Asia stocks edge higher as tech meanders on Nvidia; Hong Kong hit by soft earnings
Investing.com -- Federated Hermes, Inc. (NYSE: NYSE:FHI (TSX:FHI)) saw its stock gain 3.2% after reporting first quarter earnings that handily beat analyst expectations, driven by record assets under management and strong money market inflows.
The global asset manager posted adjusted earnings per share of $1.25 for Q1 2025, significantly above the $0.93 consensus estimate. Revenue rose 7% YoY to $423.54 million, also topping forecasts of $421.46 million.
Total (EPA:TTEF) assets under management reached a record $839.8 billion as of March 31, up 8% from $778.7 billion a year earlier. Money market assets hit an all-time high of $637.1 billion, increasing 10% YoY.
"For the 10th consecutive quarter, Federated Hermes reached record assets under management," said J. Christopher Donahue, president and CEO. "Our money market funds and separate accounts continued to see strong inflows as investors sought a haven from market volatility."
The company’s board approved a 9.7% increase in the quarterly dividend to $0.34 per share. Federated Hermes also repurchased over 3 million shares for $120.1 million during the quarter.
Looking ahead, management noted continued demand for its MDT strategies, which aim to provide outperformance through a systematic investment process.