Federated Hermes reported second quarter revenue of $502.8 million and EPS of $1.38, beating analyst expectations of $488.3 million and $1.19, respectively. The results were driven by growth in average managed assets, particularly in equity and money markets.
Key Highlights
- Total assets under management reached a record $911.6 billion, an increase of 8% from the prior year, driven by growth across asset classes.
- Equity assets grew 23% year-over-year to a record $109.6 billion.
- Money market assets, a key investor focus, declined 1% sequentially to $676.9 billion from the prior quarter's record high, though remained up 7% year-over-year.