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Federated Hermes, Inc. reports record assets under management with fourth quarter and full-year 2024 earnings
- Q4 2024 earnings per diluted share of $1.04; full-year 2024 EPS of $3.23
- Total assets under management at record $829.6 billion
- Board declares $0.31 per share quarterly dividend
PITTSBURGH, Jan. 30, 2025 /PRNewswire/ -- Federated Hermes, Inc. (NYSE: FHI), a global leader in active investing, today reported earnings per diluted share (EPS) for Q4 2024 of $1.04, compared to $0.96 for the same quarter last year, on net income of $84.7 million for Q4 2024, compared to $82.2 million for Q4 2023. Full-year 2024 EPS was $3.23, compared to $3.40 for 2023 on net income of $268.3 million for 2024, compared to $299.0 million for 2023. Federated Hermes' full-year 2024 results include 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 $829.6 billion at Dec. 31, 2024, up $72.0 billion or 10% from $757.6 billion at Dec. 31, 2023 and up $29.1 billion or 4% from $800.5 billion at Sept. 30, 2024. Average managed assets for Q4 2024 were $804.4 billion, up $76.4 billion or 10% from $728.0 billion reported for Q4 2023 and up $10.9 billion or 1% from $793.5 billion reported for Q3 2024.
"Federated Hermes' record assets at year-end were driven by another quarter of money market asset increases, as all segments of our liquidity products offered exceptional cash management resources, as well as opportunities for attractive returns in balanced client portfolios," said J. Christopher Donahue, president and chief executive officer. "We also continued to see investor interest in a range of fixed-income strategies, from multisector to ultrashorts to emerging market debt. In equities, we saw net positive flows into the full range of our quantitative MDT equity products—in large-, mid- and small-cap funds and ETFs."
Federated Hermes' board of directors declared a quarterly dividend of $0.31 per share. The dividend is payable on Feb. 14, 2025 to shareholders of record as of Feb. 7, 2025. During Q4 2024, Federated Hermes purchased 552,533 shares of Federated Hermes class B common stock for $22.1 million, bringing the total shares of Class B common stock purchased in 2024 to 4,012,017 shares for $133.6 million.
Federated Hermes' equity assets were $79.4 billion at Dec. 31, 2024, up $0.1 billion from $79.3 billion at Dec. 31, 2023 and down $4.2 billion or 5% from $83.6 billion at Sept. 30, 2024. Top-selling equity funds on a net basis during Q4 2024 were Federated Hermes MDT Mid Cap Growth Fund, Federated Hermes MDT Large Cap Growth Fund, Federated Hermes U.S. SMID Equity Fund, Federated Hermes MDT All Cap Core Fund and Federated Hermes U.S. Strategic Dividend ETF.
Federated Hermes' fixed-income assets were $98.1 billion at Dec. 31, 2024, up $3.2 billion or 3% from $94.9 billion at Dec. 31, 2023 and down $2.1 billion or 2% from $100.2 billion at Sept. 30, 2024. Top-selling fixed-income funds on a net basis during Q4 2024 were Federated Hermes Total Return Bond Fund, Federated Hermes Government Ultrashort Fund, Federated Hermes Emerging Markets Debt Fund, Federated Hermes Short-Term Income Fund and Federated Hermes Conservative Municipal Microshort Fund.
Federated Hermes' alternative/private markets assets were $18.9 billion at Dec. 31, 2024, down $1.7 billion or 8% from $20.6 billion at Dec. 31, 2023 and down $1.8 billion or 9% from $20.7 billion at Sept. 30, 2024.
Federated Hermes' money market assets were a record $630.3 billion at Dec. 31, 2024, up $70.3 billion or 13% from $560.0 billion at Dec. 31, 2023 and up $37.3 billion or 6% from $593.0 billion at Sept. 30, 2024. Money market mutual fund assets were a record $461.7 billion at Dec. 31, 2024, up $55.5 billion or 14% from $406.2 billion at Dec. 31, 2023 and up $21.3 billion or 5% from $440.4 billion at Sept. 30, 2024. Federated Hermes' money market separate account assets were a record $168.6 billion at Dec. 31, 2024, up $14.8 billion or 10% from $153.8 billion at Dec. 31, 2023 and up $16.0 billion or 10% from $152.6 billion at Sept. 30, 2024.
