- Q4 2025 earnings per diluted share of $1.39; full-year 2025 EPS of $5.13
- Total assets under management (AUM) at record $902.6 billion
- Money market AUM reach a record $682.6 billion
- Board declares $0.34 per share quarterly dividend
PITTSBURGH, Jan. 29, 2026 /PRNewswire/ -- Federated Hermes, Inc. (NYSE: FHI), a global leader in active investing, today reported earnings per diluted share (EPS) for Q4 2025 of $1.39, compared to $1.04 for the same quarter last year, on net income of $107.0 million for Q4 2025, compared to $84.7 million for Q4 2024. Full-year 2025 EPS was $5.13, compared to $3.23 for 2024 on net income of $403.3 million for 2025, compared to $268.3 million for 2024. Federated Hermes' full-year 2024 results included a $66.3 million non-cash expense, or ($0.73) per diluted share, related to the Q2 2024 impairment of an indefinite-lived intangible asset.
Federated Hermes' total managed assets were a record $902.6 billion at Dec. 31, 2025, up $73.0 billion or 9% from $829.6 billion at Dec. 31, 2024 and up $31.4 billion or 4% from $871.2 billion at Sept. 30, 2025. Average managed assets for Q4 2025 were $873.7 billion, up $69.3 billion or 9% from $804.4 billion reported for Q4 2024 and up $14.2 billion or 2% from $859.5 billion reported for Q3 2025.
"Federated Hermes' record assets at year-end were again driven by money market asset increases, as our liquidity products provided attractive cash management resources and opportunities for risk-adjusted returns," said J. Christopher Donahue, president and chief executive officer. "We also continued to see investor interest in our growing range of investment solutions beyond mutual funds, including ETFs, CITs and SMAs, which provide additional opportunities for financial professionals to meet the needs of their customers. In the fourth quarter, SMA net sales were led by our MDT All Cap Core strategy, our MDT Mid Cap Growth equity strategy and our Core Plus fixed-income strategy."
Federated Hermes' board of directors declared a quarterly dividend of $0.34 per share. The dividend is payable on Feb. 13, 2026 to shareholders of record as of Feb. 6, 2026. During Q4 2025, Federated Hermes purchased 1,566,901 shares of Federated Hermes class B common stock for $78.7 million, bringing the total shares of Class B common stock purchased in 2025 to 6,192,433 shares for $263.4 million.
Federated Hermes' equity assets were $97.9 billion at Dec. 31, 2025, up $18.5 billion or 23% from $79.4 billion at Dec. 31, 2024 and up $3.2 billion or 3% from $94.7 billion at Sept. 30, 2025. Top-selling equity funds on a net basis during Q4 2025 were Federated Hermes MDT Mid Cap Growth Fund, Federated Hermes MDT Large Cap Growth Fund, Federated Hermes MDT US Equity Fund, Federated Hermes Asia ex-Japan Fund and Federated Hermes MDT All Cap Core Fund.
Federated Hermes' fixed-income assets were $100.1 billion at Dec. 31, 2025, up $2.0 billion or 2% from $98.1 billion at Dec. 31, 2024 and down $1.7 billion or 2% from $101.8 billion at Sept. 30, 2025. Top-selling fixed-income funds on a net basis during Q4 2025 were Federated Hermes Ultrashort Bond Fund, Federated Hermes Government Ultrashort Fund, Federated Hermes Total Return Bond Fund, Federated Hermes Short-Term Income Fund and Federated Hermes Municipal Ultrashort Fund.
Federated Hermes' alternative/private markets assets were $19.1 billion at Dec. 31, 2025, up $0.2 billion or 1% from $18.9 billion at Dec. 31, 2024 and up $0.1 billion or less than 1% from $19.0 billion at Sept. 30, 2025.
Federated Hermes' money market assets were a record $682.6 billion at Dec. 31, 2025, up $52.3 billion or 8% from $630.3 billion at Dec. 31, 2024 and up $29.8 billion or 5% from $652.8 billion at Sept. 30, 2025. Money market mutual fund assets were a record $508.4 billion at Dec. 31, 2025, up $46.7 billion or 10% from $461.7 billion at Dec. 31, 2024 and up $15.7 billion or 3% from $492.7 billion at Sept. 30, 2025. Federated Hermes' money market separate account assets were a record $174.2 billion at Dec. 31, 2025, up $5.6 billion or 3% from $168.6 billion at Dec. 31, 2024 and up $14.1 billion or 9% from $160.1 billion at Sept. 30, 2025.
