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Federated Hermes, Inc. Reports First Quarter 2020 Earnings

·14 mins read

- Q1 2020 EPS of $0.63 compared to $0.54 for Q1 2019

- Managed assets reach a record $605.8 billion

- Board declares $0.27 per share quarterly dividend

PITTSBURGH , April 30, 2020 /PRNewswire/ -- Federated Hermes, Inc. (NYSE: FHI), a leading global investment manager, today reported earnings per diluted share (EPS) of $0.63 for Q1 2020, compared to $0.54 for the same quarter last year, on net income of $64.2 million for Q1 2020, compared to $54.5 million for Q1 2019.

Federated Hermes' total managed assets were a record $605.8 billion at March 31, 2020, up $120.9 billion or 25% from $484.9 billion at March 31, 2019 and up $29.9 billion or 5% from $575.9 billion at Dec. 31, 2019 . Total average managed assets for Q1 2020 were $580.2 billion , up $104.8 billion or 22% from $475.4 billion reported for Q1 2019 and up $30.1 billion or 5% from $550.1 billion reported for Q4 2019.

"As the coronavirus challenges the world, we are inspired by the front-line health care workers and others who are leading the fight against it as well as the sacrifices made by many to help reduce the virus' spread," said J. Christopher Donahue, president and chief executive officer. "We also are thankful for the resiliency of our employees, who have adapted company operations while more than 95% of them successfully work remotely. They are simultaneously managing a variety of complications, from the isolation of social distancing to challenges such as educating their children at homeall while continuing to meet our clients' needs and providing excellent customer service."

"In the first quarter, Federated Hermes saw interest in our Kaufmann growth strategies, which invest in companies seeking to capitalize on innovation," Donahue said. "Investors seeking haven from volatile markets turned to our liquidity strategies, while we also experienced net sales in various long-term strategies, including Hermes global equity and SDG engagement funds, the Federated Government Ultrashort Duration Fund and the Federated Prudent Bear Fund."

Federated Hermes' board of directors declared a quarterly dividend of $0.27 per share. The dividend is payable on May 15, 2020 to shareholders of record as of May 11, 2020. During Q1 2020, Federated Hermes purchased 714,251 shares of Federated Hermes class B common stock for $16.0 million.

Equity assets were $68.2 billion at March 31, 2020, down $12.0 billion or 15% from $80.2 billion at March 31, 2019 and down $20.8 billion or 23% from $89.0 billion at Dec. 31, 2019 . The decreases largely resulted from declines in the market value of investments from the impact of the coronavirus. Top-selling equity funds during Q1 2020 on a net basis were Federated Kaufmann Small Cap Fund, Hermes Global Emerging Markets Fund, Hermes SDG Engagement Equity Fund, Hermes Global Equity ESG Fund and Federated Kaufmann Large Cap Fund.

Fixed-income assets were $64.7 billion at March 31, 2020, up $0.6 billion or 1% from $64.1 billion at March 31, 2019 and down $4.3 billion or 6% from $69.0 billion at Dec. 31, 2019 . Top-selling fixed-income funds during Q1 2020 on a net basis were Federated Government Ultrashort Duration Fund, Capital Preservation Fund, Hermes SDG Engagement High Yield Credit Fund, Federated Short-Intermediate Total Return Bond Fund and Federated Total Return Government Bond Fund.

Money market assets were a record $451.3 billion at March 31, 2020, up $132.9 billion or 42% from $318.4 billion at March 31, 2019 and up $55.8 billion or 14% from $395.5 billion at Dec. 31, 2019 . Money market fund assets were $336.1 billion at March 31, 2020, up $121.3 billion or 56% from $214.8 billion at March 31, 2019 and up $49.5 billion or 17% from $286.6 billion at Dec. 31, 2019 .

Financial Summary

Q1 2020 vs. Q1 2019

Revenue increased $52.1 million or 17% primarily due to higher average money market and equity assets.

During Q1 2020, Federated Hermes derived 56% of its revenue from long-term assets (38% from equity assets, 13% from fixed-income assets and 5% from alternative/private markets and multi-asset), 43% from money market assets, and 1% from sources other than managed assets.

Operating expenses increased $30.3 million or 13% primarily due to an increase in distribution expenses associated with higher average money market fund assets.

Nonoperating income (expenses), net decreased $8.7 million due to a decrease in the market value of investments, which declined primarily due to the coronavirus' impact on the markets. This decrease was partially offset by a gain from a fair value adjustment to the equity investment of a previously nonconsolidated entity.

