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Federated Hermes, Inc. reports record assets under management with third quarter 2025 earnings
- Total assets under management reach a record $871.2 billion
- Money market assets reach a record $652.8 billion; fixed-income assets reach a record $101.8 billion
- Q3 2025 earnings per diluted share of $1.34
- Board declares $0.34 per share dividend
PITTSBURGH, Oct. 30, 2025 /PRNewswire/ -- Federated Hermes, Inc. (NYSE: FHI), a global leader in active investing, today reported earnings per diluted share (EPS) of $1.34 for Q3 2025, compared to $1.06 for the same quarter last year, on net income of $104.1 million for Q3 2025, compared to $87.5 million for Q3 2024.
Federated Hermes' total managed assets were a record $871.2 billion at Sept. 30, 2025, up $70.7 billion or 9% from $800.5 billion at Sept. 30, 2024 and up $25.5 billion or 3% from $845.7 billion at June 30, 2025. Total average managed assets for Q3 2025 were $859.5 billion, up $66.0 billion or 8% from $793.5 billion for Q3 2024 and up $22.2 billion or 3% from $837.3 billion for Q2 2025.
"We saw record net sales of equity funds in the third quarter, driven by continued interest in our MDT equity and alternative quantitative investment offerings—a broad suite of quantitative investment solutions that employ a disciplined, bottom-up investment approach that fits a variety of portfolio structures as core or complementary strategies," said J. Christopher Donahue, president and chief executive officer. "In the declining rate environment of the third quarter, investors with interest in capital preservation and liquidity continued to rely on our money market offerings. They also turned to our microshort and ultrashort funds, which are a step further out the yield curve and pursue higher yields than money market strategies."
Federated Hermes' board of directors declared a dividend of $0.34 per share. The dividend is payable on Nov. 14, 2025 to shareholders of record as of Nov. 7, 2025. During Q3 2025, Federated Hermes purchased 20,808 shares of Federated Hermes class B common stock due to employee restricted stock forfeitures.
Equity assets were $94.7 billion at Sept. 30, 2025, up $11.1 billion or 13% from $83.6 billion at Sept. 30, 2024 and up $5.7 billion or 6% from $89.0 billion at June 30, 2025. Top-selling equity funds during Q3 2025 on a net basis were Federated Hermes MDT Mid Cap Growth Fund, Federated Hermes MDT Large Cap Growth Fund, Federated Hermes MDT All Cap Core Fund, Federated Hermes Asia ex-Japan Equity Fund and Federated Hermes MDT Large Cap Value Fund.
Fixed-income assets were a record $101.8 billion at Sept. 30, 2025, up $1.6 billion or 2% from $100.2 billion at Sept. 30, 2024 and up $3.1 billion or 3% from $98.7 billion at June 30, 2025. Top-selling fixed-income funds during Q3 2025 on a net basis were Federated Hermes Ultrashort Bond Fund, Federated Hermes Sustainable Global Investment Grade Credit Fund, Federated Hermes Municipal Ultrashort Fund, Federated Hermes Government Ultrashort Fund and Federated Hermes Short Term Income Fund.
Alternative/private markets assets were $19.0 billion at Sept. 30, 2025, down $1.7 billion or 8% from $20.7 billion at Sept. 30, 2024 and down $1.7 billion or 8% from $20.7 billion at June 30, 2025.
Money market assets were a record $652.8 billion at Sept. 30, 2025, up $59.8 billion or 10% from $593.0 billion at Sept. 30, 2024 and up $18.4 billion or 3% from $634.4 billion at June 30, 2025. Money market fund assets were a record $492.7 billion at Sept. 30, 2025, up $52.3 billion or 12% from $440.4 billion at Sept. 30, 2024 and up $24.7 billion or 5% from $468.0 billion at June 30, 2025.
Financial Summary
Q3 2025 vs. Q3 2024
Revenue increased $61.0 million or 15% primarily due to an increase in revenue resulting from higher average money market and equity assets.
During Q3 2025, Federated Hermes derived 52% of its revenue from money market assets, 46% from long-term assets (29% from equity, 11% from fixed-income, and 6% from alternative/private markets and multi-asset) and 2% from sources other than managed assets.