Financial Summary
Q4 2024 vs. Q4 2023
Revenue increased $33.2 million or 8% primarily due to an increase in revenue from higher average money market and equity assets.
During Q4 2024, Federated Hermes derived 51% of its revenue from money market assets, 48% from long-term assets (29% from equity assets, 12% from fixed-income assets and 7% from alternative/private markets and multi-asset) and 1% from sources other than managed assets.
Operating expenses increased $25.3 million or 9% primarily due to an increase in compensation expense primarily from higher incentive compensation, an increase in distribution expenses resulting primarily from higher average managed money market and equity fund assets and an increase in other expense resulting primarily from fluctuations in foreign currency exchange rates.
Nonoperating income (expenses), net decreased $12.8 million primarily due to a decrease in the market value of investments in Q4 2024 compared to an increase in the market value of investments in Q4 2023.
Q4 2024 vs. Q3 2024
Revenue increased $16.2 million or 4% primarily due to an increase in revenue from higher average equity and money market assets.
Operating expenses increased $17.5 million or 6% primarily due to an increase in other expense resulting primarily from fluctuations in foreign currency exchange rates, an increase in advertising and promotional expenses and an increase in distribution expenses resulting primarily from higher average managed money market fund assets.
Nonoperating income (expenses), net decreased $9.0 million primarily due to a decrease in the market value of investments in Q4 2024 compared to an increase in the market value of investments in Q3 2024.
2024 vs. 2023
Revenue increased $22.5 million or 1% primarily due to an increase in revenue from higher average money market and fixed-income assets. These increases were partially offset by a decrease in carried interest of $50.0 million, including a decrease of $32.3 million of carried interest from consolidated carried interest vehicles, which is offset in compensation expense, and a decrease in revenue due to lower average equity and alternative/private markets assets.
During 2024, Federated Hermes derived 51% of its revenue from money market assets, 48% from long-term assets (29% from equity assets, 12% from fixed-income assets and 7% from alternative/private markets and multi-asset) and 1% from sources other than managed assets.
Operating expenses increased by $48.6 million or 4% primarily due to a $66.3 million increase in intangible asset-expense resulting from the impairment of an intangible asset in Q2 2024 associated with the 2018 acquisition of Federated Hermes Limited, offset by a decrease in compensation expense primarily resulting from the previously mentioned lower carried interest from consolidated carried interest vehicles.
Nonoperating income (expenses), net decreased $3.6 million primarily due to a smaller increase in the market value of investments in 2024 compared to the increase in the market value of investments in 2023. This decrease was partially offset by an increase in investment income from larger investment balances and an increase in yields due to higher interest rates.
Earnings call information
Federated Hermes will host an earnings conference call at 9 a.m. Eastern on Jan. 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, 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. 31, 2025. To access the telephone replay, dial 877-481-4010 (domestic) or 919-882-2331 (international) and enter access code 51862. 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 $829.6 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 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 7% of equity fund managers, the top 9% of money market fund managers and the top 10% of fixed-income fund managers2 in the industry. For more information, including an analyst presentation, visit FederatedHermes.com/us.
1) As of Dec. 31, 2024.
2) Morningstar, Dec. 31, 2024. Based on U.S. fund flows rankings.
Federated Securities Corp. is distributor of the Federated Hermes funds.
