Federated Hermes agreed to acquire certain investment management-related assets from Horizon Advisers.
Horizon Advisers, a division of institutional and high-net-worth management firm Hancock Whitney Bank, is the investment adviser on the funds being transferred, a Federated Hermes news release said.
The agreement will see a total $568 million across seven equity and two municipal bond funds transferred to Federated Hermes mutual funds. The assets will be moved to one new and six existing Federated Hermes strategies, the news release said. The funds will have comparable investment objectives and strategies.
The move follows a similar deal in 2017, when three mutual funds were transferred into comparable Federated Hermes mutual funds. A Federated Hermes spokesman said about $435 million in assets were transferred at that time.
"Federated Hermes is experienced in managing these types of transactions and has a history of providing investment solutions for a variety of market conditions," said David Lundgren, CIO at Horizon Advisers, in the release. The team is confident in its selection of Federated Hermes "as a partner in this transaction, and their actively managed funds serve as a sensible new home to these assets."
Federated Hermes had $619.4 billion in assets under management as of Dec. 31. Further details were not available.