Operating expenses increased $43.3 million or 15% primarily due to a $17.7 million increase in distribution expenses resulting primarily from higher average managed money market fund assets, an increase in Other expense of $13.7 million primarily due to fluctuations in foreign currency exchange rates and a $8.5 million increase in Compensation and related expense primarily related to higher incentive compensation.
Nonoperating income (expenses), net for Q3 2025 was flat, as compared to the same period in 2024.
Q3 2025 vs. Q2 2025
Revenue increased $44.6 million or 10% primarily due to an increase in revenue from higher average money market and equity assets.
Operating expenses increased $32.2 million or 10% including a $14.3 million increase in Other expense primarily due to fluctuations in foreign currency exchange rates and a $14.2 million increase in Distribution expenses resulting primarily from higher average managed money market fund assets.
Nonoperating income (expenses), net decreased $2.9 million primarily due to a smaller increase in the market value of investments in Q3 2025 as compared to the increase in the market value of the investments in Q2 2025.
YTD 2025 vs. YTD 2024
Revenue increased $110.4 million or 9% primarily due to an increase in revenue from higher average money market and equity assets.
For the first nine months of 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 decreased $16.8 million or 2% primarily due to lower intangible asset related expense resulting from the $66.3 million impairment of an intangible asset in Q2 2024 associated with the 2018 acquisition of Federated Hermes Limited and a $13.6 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. These decreases were partially offset by a $29.4 million increase in Compensation and related expense primarily due to higher incentive compensation and a $27.8 million increase in Distribution expenses resulting primarily from higher average managed money market fund assets.
Nonoperating income (expenses), net increased $10.6 million primarily due to a larger increase in the market value of investments in the first nine months of 2025 compared to the increase in the market value of investments for the same period in 2024.
Earnings call information
Federated Hermes will host an earnings conference call at 9 a.m. Eastern on Friday, Oct. 31, 2025. 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, go to the About section of 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 Oct. 31, 2025. To access the telephone replay, dial 877-481-4010 (domestic) or 919-882-2331 (international) and enter access code 53063. 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 investment management, with $871.2 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 10,000 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 7% of money market fund managers and the top 11% 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.
1) As of Sept. 30, 2025.
2) Morningstar, Sept. 30, 2025. Based on U.S. fund flows rankings.
3) Money Management Institute/Cerulli,Q2 2025.
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 LLP, each a registered investment advisor in one or more of the U.S., U.K. or Ireland.
Cautionary statements