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 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 Q3 | |
| | Dec. 31, 2024 | Dec. 31, 2023 | Sept. 30, 2024 | ||
| Revenue | | | | | |
| Investment advisory fees, net | $ 288,329 | $ 264,693 | 9 % | $ 274,621 | 5 % |
| Administrative service fees, net | 99,711 | 90,930 | 10 | 97,687 | 2 |
| Other service fees, net | 36,643 | 35,874 | 2 | 36,148 | 1 |
| Total Revenue | 424,683 | 391,497 | 8 | 408,456 | 4 |
| | | | | | |
| Operating Expenses | | | | | |
| Compensation and related | 137,165 | 127,504 | 8 | 136,027 | 1 |
| Distribution | 98,070 | 90,940 | 8 | 95,859 | 2 |
| Systems and communications | 23,843 | 20,944 | 14 | 23,656 | 1 |
| Professional service fees | 20,307 | 16,632 | 22 | 19,849 | 2 |
| Office and occupancy | 10,328 | 10,159 | 2 | 9,884 | 4 |
| Advertising and promotional | 7,785 | 9,684 | (20) | 5,378 | 45 |
| Travel and related | 4,058 | 4,308 | (6) | 4,221 | (4) |
| Intangible asset related | 3,230 | 3,676 | (12) | 3,504 | (8) |
| Other | 9,470 | 5,080 | 86 | (1,664) | NM |
| Total Operating Expenses | 314,256 | 288,927 | 9 | 296,714 | 6 |
| Operating Income | 110,427 | 102,570 | 8 | 111,742 | (1) |
| | | | | | |
| Nonoperating Income (Expenses) | | | | | |
| Investment income (loss), net | 5,037 | 17,418 | (71) | 14,015 | (64) |
| Debt expense | (3,187) | (3,142) | 1 | (3,170) | 1 |
| Other, net | 54 | 461 | (88) | 16 | 238 |
| Total Nonoperating Income (Expenses), net | 1,904 | 14,737 | (87) | 10,861 | (82) |
| Income before income taxes | 112,331 | 117,307 | (4) | 122,603 | (8) |
| Income tax provision | 28,477 | 31,260 | (9) | 32,262 | (12) |
| Net income including the noncontrolling interests in subsidiaries | 83,854 | 86,047 | (3) | 90,341 | (7) |
| Less: Net (loss) income attributable to the noncontrolling interests in subsidiaries | (862) | 3,869 | (122) | 2,803 | (131) |
| Net Income | $ 84,716 | $ 82,178 | 3 % | $ 87,538 | (3) % |
| | | | | | |
| Amounts Attributable to Federated Hermes, Inc. | | | | | |
| Earnings Per Share1 | | | | | |
| Basic and diluted | $ 1.04 | $ 0.96 | 8 % | $ 1.06 | (2) % |
| Weighted-Average Shares Outstanding | | | | | |
| Basic | 78,300 | 81,961 | | 78,690 | |
| Diluted | 78,300 | 81,973 | | 78,706 | |
| Dividends Declared Per Share | $ 0.31 | $ 0.28 | | $ 0.31 | |
| | |
| 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 $3.6 million, $3.6 million and $3.7 million available to unvested restricted Federated Hermes shareholders for the quarterly periods ended Dec. 31, 2024, Dec. 31, 2023 and Sept. 30, 2024, 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, 2024 | | Dec. 31, 2023 | | % Change |
| Revenue | | | | | | |
| Investment advisory fees, net | | $ 1,097,866 | | $ 1,115,783 | | (2) % |
| Administrative service fees, net—affiliates | | 387,531 | | 343,332 | | 13 |
| Other service fees, net | | 146,696 | | 150,459 | | (3) |
| Total Revenue | | 1,632,093 | | 1,609,574 | | 1 |
| | | | | | | |
| Operating Expenses | | | | | | |
| Compensation and related | | 540,486 | | 563,388 | | (4) |
| Distribution | | 382,327 | | 371,198 | | 3 |
| Systems and communications | | 92,515 | | 84,203 | | 10 |
| Intangible asset related | | 79,361 | | 13,870 | | 472 |
| Professional service fees | | 78,353 | | 69,514 | | 13 |