Financial Summary
Q4 2025 vs. Q4 2024
Revenue increased $58.2 million or 14% primarily due to a $51.7 million increase in revenue from higher average money market and equity assets and a $7.9 million increase in real estate development fees.
During Q4 2025, Federated Hermes derived 52% of its revenue from money market assets, 45% from long-term assets (29% from equity assets, 11% from fixed-income assets and 5% from alternative/private markets and multi-asset) and 3% from sources other than managed assets.
Operating expenses increased $33.0 million or 11% primarily due to a $24.3 million increase in distribution expenses resulting primarily from higher average money market fund assets and an increase in compensation and related expense of $7.8 million primarily related to higher incentive compensation.
Nonoperating income (expenses), net increased $2.9 million primarily due to an increase in the market value of investments in Q4 2025 compared to a decrease in the market value of investments in Q4 2024.
Q4 2025 vs. Q3 2025
Revenue increased $13.4 million or 3% primarily due to a $13.5 million increase in revenue from higher average money market and equity assets and an $8.3 million increase in real estate development fees.
Operating expenses increased $7.3 million or 2% primarily due to an $8.8 million increase in distribution expenses resulting primarily from higher average money market fund assets.
Nonoperating income (expenses), net decreased $6.1 million primarily due to a smaller increase in the market value of investments in Q4 2025 as compared to the increase in the market value of investments in Q3 2025.
2025 vs. 2024
Revenue increased $168.6 million or 10% primarily due to a $142.5 million increase in revenue from higher average money market and equity assets, a $7.9 million increase in performance fees and a $7.8 million increase in real estate development fees.
During 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 increased by $16.2 million or 1% primarily due to a $52.1 million increase in distribution expenses resulting primarily from higher average money market fund assets and an increase in compensation and related expense of $37.2 million primarily related to higher incentive compensation. These increases were partially offset by lower intangible asset related expense resulting from the $66.3 million impairment of an indefinite-lived intangible asset in Q2 2024 associated with the 2018 acquisition of Federated Hermes Limited and a $16.1 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. and fluctuations in foreign currency exchange rates.
Nonoperating income (expenses), net increased $13.5 million primarily due to a larger increase in the market value of investments in 2025 as compared to the increase in the market value of investments in 2024.
Earnings call information
Federated Hermes will host an earnings conference call at 9 a.m. Eastern on Jan. 30, 2026. 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, visit 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 Jan. 30, 2026. To access the telephone replay, dial 877-481-4010 (domestic) or 919-882-2331 (international) and enter access code 53455. 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, responsible investment management, with $902.6 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 11,000 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 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 Dec. 31, 2025.
2) Morningstar, Dec. 31, 2025. Based on U.S. fund flows rankings.
3) Money Management Institute/Cerulli,Q3 2025.
Federated Securities Corp. is distributor of the U.S. registered 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.
Certain statements in this press release, such as those related to performance, investment strategies, opportunities to meet client needs, 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 product demand, the timing and level of product 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 Quarter Ended % Change
Q4 2024 to Q3 2025 to
Q4 2025 Q4 2025
Dec. 31, 2025 Dec. 31, 2024 Sept. 30, 2025
Revenue
Investment advisory fees, net $313,975 $288,329 9 % $310,366 1 %
Administrative service fees, net 109,759 99,711 10 107,234 2
Other service fees, net 59,099 36,643 61 51,846 14
Total Revenue 482,833 424,683 14 469,446 3
Operating Expenses
Compensation and related 144,981 137,165 6 144,563 0
Distribution 122,339 98,070 25 113,569 8
Systems and communications 24,719 23,843 4 26,023 (5)
Professional service fees 23,399 20,307 15 20,239 16
Office and occupancy 9,704 10,328 (6) 10,129 (4)
Advertising and promotional 7,001 7,785 (10) 5,264 33
Travel and related 4,677 4,058 15 4,665 0
Intangible asset related 3,475 3,230 8 3,556 (2)
Other 6,964 9,470 (26) 11,986 (42)
Total Operating Expenses 347,259 314,256 11 339,994 2
Operating Income 135,574 110,427 23 129,452 5
Nonoperating Income (Expenses)
Investment income (loss), net 7,886 5,037 57 14,105 (44)
Debt expense (3,201) (3,187) 0 (3,182) 1
Other, net 73 54 35 (48) 252
Total Nonoperating Income (Expenses), net 4,758 1,904 150 10,875 (56)
Income before income taxes 140,332 112,331 25 140,327 0
Income tax provision 32,899 28,477 16 34,232 (4)
Net income including the noncontrolling interests in subsidiaries 107,433 83,854 28 106,095 1
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries 394 (862) 146 1,969 (80)
Net Income $107,039 $84,716 26 % $104,126 3 %
Amounts Attributable to Federated Hermes, Inc.