Certain statements in this press release, such as those related to performance, investment strategies and uses, 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 offering demand, the timing and level of offering 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 | % | | Quarter Ended | % | |
| | Sept. 30, 2025 | Sept. 30, 2024 | | June 30, 2025 | ||
| Revenue | | | | | | |
| Investment advisory fees, net | $ 310,366 | $ 274,621 | 13 % | | $ 287,435 | 8 % |
| Administrative service fees, net—affiliates | 107,234 | 97,687 | 10 | | 101,657 | 5 |
| Other service fees, net | 51,846 | 36,148 | 43 | | 35,752 | 45 |
| Total Revenue | 469,446 | 408,456 | 15 | | 424,844 | 10 |
| | | | | | | |
| Operating Expenses | | | | | | |
| Compensation and related | 144,563 | 136,027 | 6 | | 144,872 | 0 |
| Distribution | 113,569 | 95,859 | 18 | | 99,399 | 14 |
| Systems and communications | 26,023 | 23,656 | 10 | | 23,481 | 11 |
| Professional service fees | 20,239 | 19,849 | 2 | | 18,628 | 9 |
| Office and occupancy | 10,129 | 9,884 | 2 | | 9,910 | 2 |
| Advertising and promotional | 5,264 | 5,378 | (2) | | 6,146 | (14) |
| Travel and related | 4,665 | 4,221 | 11 | | 4,117 | 13 |
| Intangible asset related | 3,556 | 3,504 | 1 | | 3,503 | 2 |
| Other | 11,986 | (1,664) | NM | | (2,296) | NM |
| Total Operating Expenses | 339,994 | 296,714 | 15 | | 307,760 | 10 |
| Operating Income | 129,452 | 111,742 | 16 | | 117,084 | 11 |
| | | | | | | |
| Nonoperating Income (Expenses) | | | | | | |
| Investment income (loss), net | 14,105 | 14,015 | 1 | | 16,947 | (17) |
| Debt expense | (3,182) | (3,170) | 0 | | (3,170) | 0 |
| Other, net | (48) | 16 | (400) | | (35) | (37) |
| Total Nonoperating Income (Expenses), net | 10,875 | 10,861 | 0 | | 13,742 | (21) |
| Income before income taxes | 140,327 | 122,603 | 14 | | 130,826 | 7 |
| Income tax provision | 34,232 | 32,262 | 6 | | 34,135 | 0 |
| Net income including the noncontrolling interests | 106,095 | 90,341 | 17 | | 96,691 | 10 |
| Less: Net income (loss) attributable to the | 1,969 | 2,803 | (30) | | 5,691 | (65) |
| Net Income | $ 104,126 | $ 87,538 | 19 % | | $ 91,000 | 14 % |
| | | | | | | |
| Amounts Attributable to Federated Hermes, Inc. | | | | | | |
| Earnings Per Share1 | | | | | | |
| Basic and diluted | $ 1.34 | $ 1.06 | 26 % | | $ 1.16 | 16 % |
| Weighted-Average Shares Outstanding | | | | | | |
| Basic | 74,057 | 78,690 | | | 75,064 | |
| Diluted | 74,057 | 78,706 | | | 75,072 | |
| 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 $4.7 million, $3.7 million and $4.1 million available to unvested restricted Federated Hermes shareholders for the quarterly periods ended Sept. 30, 2025, Sept. 30, 2024 and June 30, 2025, respectively, was excluded from the computation of earnings per share. |
| Unaudited Condensed Consolidated Statements of Income | | | |
| (in thousands, except per share data) | | | |
| | Nine Months Ended | ||
| | Sept. 30, 2025 | Sept. 30, 2024 | % Change |
| Revenue | | | |
| Investment advisory fees, net | $ 885,261 | $ 809,537 | 9 % |
| Administrative service fees, net—affiliates | 310,000 | 287,819 | 8 |
| Other service fees, net | 122,569 | 110,054 | 11 |
| Total Revenue | 1,317,830 | 1,207,410 | 9 |
| | | | |
| Operating Expenses | | | |
| Compensation and related | 432,705 | 403,321 | 7 |
| Distribution | 312,052 | 284,257 | 10 |
| Systems and communications | 73,730 | 68,672 | 7 |
| Professional service fees | 57,415 | 58,046 | (1) |