Q1 2020 vs. Q4 2019

Revenue increased $1.2 million primarily due to higher average money market assets.

Operating expenses increased $11.2 million or 4% primarily due to an increase in compensation and related expenses as well as distribution expenses associated with higher average money market fund assets.

Nonoperating income (expenses), net decreased $15.9 million due to a decrease in the market value of investments, which declined primarily due to the coronavirus' impact on the markets. This decrease was partially offset by a gain from a fair value adjustment to the equity investment of a previously nonconsolidated entity.

Federated Hermes' level of business activity and financial results are dependent upon many factors, including market conditions, investment performance and investor behavior. These factors and others, including asset levels and mix, product sales and redemptions, market appreciation or depreciation, revenues, fee waivers, expenses and regulatory changes, can significantly impact Federated Hermes' business activity levels and financial results. Risk factors and uncertainties that can influence Federated Hermes' financial results are discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission (SEC).

Federated Hermes will host an earnings conference call at 9 a.m. Eastern on May 1, 2020. Investors are invited to listen to the earnings teleconference by calling 877-407-0782 (domestic) or 201-689-8567 (international) prior to the 9 a.m. start time. To listen online, go to the Investor Relations section and the Analyst Information tab of FederatedHermes.com at least 15 minutes prior to register and join the call. A replay will be available at approximately 12:30 p.m. Eastern on May 1, 2020. To access the telephone replay, dial 877-481-4010 (domestic) or 919-882-2331 (international) and enter access code 33971. The online replay will be available via FederatedHermes.com for one year.

Federated Hermes, Inc. is a leading global investment manager with $605.8 billion in assets under management as of March 31, 2020 . Our investment solutions span 163 equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies, and a range of separately managed account strategies. Providing comprehensive investment management to more than 11,000 institutions and intermediaries, our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh , Federated Hermes' more than 1,900 employees include those in New York , Boston , London and several other offices worldwide.

Federated Hermes ranks in the top 6% of equity fund managers in the industry, the top 7% of money market fund managers and the top 11% of fixed-income fund managers 1 . Federated Hermes also ranks as the 13th-largest SMA manager 2 . Information regarding Hermes is available at Hermes-Investment.com . An analyst presentation that includes information about Hermes also is available . For more information, visit FederatedHermes.com .

###

1) Strategic Insight, March 30, 2020 . Based on assets under management in open-end funds.
2) Money Management Institute/Cerulli, Q4 2019.
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, each a registered investment adviser.
Certain statements in this press release, such as those related to performance, investor preferences and demand, asset flows and mix, and the coronavirus and efforts to combat it, 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. 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, sustain product demand, asset 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 SEC. 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 of such statements in the future.


Unaudited Condensed Consolidated Statements of Income

(in thousands, except per share data)








Quarter Ended

% Change Q1 2019 to Q1 2020


Quarter Ended

% Change Q4 2019 to Q1 2020


March 31, 2020

March 31, 2019


Dec. 31, 2019

Revenue







Investment advisory fees, net

$

240,660


$

211,199


14

%


$

243,631


(1)

%

Administrative service fees, netaffiliates

72,199


54,135


33



69,568


4


Other service fees, net

46,324


41,716


11



44,826


3


Total Revenue

359,183


307,050


17



358,025


0









Operating Expenses







Compensation and related

115,335


111,216


4



111,436


3


Distribution

96,160


77,632


24



92,950


3


Systems and communications

14,896


12,794


16



14,731


1


Professional service fees

13,268


10,486


27



12,269


8


Office and occupancy

11,771


11,362


4



11,643


1


Advertising and promotional

4,995


4,190


19



4,785


4


Travel and related

3,159


3,848


(18)



4,180


(24)


Other

6,855


4,633


48



3,240


112


Total Operating Expenses

266,439


236,161


13



255,234


4


Operating Income

92,744


70,889


31



102,791


(10)









Nonoperating Income (Expenses)







Investment income (loss), net

(14,451)


2,709


NM



4,737


(405)


Debt expense

(931)


(1,400)


(34)



(1,066)


(13)


Other, net

8,345


324


NM



5,209


60


Total Nonoperating Income (Expenses), net

(7,037)


1,633


NM



8,880


(179)


Income before income taxes

85,707


72,522


18



111,671


(23)


Income tax provision

22,442


17,911


25



26,582


(16)


Net income including the noncontrolling interests in subsidiaries

63,265


54,611


16



85,089


(26)


Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries

(913)


65


NM



2,982


(131)


Net Income

$

64,178


$

54,546


18

%


$

82,107


(22)

%








Amounts Attributable to Federated Hermes, Inc.