| Office and occupancy | | 39,946 | | 45,069 | | (11) |
| Advertising and promotional | | 24,090 | | 22,992 | | 5 |
| Travel and related | | 15,399 | | 15,409 | | 0 |
| Other | | 18,149 | | 36,382 | | (50) |
| Total Operating Expenses | | 1,270,626 | | 1,222,025 | | 4 |
| Operating Income | | 361,467 | | 387,549 | | (7) |
| | | | | | | |
| Nonoperating Income (Expenses) | | | | | | |
| Investment income (loss), net | | 32,668 | | 35,740 | | (9) |
| Debt expense | | (12,665) | | (12,519) | | 1 |
| Other, net | | 139 | | 562 | | (75) |
| Total Nonoperating Income (Expenses), net | | 20,142 | | 23,783 | | (15) |
| Income before income taxes | | 381,609 | | 411,332 | | (7) |
| Income tax provision | | 113,179 | | 106,551 | | 6 |
| Net income including the noncontrolling interests in subsidiaries | | 268,430 | | 304,781 | | (12) |
| Less: Net income attributable to the noncontrolling interests in subsidiaries | | 116 | | 5,801 | | (98) |
| Net Income | | $ 268,314 | | $ 298,980 | | (10) % |
| | | | | | | |
| Amounts Attributable to Federated Hermes, Inc. | | | | | | |
| Earnings Per Share1 | | | | | | |
| Basic and diluted | | $ 3.23 | | $ 3.40 | | (5) % |
| Weighted-Average Shares Outstanding | | | | | | |
| Basic | | 79,426 | | 83,858 | | |
| Diluted | | 79,430 | | 83,863 | | |
| Dividends Declared Per Share | | $ 2.21 | | $ 1.11 | | |
| | |
| 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 $11.6 million and $14.0 million available to unvested restricted Federated Hermes shareholders for the years ended Dec. 31, 2024 and Dec. 31, 2023, respectively, was excluded from the computation of earnings per share. |
| Unaudited Condensed Consolidated Balance Sheets | | |
| (in thousands) | Dec. 31, 2024 | Dec. 31, 2023 |
| Assets | | |
| Cash and other investments | $ 641,042 | $ 560,675 |
| Other current assets | 140,310 | 160,054 |
| Intangible assets, net, including goodwill | 1,132,699 | 1,216,605 |
| Other long-term assets | 170,633 | 164,510 |
| Total Assets | $ 2,084,684 | $ 2,101,844 |
| | | |
| Liabilities, Redeemable Noncontrolling Interests and Equity | | |
| Current liabilities | $ 289,193 | $ 287,343 |
| Long-term debt | 348,106 | 347,843 |
| Other long-term liabilities | 296,665 | 312,561 |
| Redeemable noncontrolling interests | 55,514 | 25,845 |
| Equity excluding treasury stock | 1,728,044 | 1,649,655 |
| Treasury stock | (632,838) | (521,403) |
| Total Liabilities, Redeemable Noncontrolling Interests and Equity | $ 2,084,684 | $ 2,101,844 |
| Unaudited Changes in Long-Term Assets - By Asset Class | ||||||
| (in millions) | Quarter Ended | | Year Ended | |||
| | Dec. 31, 2024 | Sept. 30, 2024 | Dec. 31, 2023 | | Dec. 31, 2024 | Dec. 31, 2023 |
| Equity | | | | | | |
| Beginning assets | $ 83,609 | $ 77,851 | $ 77,315 | | $ 79,291 | $ 81,523 |
| Sales1 | 4,868 | 3,607 | 3,335 | | 16,201 | 17,732 |
| Redemptions1 | (7,388) | (5,046) | (8,005) | | (26,856) | (24,742) |
| Net sales (redemptions)1 | (2,520) | (1,439) | (4,670) | | (10,655) | (7,010) |
| Net exchanges | (39) | (4) | (6) | | (29) | 120 |
| Impact of foreign exchange2 | (1,313) | 725 | 891 | | (1,143) | 538 |
| Market gains and (losses)3 | (314) | 6,476 | 5,761 | | 11,959 | 4,120 |
| Ending assets | $ 79,423 | $ 83,609 | $ 79,291 | | $ 79,423 | $ 79,291 |