| Office and occupancy | 29,991 | 29,617 | 1 |
| Advertising and promotional | 15,985 | 16,306 | (2) |
| Travel and related | 12,335 | 11,341 | 9 |
| Intangible asset related | 10,255 | 76,131 | (87) |
| Other | (4,946) | 8,679 | (157) |
| Total Operating Expenses | 939,522 | 956,370 | (2) |
| Operating Income | 378,308 | 251,040 | 51 |
| | | | |
| Nonoperating Income (Expenses) | | | |
| Investment income (loss), net | 38,527 | 27,630 | 39 |
| Debt expense | (9,531) | (9,478) | 1 |
| Other, net | (110) | 85 | (229) |
| Total Nonoperating Income (Expenses), net | 28,886 | 18,237 | 58 |
| Income before income taxes | 407,194 | 269,277 | 51 |
| Income tax provision | 100,532 | 84,701 | 19 |
| Net income including the noncontrolling interests in subsidiaries | 306,662 | 184,576 | 66 |
| Less: Net income (loss) attributable to the noncontrolling interests in | 10,402 | 978 | NM |
| Net Income | $ 296,260 | $ 183,598 | 61 % |
| | | | |
| Amounts Attributable to Federated Hermes, Inc. | | | |
| Earnings Per Share1 | | | |
| Basic and diluted | $ 3.75 | $ 2.20 | 70 % |
| Weighted-Average Shares Outstanding | | | |
| Basic | 75,541 | 79,804 | |
| Diluted | 75,544 | 79,809 | |
| Dividends Declared Per Share | $ 0.99 | $ 1.90 | |
| | |
| 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 $13.3 million and $8.0 million available to unvested restricted Federated Hermes shareholders for the nine months ended Sept. 30, 2025 and Sept. 30, 2024, respectively, was excluded from the computation of earnings per share. |
| Unaudited Condensed Consolidated Balance Sheets | | |
| (in thousands) | Sept. 30, 2025 | Dec. 31, 2024 |
| Assets | | |
| Cash and other investments | $ 647,391 | $ 641,042 |
| Other current assets | 154,945 | 140,310 |
| Intangible assets, net, including goodwill | 1,195,992 | 1,132,699 |
| Other long-term assets | 183,942 | 170,633 |
| Total Assets | $ 2,182,270 | $ 2,084,684 |
| | | |
| Liabilities, Redeemable Noncontrolling Interests and Equity | | |
| Current liabilities | $ 256,400 | $ 289,193 |
| Long-term debt | 348,303 | 348,106 |
| Other long-term liabilities | 326,766 | 296,665 |
| Redeemable noncontrolling interests | 63,515 | 55,514 |
| Equity excluding treasury stock | 1,993,883 | 1,728,044 |
| Treasury stock | (806,597) | (632,838) |
| Total Liabilities, Redeemable Noncontrolling Interests and Equity | $ 2,182,270 | $ 2,084,684 |
| Unaudited Changes in Long-Term Assets - By Asset Class | | | | |||
| (in millions) | Quarter Ended | | Nine Months Ended | |||
| | Sept. 30, 2025 | June 30, 2025 | Sept. 30, 2024 | | Sept. 30, 2025 | Sept. 30, 2024 |
| Equity | | | | | | |
| Beginning assets | $ 88,994 | $ 80,913 | $ 77,851 | | $ 79,423 | $ 79,291 |
| Sales1 | 6,845 | 7,961 | 3,607 | | 22,218 | 11,333 |
| Redemptions1 | (6,975) | (6,180) | (5,046) | | (19,148) | (19,468) |
| Net sales (redemptions)1 | (130) | 1,781 | (1,439) | | 3,070 | (8,135) |
| Net exchanges | 154 | 0 | (4) | | 40 | 10 |
| Impact of foreign exchange2 | (85) | 1,023 | 725 | | 1,692 | 170 |
| Market gains and (losses)3 | 5,723 | 5,277 | 6,476 | | 10,431 | 12,273 |
| Ending assets | $ 94,656 | $ 88,994 | $ 83,609 | | $ 94,656 | $ 83,609 |
| | | | | | | |
| Fixed Income | | | | | | |
| Beginning assets | $ 98,687 | $ 99,486 | $ 95,294 | | $ 98,059 | $ 94,920 |
| Sales1 | 7,545 | 5,267 | 7,345 | | 18,756 | 19,190 |