Earnings Per Share 1







Basic and diluted

$

0.63


$

0.54


17

%


$

0.81


(22)

%

Weighted-Average Shares Outstanding







Basic

97,345


96,994




97,403



Diluted

97,345


96,995




97,403



Dividends Declared Per Share

$

0.27


$

0.27




$

0.27





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 basic earnings per share under the "two-class method." As such, total net income of $2.4 million, $2.1 million and $2.9 million available to unvested restricted Federated Hermes shareholders for the quarterly periods ended March 31, 2020, March 31, 2019 and Dec. 31, 2019, respectively, was excluded from the computation of basic earnings per share. In addition to the amounts excluded from the basic earnings per share calculation, the computation of diluted earnings per share excludes net income available to unvested shareholders of a nonpublic consolidated subsidiary.

 

 


Unaudited Condensed Consolidated Balance Sheets



(in thousands)

March 31, 2020

Dec. 31, 2019

Assets



  Cash and other investments

$

381,010


$

340,635


  Other current assets

123,103


120,649


  Intangible assets, net, including goodwill

1,248,553


1,220,762


  Other long-term assets

173,243


198,085


  Total Assets

$

1,925,909


$

1,880,131





Liabilities, Redeemable Noncontrolling Interests and Equity



  Current liabilities

$

187,226


$

230,713


  Long-term debt

195,000


100,000


  Other long-term liabilities

301,489


296,052


  Redeemable noncontrolling interests

199,261


212,086


  Equity excluding treasury stock

1,323,778


1,322,312


  Treasury stock

(280,845)


(281,032)


  Total Liabilities, Redeemable Noncontrolling Interests and Equity

$

1,925,909


$

1,880,131


 

 


Unaudited Changes in Long-Term Assets - By Asset Class




(in millions)

Quarter Ended


March 31, 2020

Dec. 31, 2019

March 31, 2019

Equity




Beginning assets

$

89,011


$

80,750


$

72,497


Sales 1

6,080


5,092


5,136


Redemptions 1

(7,842)


(5,080)


(5,926)


Net sales (redemptions) 1

(1,762)


12


(790)


Net exchanges

(37)


(12)


13


Acquisitions/(dispositions)

(71)


2,244


0


Impact of foreign exchange 2

(768)


667


(122)


Market gains and (losses) 3

(18,134)


5,350


8,647


Ending assets

$

68,239


$

89,011


$

80,245






Fixed Income




Beginning assets

$

69,023


$

65,824


$

63,158


Sales 1

7,687


6,010


5,416


Redemptions 1

(9,398)


(4,603)


(6,341)


Net sales (redemptions) 1

(1,711)


1,407


(925)


Net exchanges

(115)


6


(33)


Acquisitions/(dispositions)

(1)


450


0


Impact of foreign exchange 2

(155)


184


8


Market gains and (losses) 3

(2,326)


1,152


1,899


Ending assets

$

64,715


$

69,023


$

64,107






Alternative/Private Markets 4




Beginning assets

$

18,102


$

17,156


$

18,318


Sales 1

888


426


313


Redemptions 1

(582)


(486)


(858)


Net sales (redemptions) 1

306


(60)


(545)


Net exchanges

2


(1)


(2)


Acquisitions/(dispositions)

452


0


0


Impact of foreign exchange 2

(1,121)


1,302


387


Market gains and (losses) 3

320


(295)


(304)


Ending assets

$

18,061


$

18,102


$

17,854






Multi-asset




Beginning assets

$

4,199


$

4,140


$

4,093


Sales 1

98


85


104


Redemptions 1

(235)


(206)


(241)


Net sales (redemptions) 1

(137)


(121)


(137)


Net exchanges

(14)


(4)


2


Acquisitions/(dispositions)

0


11


0


Market gains and (losses) 3

(554)


173


301


Ending assets

$

3,494


$

4,199


$

4,259






Total Long-term Assets 4




Beginning assets

$

180,335


$

167,870


$

158,066


Sales 1

14,753


11,613


10,969


Redemptions 1

(18,057)


(10,375)


(13,366)


Net sales (redemptions) 1

(3,304)


1,238


(2,397)


Net exchanges

(164)


(11)


(20)


Acquisitions/(dispositions)

380


2,705


0


Impact of foreign exchange 2

(2,044)


2,153


273


Market gains and (losses) 3

(20,694)


6,380


10,543


Ending assets

$

154,509


$

180,335


$

166,465




1)

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.

