99,206
98,365
99,360
98,254
97,563
Alternative / private markets
19,862
20,053
19,012
19,754
20,455
Multi-asset
2,895
2,779
2,900
2,934
2,910
Total long-term assets
214,399
204,761
203,377
203,189
201,148
Money market
645,092
632,543
639,827
601,169
592,304
Total Avg. Managed Assets
$ 859,491
$ 837,304
$ 843,204
$ 804,358
$ 793,452
By Offering Type
Funds:
Equity
$ 51,828
$ 45,965
$ 45,260
$ 45,261
$ 43,632
Fixed-income
45,743
44,972
45,715
45,654
44,977
Alternative / private markets
12,347
12,370
11,610
12,010
12,451
Multi-asset
2,770
2,654
2,774
2,811
2,775
Total long-term assets
112,688
105,961
105,359
105,736
103,835
Money market
482,237
462,683
463,727
445,775
436,418
Total Avg. Fund Assets
$ 594,925
$ 568,644
$ 569,086
$ 551,511
$ 540,253
Separate Accounts:
Equity
$ 40,608
$ 37,599
$ 36,845
$ 36,986
$ 36,588
Fixed-income
53,463
53,393
53,645
52,600
52,586
Alternative / private markets
7,515
7,683
7,402
7,744
8,004
Multi-asset
125
125
126
123
135
Total long-term assets
101,711
98,800
98,018
97,453
97,313
Money market
162,855
169,860
176,100
155,394
155,886
Total Avg. Separate Account Assets
$ 264,566
$ 268,660
$ 274,118
$ 252,847
$ 253,199
Total Avg. Managed Assets
$ 859,491
$ 837,304
$ 843,204
$ 804,358
$ 793,452
Unaudited Average Managed Assets
Nine Months Ended
(in millions)
Sept. 30, 2025
Sept. 30, 2024
By Asset Class
Equity
$ 86,035
$ 79,108
Fixed-income
98,977
96,280
Alternative / private markets
19,642
20,415
Multi-asset
2,858
2,891
Total long-term assets
207,512
198,694
Money market
639,154
584,482
Total Avg. Managed Assets
$ 846,666
$ 783,176
By Offering Type
Funds:
Equity
$ 47,684
$ 42,754
Fixed-income
45,477
44,248
Alternative / private markets
12,109
12,386
Multi-asset
2,733
2,751
Total long-term assets
108,003
102,139
Money market
469,549
423,773
Total Avg. Fund Assets
$ 577,552
$ 525,912
Separate Accounts:
Equity
$ 38,351
$ 36,354
Fixed-income
53,500
52,032
Alternative / private markets
7,533
8,029
Multi-asset
125
140
Total long-term assets
99,509
96,555
Money market
169,605
160,709
Total Avg. Separate Account Assets
$ 269,114
$ 257,264
Total Avg. Managed Assets
$ 846,666
$ 783,176
SOURCE Federated Hermes, Inc.