| Redemptions1 | (5,887) | (7,652) | (5,942) | | (19,827) | (18,036) |
| Net sales (redemptions)1 | 1,658 | (2,385) | 1,403 | | (1,071) | 1,154 |
| Net exchanges | (134) | 5 | (12) | | (28) | (198) |
| Impact of foreign exchange2 | (22) | 208 | 98 | | 271 | 19 |
| Market gains and (losses)3 | 1,624 | 1,373 | 3,388 | | 4,582 | 4,276 |
| Ending assets | $ 101,813 | $ 98,687 | $ 100,171 | | $ 101,813 | $ 100,171 |
| | | | | | | |
| Alternative/Private Markets | | | | | | |
| Beginning assets | $ 20,738 | $ 19,426 | $ 20,061 | | $ 18,864 | $ 20,551 |
| Sales1 | 670 | 782 | 558 | | 2,537 | 1,966 |
| Redemptions1 | (2,291) | (551) | (881) | | (3,866) | (2,798) |
| Net sales (redemptions)1 | (1,621) | 231 | (323) | | (1,329) | (832) |
| Net exchanges | 0 | (1) | 12 | | 0 | 188 |
| Acquisitions/(dispositions) | 0 | 109 | 0 | | 109 | 0 |
| Impact of foreign exchange2 | (341) | 1,091 | 1,017 | | 1,282 | 812 |
| Market gains and (losses)3 | 248 | (118) | (84) | | 98 | (36) |
| Ending assets | $ 19,024 | $ 20,738 | $ 20,683 | | $ 19,024 | $ 20,683 |
| | | | | | | |
| Multi-asset | | | | | | |
| Beginning assets | $ 2,856 | $ 2,826 | $ 2,876 | | $ 2,883 | $ 2,867 |
| Sales1 | 45 | 44 | 38 | | 152 | 124 |
| Redemptions1 | (92) | (137) | (94) | | (334) | (319) |
| Net sales (redemptions)1 | (47) | (93) | (56) | | (182) | (195) |
| Net exchanges | (3) | (2) | 4 | | (3) | 5 |
| Market gains and (losses)3 | 134 | 125 | 134 | | 242 | 281 |
| Ending assets | $ 2,940 | $ 2,856 | $ 2,958 | | $ 2,940 | $ 2,958 |
| | | | | | | |
| Total Long-term Assets | | | | | | |
| Beginning assets | $ 211,275 | $ 202,651 | $ 196,082 | | $ 199,229 | $ 197,629 |
| Sales1 | 15,105 | 14,054 | 11,548 | | 43,663 | 32,613 |
| Redemptions1 | (15,245) | (14,520) | (11,963) | | (43,175) | (40,621) |
| Net sales (redemptions)1 | (140) | (466) | (415) | | 488 | (8,008) |
| Net exchanges | 17 | 2 | 0 | | 9 | 5 |
| Acquisitions/(dispositions) | 0 | 109 | 0 | | 109 | 0 |
| Impact of foreign exchange2 | (448) | 2,322 | 1,840 | | 3,245 | 1,001 |
| Market gains and (losses)3 | 7,729 | 6,657 | 9,914 | | 15,353 | 16,794 |
| Ending assets | $ 218,433 | $ 211,275 | $ 207,421 | | $ 218,433 | $ 207,421 |
| | |
| 1) | For certain accounts, including separately managed accounts, institutional accounts, certain sub-advised funds and other managed offerings, 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 assets under management (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 Offering Type | ||||||||||
| (in millions) | | |||||||||
| | Quarter Ended | |||||||||
| | Sept. 30, 2025 | |||||||||
| | Equity | Fixed Income | Alternative / Private | Multi-asset | Total | |||||
| | Funds | Separate | Funds | Separate | Funds | Separate | Funds | Separate | Funds. | Separate |
| Beginning assets | $ 49,359 | $ 39,635 | $ 45,415 | $ 53,272 | $ 12,905 | $ 7,833 | $ 2,730 | $ 126 | $ 110,409 | $ 100,866 |
| Sales | 4,797 | 2,048 | 3,556 | 3,989 | 620 | 50 | 45 | 0 | 9,018 | 6,087 |
| Redemptions | (3,386) | (3,589) | (3,090) | (2,797) | (1,786) | (505) | (87) | (5) | (8,349) | (6,896) |
| Net sales (redemptions) | 1,411 | (1,541) | 466 | 1,192 | (1,166) | (455) | (42) | (5) | 669 | (809) |
| Net exchanges | 154 | 0 | (134) | 0 | 0 | 0 | (3) | 0 | 17 | 0 |
| Impact of foreign exchange2 | (82) | (3) | (18) | (4) | (194) | (147) | 0 | 0 | (294) | (154) |