4)

Ending assets includes $8.2 billion and $8.1 billion at Dec. 31, 2019 and March 31, 2019, respectively, of assets managed by a previously nonconsolidated entity, Hermes GPE LLP, in which Hermes held an equity method investment. As of March 1, 2020, Hermes GPE LLP is a consolidated subsidiary as a result of Federated Hermes' acquisition of the remaining equity interests in Hermes GPE LLP that are not held by Hermes Fund Managers Limited.

 

 

Unaudited Changes in Long-Term Assets - By Asset Class and Product Type

(in millions)



Quarter Ended


March 31, 2020


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

$

48,112


$

40,899


$

44,223


$

24,800


$

11,389


$

6,713


$

4,000


$

199


$

107,724


$

72,611


Sales

4,392


1,688


6,272


1,415


624


264


73


25


11,361


3,392


Redemptions

(4,802)


(3,040)


(8,132)


(1,266)


(441)


(141)


(229)


(6)


(13,604)


(4,453)


Net sales (redemptions)

(410)


(1,352)


(1,860)


149


183


123


(156)


19


(2,243)


(1,061)


Net exchanges

(31)


(6)


(115)


0


2


0


(14)


0


(158)


(6)


Acquisitions/(dispositions)

0


(71)


0


(1)


0


452


0


0


0


380


Impact of foreign exchange2

(344)


(424)


(141)


(14)


(679)


(442)


0


0


(1,164)


(880)


Market gains and (losses)3

(10,372)


(7,762)


(1,506)


(820)


470


(150)


(500)


(54)


(11,908)


(8,786)


Ending assets

$

36,955


$

31,284


$

40,601


$

24,114


$

11,365


$

6,696


$

3,330


$

164


$

92,251


$

62,258




1)

Includes separately managed accounts, institutional accounts, sub-advised funds and other managed products. 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 Product Type

(in millions)

Quarter Ended


March 31, 2020

Dec. 31, 2019

March 31, 2019

Total Fund Assets1




Beginning assets

$

107,724


$

99,682


$

92,359


Sales

11,361


8,165


7,922


Redemptions

(13,604)


(7,296)


(8,351)


Net sales (redemptions)

(2,243)


869


(429)


Net exchanges

(158)


69


5


Acquisitions/(dispositions)

0


2,652


0


Impact of foreign exchange2

(1,164)


1,364


248


Market gains and (losses)3

(11,908)


3,088


6,299


Ending assets

$

92,251


$

107,724


$

98,482






Total Separate Account Assets4




Beginning assets

$

72,611


$

68,188


$

65,707


Sales5

3,392


3,448


3,047


Redemptions5

(4,453)


(3,079)


(5,015)


Net sales (redemptions)5

(1,061)


369


(1,968)


Net exchanges

(6)


(80)


(25)


Acquisitions/(dispositions)

380


53


0


Impact of foreign exchange2

(880)


789


25


Market gains and (losses)3

(8,786)


3,292


4,244


Ending assets

$

62,258


$

72,611


$

67,983






Total Long-term Assets1,4




Beginning assets

$

180,335


$

167,870


$

158,066


Sales5

14,753


11,613


10,969


Redemptions5

(18,057)


(10,375)


(13,366)


Net sales (redemptions)5

(3,304)


1,238


(2,397)


Net exchanges

(164)


(11)


(20)


Acquisitions/(dispositions)

380


2,705


0


Impact of foreign exchange2

(2,044)


2,153


273


Market gains and (losses)3

(20,694)


6,380


10,543


Ending assets

$

154,509


$

180,335


$

166,465




1)

Includes $8.2 billion and $8.1 billion at Dec. 31, 2019 and March 31, 2019, respectively, of assets managed by a previously nonconsolidated entity, Hermes GPE LLP, in which Hermes held an equity method investment. As of March 1, 2020, Hermes GPE LLP is a consolidated subsidiary as a result of Federated Hermes' acquisition of the remaining equity interests in Hermes GPE LLP that are not held by Hermes Fund Managers Limited.

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.

4)

Includes separately managed accounts, institutional accounts, sub-advised funds and other managed products.

