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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