Earnings Per Share(1)
Basic and diluted $1.39 $1.04 34 % $1.34 4 %
Weighted-Average Shares Outstanding
Basic and Diluted 73,795 78,300 74,057
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 $4.8 million, $3.6 million and $4.7 million available to
unvested restricted Federated Hermes shareholders for the quarterly periods ended Dec. 31, 2025, Dec. 31, 2024 and Sept. 30, 2025, respectively, was
excluded from the computation of earnings per share.
Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Year Ended
Dec. 31, 2025 Dec. 31, 2024 % Change
Revenue
Investment advisory fees, net $1,199,236 $1,097,866 9 %
Administrative service fees, net-affiliates 419,759 387,531 8
Other service fees, net 181,668 146,696 24
Total Revenue 1,800,663 1,632,093 10
Operating Expenses
Compensation and related 577,686 540,486 7
Distribution 434,391 382,327 14
Systems and communications 98,449 92,515 6
Professional service fees 80,814 78,353 3
Office and occupancy 39,695 39,946 (1)
Advertising and promotional 22,986 24,090 (5)
Travel and related 17,012 15,399 10
Intangible asset related 13,731 79,361 (83)
Other 2,017 18,149 (89)
Total Operating Expenses 1,286,781 1,270,626 1
Operating Income 513,882 361,467 42
Nonoperating Income (Expenses)
Investment income (loss), net 46,412 32,668 42
Debt expense (12,732) (12,665) 1
Other, net (36) 139 (126)
Total Nonoperating Income (Expenses), net 33,644 20,142 67
Income before income taxes 547,526 381,609 43
Income tax provision 133,431 113,179 18
Net income including the noncontrolling interests in subsidiaries 414,095 268,430 54
Less: Net income attributable to the noncontrolling 10,796 116 NM
interests in subsidiaries
Net Income $403,299 $268,314 50 %
Amounts Attributable to Federated Hermes, Inc.
Earnings Per Share(1)
Basic and diluted $5.13 $3.23 59 %
Weighted-Average Shares Outstanding
Basic 75,101 79,426
Diluted 75,103 79,430
Dividends Declared Per Share $1.33 $2.21
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 $18.1 million and $11.6 million available to unvested
restricted Federated Hermes shareholders for the years ended Dec. 31, 2025 and Dec. 31, 2024, respectively, was excluded from the computation of earnings
per share.
Unaudited Condensed Consolidated Balance Sheets
(in thousands) Dec. 31, 2025 Dec. 31, 2024
Assets
Cash and other investments $724,297 $641,042
Other current assets 139,495 140,310
Intangible assets, net, including goodwill 1,183,612 1,132,699
Other long-term assets 181,933 170,633
Total Assets $2,229,337 $2,084,684
Liabilities, Redeemable Noncontrolling Interests and Equity
Current liabilities $314,141 $289,193
Long-term debt 348,369 348,106
Other long-term liabilities 303,350 296,665
Redeemable noncontrolling interests 66,529 55,514
Equity excluding treasury stock 2,070,162 1,728,044
Treasury stock (873,214) (632,838)
Total Liabilities, Redeemable Noncontrolling Interests and Equity $2,229,337 $2,084,684
Unaudited Changes in Long-Term Assets - By Asset Class
