Federated Hermes' assets under management totaled $605.8 billion as of March 31, up 5.2% from three months earlier and up 24.9% from March 31, 2019.
The rise in AUM during a quarter marked by significant market volatility as a result of the COVID-19 pandemic was attributed to investors seeking haven from that volatility to the money manager's liquidity strategies, said J. Christopher Donahue, president and CEO, in Thursday's first-quarter earnings release.
As of March 31, money market assets under management totaled a record $451.3 billion, up 14.1% from Dec. 31 and up 41.7% from a year earlier.
By asset class, equity AUM totaled $68.2 billion as of March 31, down 23.3% from a quarter earlier and down 15% from March 31, 2019. Fixed-income AUM fell by 6.2% in the three months ended March 31 to $64.7 billion, although it was up 0.9% year-over-year.
Mr. Donahue said the company saw interest in its Kauffmann growth strategies, and saw net sales in some long-term strategies, including Hermes global equity funds, the Federated Government Ultrashort Duration Fund and the Federated Prudent Bear Fund.
Assets under management in alternative/private markets strategies totaled $18.1 billion as of March 31, down 0.2% from three months earlier and up 1.2% from the prior year.
Multiasset AUM totaled $3.5 billion as of March 31, down 16.7% from Dec. 31 and down 18% from a year earlier.
Federated began reporting assets and flows for alternative/private markets and multiasset strategies in the third quarter of 2018 after it completed its acquisition of a 60% interest in Hermes Investment Management in July 2018.