| Market gains and (losses)3 | 3,268 | 2,455 | 749 | 875 | 269 | (21) | 128 | 6 | 4,414 | 3,315 |
| Ending assets | $ 54,110 | $ 40,546 | $ 46,478 | $ 55,335 | $ 11,814 | $ 7,210 | $ 2,813 | $ 127 | $ 115,215 | $ 103,218 |
| | | | | | | | | | | |
| | Nine Months Ended | |||||||||
| | Sept. 30, 2025 | |||||||||
| | Equity | Fixed Income | Alternative / Private | Multi-asset | Total | |||||
| | Funds | Separate | Funds | Separate | Funds | Separate | Funds | Separate | Funds | Separate |
| Beginning assets | $ 43,752 | $ 35,671 | $ 45,550 | $ 52,509 | $ 11,501 | $ 7,363 | $ 2,764 | $ 119 | $ 103,567 | $ 95,662 |
| Sales | 14,276 | 7,942 | 10,272 | 8,484 | 2,350 | 187 | 152 | 0 | 27,050 | 16,613 |
| Redemptions | (11,224) | (7,924) | (11,618) | (8,209) | (3,127) | (739) | (309) | (25) | (26,278) | (16,897) |
| Net sales (redemptions) | 3,052 | 18 | (1,346) | 275 | (777) | (552) | (157) | (25) | 772 | (284) |
| Net exchanges | 47 | (7) | (24) | (4) | 0 | 0 | (3) | 0 | 20 | (11) |
| Acquisition-related | 0 | 0 | 0 | 0 | 109 | 0 | 0 | 0 | 109 | 0 |
| Impact of foreign exchange2 | 823 | 869 | 153 | 118 | 728 | 554 | 0 | 0 | 1,704 | 1,541 |
| Market gains and (losses)3 | 6,436 | 3,995 | 2,145 | 2,437 | 253 | (155) | 209 | 33 | 9,043 | 6,310 |
| Ending assets | $ 54,110 | $ 40,546 | $ 46,478 | $ 55,335 | $ 11,814 | $ 7,210 | $ 2,813 | $ 127 | $ 115,215 | $ 103,218 |
| | |
| 1) | Includes separately managed accounts, institutional accounts, certain sub-advised funds and other managed offerings. 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 Offering Type | | | | |||
| (in millions) | Quarter Ended | | Nine Months Ended | |||
| | Sept. 30, 2025 | June 30, 2025 | Sept. 30, 2024 | | Sept. 30, 2025 | Sept. 30, 2024 |
| Total Fund Assets | | | | | | |
| Beginning assets | $ 110,409 | $ 104,289 | $ 101,247 | | $ 103,567 | $ 101,530 |
| Sales | 9,018 | 8,753 | 6,646 | | 27,050 | 20,130 |
| Redemptions | (8,349) | (9,166) | (7,234) | | (26,278) | (24,221) |
| Net sales (redemptions) | 669 | (413) | (588) | | 772 | (4,091) |
| Net exchanges | 17 | 3 | 14 | | 20 | 22 |
| Acquisitions/(dispositions) | 0 | 109 | 0 | | 109 | 0 |
| Impact of foreign exchange1 | (294) | 1,313 | 1,060 | | 1,704 | 635 |
| Market gains and (losses)2 | 4,414 | 5,108 | 5,066 | | 9,043 | 8,703 |
| Ending assets | $ 115,215 | $ 110,409 | $ 106,799 | | $ 115,215 | $ 106,799 |
| | | | | | | |
| Total Separate Account Assets3 | | | | | | |
| Beginning assets | $ 100,866 | $ 98,362 | $ 94,835 | | $ 95,662 | $ 96,099 |
| Sales4 | 6,087 | 5,301 | 4,902 | | 16,613 | 12,483 |
| Redemptions4 | (6,896) | (5,354) | (4,729) | | (16,897) | (16,400) |
| Net sales (redemptions)4 | (809) | (53) | 173 | | (284) | (3,917) |
| Net exchanges | 0 | (1) | (14) | | (11) | (17) |
| Impact of foreign exchange1 | (154) | 1,009 | 780 | | 1,541 | 366 |
| Market gains and (losses)2 | 3,315 | 1,549 | 4,848 | | 6,310 | 8,091 |
| Ending assets | $ 103,218 | $ 100,866 | $ 100,622 | | $ 103,218 | $ 100,622 |
| | | | | | | |
| Total Long-term Assets3 | | | | | | |
| Beginning assets | $ 211,275 | $ 202,651 | $ 196,082 | | $ 199,229 | $ 197,629 |
| Sales4 | 15,105 | 14,054 | 11,548 | | 43,663 Für dich aus unserer Redaktion zusammengestelltHinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Weitere Artikel des AutorsThemen im Trend | |