(in millions)
Quarter Ended Year Ended
Dec. 31, 2025 Sept. 30, 2025 Dec. 31, 2024 Dec. 31, 2025 Dec. 31, 2024
Equity
Beginning assets $94,656 $88,994 $83,609 $79,423 $79,291
Sales(1) 8,949 6,845 4,868 31,167 16,201
Redemptions(1) (7,431) (6,975) (7,388) (26,579) (26,856)
Net sales (redemptions)(1) 1,518 (130) (2,520) 4,588 (10,655)
Net exchanges 139 154 (39) 179 (29)
Impact of foreign exchange(2) 107 (85) (1,313) 1,799 (1,143)
Market gains and (losses)(3) 1,478 5,723 (314) 11,909 11,959
Ending assets $97,898 $94,656 $79,423 $97,898 $79,423
Fixed Income
Beginning assets $101,813 $98,687 $100,171 $98,059 $94,920
Sales(1) 5,891 7,545 6,400 24,647 25,590
Redemptions(1) (8,687) (5,887) (7,345) (28,514) (25,381)
Net sales (redemptions)(1) (2,796) 1,658 (945) (3,867) 209
Net exchanges 15 (134) 35 (13) (163)
Impact of foreign exchange(2) 6 (22) (160) 277 (141)
Market gains and (losses)(3) 1,089 1,624 (1,042) 5,671 3,234
Ending assets $100,127 $101,813 $98,059 $100,127 $98,059
Alternative /Private Markets
Beginning assets $19,024 $20,738 $20,683 $18,864 $20,551
Sales(1) 724 670 618 3,261 2,584
Redemptions(1) (592) (2,291) (1,487) (4,458) (4,285)
Net sales (redemptions)(1) 132 (1,621) (869) (1,197) (1,701)
Net exchanges 0 0 (1) 0 187
Acquisitions/(dispositions) 0 0 0 109 0
Impact of foreign exchange(2) 35 (341) (1,188) 1,317 (376)
Market gains and (losses)(3) (90) 248 239 8 203
Ending assets $19,101 $19,024 $18,864 $19,101 $18,864
Multi-asset
Beginning assets $2,940 $2,856 $2,958 $2,883 $2,867
Sales(1) 59 45 45 211 169
Redemptions(1) (92) (92) (97) (426) (416)
Net sales (redemptions)(1) (33) (47) (52) (215) (247)
Net exchanges (121) (3) 8 (124) 13
Market gains and (losses)(3) 68 134 (31) 310 250
Ending assets $2,854 $2,940 $2,883 $2,854 $2,883
Total Long-term Assets
Beginning assets $218,433 $211,275 $207,421 $199,229 $197,629
Sales(1) 15,623 15,105 11,931 59,286 44,544
Redemptions(1) (16,802) (15,245) (16,317) (59,977) (56,938)
Net sales (redemptions)(1) (1,179) (140) (4,386) (691) (12,394)
Net exchanges 33 17 3 42 8
Acquisitions/(dispositions) 0 0 0 109 0
Impact of foreign exchange(2) 148 (448) (2,661) 3,393 (1,660)
Market gains and (losses)(3) 2,545 7,729 (1,148) 17,898 15,646
Ending assets $219,980 $218,433 $199,229 $219,980 $199,229
1) For certain accounts, including separately managed accounts, institutional accounts, certain sub-advised funds and other managed products, 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 Asset Class and Product Type
(in millions)
Quarter Ended
Dec. 31, 2025
Equity Fixed Income Alternative /Private
Markets Multi-asset Total
Funds Separate Funds Separate Funds Separate Funds Separate Funds Separate
Accounts(1) Accounts(1) Accounts(1) Accounts(1) Accounts(1)
Beginning assets $54,110 $40,546 $46,478 $55,335 $11,814 $7,210 $2,813 $127 $115,215 $103,218
Sales 5,661 3,288 4,017 1,874 682 42 59 0 10,419 5,204
Redemptions (5,278) (2,153) (5,015) (3,672) (450) (142) (92) 0 (10,835) (5,967)