5)

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)

March 31, 2020

Dec. 31, 2019

Sept. 30, 2019

June 30, 2019

March 31, 2019

By Asset Class






Equity

$

68,239


$

89,011


$

80,750


$

81,999


$

80,245


Fixed-income

64,715


69,023


65,824


65,052


64,107


Alternative / private markets1

18,061


18,102


17,156


17,917


17,854


Multi-asset

3,494


4,199


4,140


4,213


4,259


Total long-term assets

154,509


180,335


167,870


169,181


166,465


Money market

451,330


395,539


359,292


333,066


318,413


Total Managed Assets

$

605,839


$

575,874


$

527,162


$

502,247


$

484,878








By Product Type






Funds:






Equity

$

36,955


$

48,112


$

42,575


$

43,443


$

42,057


Fixed-income

40,601


44,223


42,329


42,084


41,189


Alternative / private markets1

11,365


11,389


10,826


11,400


11,164


Multi-asset

3,330


4,000


3,952


4,019


4,072


Total long-term assets

92,251


107,724


99,682


100,946


98,482


Money market

336,133


286,612


261,215


231,321


214,764


Total Fund Assets

$

428,384


$

394,336


$

360,897


$

332,267


$

313,246


Separate Accounts:






Equity

$

31,284


$

40,899


$

38,175


$

38,556


$

38,188


Fixed-income

24,114


24,800


23,495


22,968


22,918


Alternative / private markets

6,696


6,713


6,330


6,517


6,690


Multi-asset

164


199


188


194


187


Total long-term assets

62,258


72,611


68,188


68,235


67,983


Money market

115,197


108,927


98,077


101,745


103,649


Total Separate Account Assets

$

177,455


$

181,538


$

166,265


$

169,980


$

171,632


Total Managed Assets

$

605,839


$

575,874


$

527,162


$

502,247


$

484,878




1)

Includes $8.2 billion, $8.0 billion, $8.4 billion and $8.1 billion at Dec. 31, 2019, Sept. 30, 2019, June 30, 2019 and March 31, 2019, respectively, of assets managed by a previously nonconsolidated entity, Hermes GPE LLP, in which Hermes held an equity method investment. As of March 1, 2020, Hermes GPE LLP is a consolidated subsidiary as a result of Federated Hermes' acquisition of the remaining equity interests in Hermes GPE LLP that are not held by Hermes Fund Managers Limited.

Unaudited Average Managed Assets

Quarter Ended

(in millions)

March 31, 2020

Dec. 31, 2019

Sept. 30, 2019

June 30, 2019

March 31, 2019

By Asset Class






Equity

$

82,767


$

84,448


$

82,027


$

80,819


$

77,554


Fixed-income

69,068


67,602


65,074


64,913


64,167


Alternative / private markets1

17,983


17,838


17,407


17,772


18,311


Multi-asset

4,006


4,149


4,167


4,225


4,225


Total long-term assets

173,824


174,037


168,675


167,729


164,257


Money market

406,365


376,029


349,313


325,527


311,150


Total Avg. Managed Assets

$

580,189


$

550,066


$

517,988


$

493,256


$

475,407








By Product Type






Funds:






Equity

$

44,996


$

44,984


$

43,077


$

42,571


$

40,217


Fixed-income

44,017


43,304


41,958


41,652


41,095


Alternative / private markets1

11,143


11,283


11,035


11,146


11,545


Multi-asset

3,814


3,956


3,978


4,034


4,042


Total long-term assets

103,970


103,527


100,048


99,403


96,899


Money market

290,641


274,116


249,846


222,282


209,260


Total Avg. Fund Assets

$

394,611


$

377,643


$

349,894


$

321,685


$

306,159


Separate Accounts:






Equity

$

37,771


$

39,464


$

38,950


$

38,248


$

37,337


Fixed-income

25,051


24,298


23,116


23,261


23,072


Alternative / private markets

6,840


6,555


6,372


6,626


6,766


Multi-asset

192


193


189


191


183


Total long-term assets

69,854


70,510


68,627


68,326


67,358


Money market

115,724


101,913


99,467


103,245


101,890


Total Avg. Separate Account Assets

$

185,578


$

172,423


$

168,094


$

171,571


$

169,248


Total Avg. Managed Assets

$

580,189


$

550,066


$

517,988


$

493,256


$

475,407




1)

The average balance includes $8.3 billion, $8.1 billion, $8.1 billion and $8.4 billion for the quarters ended Dec. 31, 2019, Sept. 30, 2019, June 30, 2019 and March 31, 2019 respectively, of assets managed by a previously nonconsolidated entity, Hermes GPE LLP, in which Hermes held an equity method investment. As of March 1, 2020, Hermes GPE LLP is a consolidated subsidiary as a result of Federated Hermes' acquisition of the remaining equity interests in Hermes GPE LLP that are not held by Hermes Fund Managers Limited.

Cision
Cision

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SOURCE Federated Hermes, Inc.