The following is a summary of the Federated Hermes, Inc. (FHI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Federated Hermes recorded $779 billion in assets under management in Q1 2024, with a record $579 billion in money market assets.

• Increases in Equities and Fixed income have led to these assets reaching $80.2 billion and $96.3 billion respectively.

• Despite net redemptions of $3.4 billion in Equity funds, market gains and other factors have balanced the numbers.

• The company's total revenue for Q1 increased by $4.9 million from the previous quarter.

• There has also been significant growth in the alternative private markets which rose to $20.5 billion.

• The board of Federated Hermes has declared a dividend payment of $1.31 per share, to be paid in May 2024.

Business Progress:

• The firm reports positive net sales in twelve equity funds, including the MDT Mid Cap Growth, MDT Large Cap Growth, and the US SMID Equity Fund.

• Federated Hermes launched the Horizon 3, a global private equity fund, and Hermes Innovation II Fund.

• The company continues to explore M&A opportunities while maintaining their share repurchases.

• Federated Hermes anticipates an increase in expenditures for the year 2024 due to timing and additional commitments.

• The firm expresses positive sentiment over their money market funds, as they continue to acquire more clients.

• The second quarter witnessed an approximately $1.9 billion in net institutional forthcoming funding.

• Strong performance in the institutional trade and accelerated sales in the MDT fund have contributed to overall progress of the company.

More details: Federated Hermes IR

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