Net sales (redemptions) 383 1,135 (998) (1,798) 232 (100) (33) 0 (416) (763)
Net exchanges 16 123 15 0 0 0 2 (123) 33 0
Impact of foreign exchange(2) 10 97 5 1 19 16 0 0 34 114
Market gains and (losses)(3) 469 1,009 473 616 20 (110) 68 0 1,030 1,515
Ending assets $54,988 $42,910 $45,973 $54,154 $12,085 $7,016 $2,850 $4 $115,896 $104,084
Year Ended
Dec. 31, 2025
Equity Fixed Income Alternative /Private
Markets Multi-asset Total
Funds Separate Funds Separate Funds Separate Funds Separate Funds Separate
Accounts(1) Accounts(1) Accounts(1) Accounts(1) Accounts(1)
Beginning assets $43,752 $35,671 $45,550 $52,509 $11,501 $7,363 $2,764 $119 $103,567 $95,662
Sales 19,937 11,230 14,289 10,358 3,032 229 211 0 37,469 21,817
Redemptions (16,502) (10,077) (16,633) (11,881) (3,577) (881) (401) (25) (37,113) (22,864)
Net sales (redemptions) 3,435 1,153 (2,344) (1,523) (545) (652) (190) (25) 356 (1,047)
Net exchanges 63 116 (9) (4) 0 0 (1) (123) 53 (11)
Acquisitions/(dispositions) 0 0 0 0 109 0 0 0 109 0
Impact of foreign exchange(2) 833 966 158 119 747 570 0 0 1,738 1,655
Market gains and (losses)3 6,905 5,004 2,618 3,053 273 (265) 277 33 10,073 7,825
Ending assets $54,988 $42,910 $45,973 $54,154 $12,085 $7,016 $2,850 $4 $115,896 $104,084
1) Includes separately managed accounts, institutional accounts, certain 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 Year Ended
Dec. 31, 2025 Sept. 30, 2025 Dec. 31, 2024 Dec. 31,
2025 Dec. 31, 2024
Total Fund Assets
Beginning assets $115,215 $110,409 $106,799 $103,567 $101,530
Sales 10,419 9,018 7,704 37,469 27,834
Redemptions (10,835) (8,349) (8,392) (37,113) (32,613)
Net sales (redemptions) (416) 669 (688) 356 (4,779)
Net exchanges 33 17 4 53 26
Acquisitions/(dispositions) 0 0 0 109 0
Impact of foreign exchange(1) 34 (294) (1,372) 1,738 (737)
Market gains and (losses)(2) 1,030 4,414 (1,176) 10,073 7,527
Ending assets $115,896 $115,215 $103,567 $115,896 $103,567
Total Separate Accounts Assets(3)
Beginning assets $103,218 $100,866 $100,622 $95,662 $96,099
Sales4 5,204 6,087 4,227 21,817 16,710
Redemptions4 (5,967) (6,896) (7,925) (22,864) (24,325)
Net sales (redemptions)4 (763) (809) (3,698) (1,047) (7,615)
Net exchanges 0 0 (1) (11) (18)
Impact of foreign exchange(1) 114 (154) (1,289) 1,655 (923)
Market gains and (losses)(2) 1,515 3,315 28 7,825 8,119
Ending assets $104,084 $103,218 $95,662 $104,084 $95,662
Total Long-term Assets(3)
Beginning assets $218,433 $211,275 $207,421 $199,229 $197,629
Sales4 15,623 15,105 11,931 59,286 44,544
Redemptions4 (16,802) (15,245) (16,317) (59,977) (56,938)
Net sales (redemptions)4 (1,179) (140) (4,386) (691) (12,394)
Net exchanges 33 17 3 42 8
Acquisitions/(dispositions) 0 0 0 109 0
Impact of foreign exchange(1) 148 (448) (2,661) 3,393 (1,660)
Market gains and (losses)(2) 2,545 7,729 (1,148) 17,898 15,646
Ending assets $219,980 $218,433 $199,229 $219,980 $199,229
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 products.