| | | | | | | |
| Fixed Income | | | | | | |
| Beginning assets | $ 100,171 | $ 95,294 | $ 89,765 | | $ 94,920 | $ 86,743 |
| Sales1 | 6,400 | 7,345 | 7,594 | | 25,590 | 26,809 |
| Redemptions1 | (7,345) | (5,942) | (6,669) | | (25,381) | (23,892) |
| Net sales (redemptions)1 | (945) | 1,403 | 925 | | 209 | 2,917 |
| Net exchanges | 35 | (12) | 7 | | (163) | (113) |
| Impact of foreign exchange2 | (160) | 98 | 143 | | (141) | 128 |
| Market gains and (losses)3 | (1,042) | 3,388 | 4,080 | | 3,234 | 5,245 |
| Ending assets | $ 98,059 | $ 100,171 | $ 94,920 | | $ 98,059 | $ 94,920 |
| | | | | | | |
| Alternative / Private Markets | | | | | | |
| Beginning assets | $ 20,683 | $ 20,061 | $ 20,337 | | $ 20,551 | $ 20,802 |
| Sales1 | 618 | 558 | 700 | | 2,584 | 3,268 |
| Redemptions1 | (1,487) | (881) | (755) | | (4,285) | (3,158) |
| Net sales (redemptions)1 | (869) | (323) | (55) | | (1,701) | 110 |
| Net exchanges | (1) | 12 | (3) | | 187 | (9) |
| Impact of foreign exchange2 | (1,188) | 1,017 | 836 | | (376) | 981 |
| Market gains and (losses)3 | 239 | (84) | (564) | | 203 | (1,333) |
| Ending assets | $ 18,864 | $ 20,683 | $ 20,551 | | $ 18,864 | $ 20,551 |
| | | | | | | |
| Multi-asset | | | | | | |
| Beginning assets | $ 2,958 | $ 2,876 | $ 2,728 | | $ 2,867 | $ 2,989 |
| Sales1 | 45 | 38 | 34 | | 169 | 144 |
| Redemptions1 | (97) | (94) | (142) | | (416) | (548) |
| Net sales (redemptions)1 | (52) | (56) | (108) | | (247) | (404) |
| Net exchanges | 8 | 4 | 8 | | 13 | 11 |
| Market gains and (losses)3 | (31) | 134 | 239 | | 250 | 271 |
| Ending assets | $ 2,883 | $ 2,958 | $ 2,867 | | $ 2,883 | $ 2,867 |
| | | | | | | |
| Total Long-term Assets | | | | | | |
| Beginning assets | $ 207,421 | $ 196,082 | $ 190,145 | | $ 197,629 | $ 192,057 |
| Sales1 | 11,931 | 11,548 | 11,663 | | 44,544 | 47,953 |
| Redemptions1 | (16,317) | (11,963) | (15,571) | | (56,938) | (52,340) |
| Net sales (redemptions)1 | (4,386) | (415) | (3,908) | | (12,394) | (4,387) |
| Net exchanges | 3 | 0 | 6 | | 8 | 9 |
| Impact of foreign exchange2 | (2,661) | 1,840 | 1,870 | | (1,660) | 1,647 |
| Market gains and (losses)3 | (1,148) | 9,914 | 9,516 | | 15,646 | 8,303 |
| Ending assets | $ 199,229 | $ 207,421 | $ 197,629 | | $ 199,229 | $ 197,629 |
| | |
| 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 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 Product Type | ||||||||||
| (in millions) | | |||||||||
| | Quarter Ended | |||||||||
| | Dec. 31, 2024 | |||||||||
| | Equity | Fixed Income | Alternative / Private | Multi-asset | Total | |||||
| | Funds | Separate | Funds | Separate | Funds | Separate | Funds | Separate | Funds | Separate |
| Beginning assets | $ 45,391 | $ 38,218 | $ 46,027 | $ 54,144 | $ 12,558 | $ 8,125 | $ 2,823 | $ 135 | $ 106,799 | $ 100,622 |
| Sales | 3,127 | 1,741 | 4,056 | 2,344 | 477 | 141 | 44 | 1 | 7,704 | 4,227 |
| Redemptions | (3,442) | (3,946) | (3,748) | (3,597) | (1,112) | (375) | (90) | (7) | (8,392) | (7,925) |
| Net sales (redemptions) | (315) | (2,205) | 308 | (1,253) | (635) | (234) | (46) | (6) | (688) | (3,698) |
| Net exchanges | (39) | 0 | 36 | (1) | (1) | 0 | 8 | 0 | 4 | (1) |
| Impact of foreign exchange2 | (604) | (709) | (96) | (64) | (672) | (516) | 0 | 0 | (1,372) | (1,289) |