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 Dec. 31, 2025 Sept. 30,
2025 June 30, 2025 March 31, 2025 Dec. 31, 2024
(in millions)
By Asset Class
---
Equity $97,898 $94,656 $88,994 $80,913 $79,423
Fixed-Income 100,127 101,813 98,687 99,486 98,059
Alternative / Private Markets 19,101 19,024 20,738 19,426 18,864
Multi-Asset 2,854 2,940 2,856 2,826 2,883
Total Long-Term Assets 219,980 218,433 211,275 202,651 199,229
Money Market 682,604 652,767 634,400 637,122 630,349
Total Managed Assets $902,584 $871,200 $845,675 $839,773 $829,578
By Offering Type
---
Funds:
Equity $54,988 $54,110 $49,359 $43,910 $43,752
Fixed-Income 45,973 46,478 45,415 45,800 45,550
Alternative / Private Markets 12,085 11,814 12,905 11,879 11,501
Multi-Asset 2,850 2,813 2,730 2,700 2,764
Total Long-Term Assets 115,896 115,215 110,409 104,289 103,567
Money Market 508,403 492,701 468,044 464,912 461,720
Total Fund Assets $624,299 $607,916 $578,453 $569,201 $565,287
Separate Accounts:
Equity $42,910 $40,546 $39,635 $37,003 $35,671
Fixed-Income 54,154 55,335 53,272 53,686 52,509
Alternative / Private Markets 7,016 7,210 7,833 7,547 7,363
Multi-Asset 4 127 126 126 119
Total Long-Term Assets 104,084 103,218 100,866 98,362 95,662
Money Market 174,201 160,066 166,356 172,210 168,629
Total Separate Account Assets $278,285 $263,284 $267,222 $270,572 $264,291
Total Managed Assets $902,584 $871,200 $845,675 $839,773 $829,578
Unaudited Average Managed Assets
Quarter Ended
(in millions) Dec. 31, 2025 Sept. 30,
2025 June 30, 2025 March 31, 2025 Dec. 31, 2024
By Asset Class
---
Equity $96,404 $92,436 $83,564 $82,105 $82,247
Fixed-Income 100,855 99,206 98,365 99,360 98,254
Alternative / Private Markets 18,971 19,862 20,053 19,012 19,754
Multi-Asset 2,836 2,895 2,779 2,900 2,934
Total Long-Term Assets 219,066 214,399 204,761 203,377 203,189
Money Market 654,635 645,092 632,543 639,827 601,169
Total Avg. Managed Assets $873,701 $859,491 $837,304 $843,204 $804,358
By Offering Type
---
Funds:
Equity $55,101 $51,828 $45,965 $45,260 $45,261
Fixed-Income 46,116 45,743 44,972 45,715 45,654
Alternative / Private Markets 11,871 12,347 12,370 11,610 12,010
Multi-Asset 2,833 2,770 2,654 2,774 2,811
Total Long-Term Assets 115,921 112,688 105,961 105,359 105,736
Money Market 493,355 482,237 462,683 463,727 445,775
Total Avg. Fund Assets $609,276 $594,925 $568,644 $569,086 $551,511
Separate Accounts:
Equity $41,303 $40,608 $37,599 $36,845 $36,986
Fixed-Income 54,739 53,463 53,393 53,645 52,600
Alternative / Private Markets 7,100 7,515 7,683 7,402 7,744
Multi-Asset 3 125 125 126 123
Total Long-Term Assets 103,145 101,711 98,800 98,018 97,453
Money Market 161,280 162,855 169,860 176,100 155,394
Total Avg. Separate Account Assets $264,425 $264,566 $268,660 $274,118 $252,847
Total Avg. Managed Assets $873,701 $859,491 $837,304 $843,204 $804,358
Unaudited Average Managed Assets
Year Ended
(in millions) Dec. 31, 2025 Dec. 31, 2024
By Asset Class
---
Equity $88,627 $79,893
Fixed-Income 99,446 96,773
Alternative / Private Markets 19,474 20,250
Multi-Asset 2,853 2,902
Total Long-Term Assets 210,400 199,818
Money Market 643,025 588,653
Total Avg. Managed Assets $853,425 $788,471
By Offering Type
---
Funds:
Equity $49,538 $43,380
Fixed-Income 45,636 44,600
Alternative / Private Markets 12,049 12,292
Multi-Asset 2,758 2,766
Total Long-Term Assets 109,981 103,038
Money Market 475,501 429,273
Total Avg. Fund Assets $585,482 $532,311
Separate Accounts:
Equity(1) $39,089 $36,513
Fixed-Income 53,810 52,173
Alternative / Private Markets 7,425 7,958
Multi-Asset(1) 95 136
Total Long-Term Assets 100,419 96,780
Money Market 167,524 159,380
Total Avg. Separate Account Assets $267,943 $256,160
Total Avg. Managed Assets $853,425 $788,471
1) A Separate Account was reclassified from Multi-Asset to Equity. Average assets are represented under Multi-Asset for the quarters ended March 31, 2025,
June 30, 2025 and Sept. 30, 2025. Average assets are represented under Equity for the quarter ended Dec. 31, 2025.
View original content:https://www.prnewswire.com/news-releases/federated-hermes-inc-reports-record-assets-under-management-with-fourth-quarter-and-full-year-2025-earnings-302674481.html
SOURCE Federated Hermes, Inc.