| Market gains and (losses)3 | (681) | 367 | (725) | (317) | 251 | (12) | (21) | (10) | (1,176) | 28 |
| Ending assets | $ 43,752 | $ 35,671 | $ 45,550 | $ 52,509 | $ 11,501 | $ 7,363 | $ 2,764 | $ 119 | $ 103,567 | $ 95,662 |
| | | | | | | | | | | |
| | Year Ended | |||||||||
| | Dec. 31, 2024 | |||||||||
| | Equity | Fixed Income | Alternative / Private | Multi-asset | Total | |||||
| | Funds | Separate | Funds | Separate | Funds | Separate | Funds | Separate | Funds | Separate |
| Beginning assets | $ 42,513 | $ 36,778 | $ 43,908 | $ 51,012 | $ 12,379 | $ 8,172 | $ 2,730 | $ 137 | $ 101,530 | $ 96,099 |
| Sales | 10,220 | 5,981 | 15,307 | 10,283 | 2,144 | 440 | 163 | 6 | 27,834 | 16,710 |
| Redemptions | (13,979) | (12,877) | (14,760) | (10,621) | (3,478) | (807) | (396) | (20) | (32,613) | (24,325) |
| Net sales (redemptions) | (3,759) | (6,896) | 547 | (338) | (1,334) | (367) | (233) | (14) | (4,779) | (7,615) |
| Net exchanges | (29) | 0 | (145) | (18) | 187 | 0 | 13 | 0 | 26 | (18) |
| Impact of foreign exchange2 | (453) | (690) | (68) | (73) | (216) | (160) | 0 | 0 | (737) | (923) |
| Market gains and (losses)3 | 5,480 | 6,479 | 1,308 | 1,926 | 485 | (282) | 254 | (4) | 7,527 | 8,119 |
| Ending assets | $ 43,752 | $ 35,671 | $ 45,550 | $ 52,509 | $ 11,501 | $ 7,363 | $ 2,764 | $ 119 | $ 103,567 | $ 95,662 |
| | |
| 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, 2024 | Sept. 30, 2024 | Dec. 31, 2023 | | Dec. 31, 2024 | Dec. 31, 2023 |
| | | | | | | |
| Total Fund Assets | | | | | | |
| Beginning assets | $ 106,799 | $ 101,247 | $ 98,378 | | $ 101,530 | $ 102,423 |
| Sales | 7,704 | 6,646 | 5,999 | | 27,834 | 26,191 |
| Redemptions | (8,392) | (7,234) | (9,578) | | (32,613) | (34,003) |
| Net sales (redemptions) | (688) | (588) | (3,579) | | (4,779) | (7,812) |
| Net exchanges | 4 | 14 | (7) | | 26 | 3 |
| Impact of foreign exchange1 | (1,372) | 1,060 | 1,002 | | (737) | 1,025 |
| Market gains and (losses)2 | (1,176) | 5,066 | 5,736 | | 7,527 | 5,891 |
| Ending assets | $ 103,567 | $ 106,799 | $ 101,530 | | $ 103,567 | $ 101,530 |
| | | | | | | |
| Total Separate Accounts Assets3 | | | | | | |
| Beginning assets | $ 100,622 | $ 94,835 | $ 91,767 | | $ 96,099 | $ 89,634 |
| Sales4 | 4,227 | 4,902 | 5,664 | | 16,710 | 21,762 |
| Redemptions4 | (7,925) | (4,729) | (5,993) | | (24,325) | (18,337) |
| Net sales (redemptions)4 | (3,698) | 173 | (329) | | (7,615) | 3,425 |
| Net exchanges | (1) | (14) | 13 | | (18) | 6 |
| Impact of foreign exchange1 | (1,289) | 780 | 868 | | (923) | 622 |
| Market gains and (losses)2 | 28 | 4,848 | 3,780 | | 8,119 | 2,412 |
| Ending assets | $ 95,662 | $ 100,622 | $ 96,099 | | $ 95,662 | $ 96,099 |
| | | | | | | |
| Total Long-term Assets3 | | | | | | |
| Beginning assets | $ 207,421 | $ 196,082 | $ 190,145 | | $ 197,629 | $ 192,057 |
| Sales4 | 11,931 | 11,548 | 11,663 | | 44,544 | 47,953 |
| Redemptions4 | (16,317) | (11,963) | (15,571) | | (56,938) | (52,340) |
| Net sales (redemptions)4 | (4,386) | (415) | (3,908) | | (12,394) | (4,387) |
| Net exchanges | 3 | 0 | 6 | | 8 | 9 |
| Impact of foreign exchange1 | (2,661) | 1,840 | 1,870 | | (1,660) | 1,647 |
| Market gains and (losses)2 | (1,148) | 9,914 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 | ||||