FHI - Earnings call transcript Q2 2022

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Operator

Good day ladies and gentlemen and welcome to the Federated Hermes Q2 2022 Analyst Call and Webcast. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Ray Hanley, President of Federated Investors Management Company. Sir, the floor is yours.

Ray Hanley

Good morning and welcome. Leading today’s call will be Chris Donahue, Federated’s CEO and President – Federated Hermes CEO and President; and Tom Donahue, Chief Financial Officer. for the Federated Saker business; Hermes Cunningham, Investment for the who and us Chief of markets. CEO Limited, Officer joining Q&A Nusseibeh are is Debbie And money the our international

future filings. today’s these given review note Federated and than our to in to results the risk we we materially by as implied SEC results that make statements any disclosures Hermes’ forward-looking update During assumes and forward-looking No call, Hermes such be want Chris? no results maybe to actual statements. assurance can different may Federated statements. our Please duty of

Chris Donahue

SMA more to to Thank performance. manage C.W. Inc., Associates, and to forward It equity about management the where strategies, we the outstanding of Chicago-based and complement where quarter. employees the C.W. provide morning, in Tom in look Henderson specializing together growth enhance all the our income all. billion Federated results. addition three of strategies. quarter will welcome service. Henderson to SMA Good decades performance fixed and close the registered you, manages Hermes will and tax-exempt to assets. on third in about of expected approximately currently with a C.W. of products. experience business, investment overall comment also will to agreement is team our end $XX financial Ray. continue and second proudly to in customer opportunities review working we $XX.X billion enhance XX of acquire billion at we existing manage in transaction business will The develop muni we $X.X Last expected and Henderson Federated Hermes securities week, adviser in than I The our the municipal announced and

assets business and increase classes, end Turning that total QX, challenging in growth money in with the revenues offset quarter an now Federated decreases our markets across a to in enabled long-term both market mix assets assets. presented to asset quarter as Hermes in

than QX the more exchange equities, $XXX impact redemptions separate billion to at net during of XX% approximately first market in by assets total included BTPS. decrease institutional This Equity $X.X due were of redemptions rates. Looking account in million. losses and foreign the was

and finish XX-month QX that that equity international strategies, dividend, $XXX international concentrated growth about including redemptions in strategies several fund to funds based sales in only difficult strategies Strategic such positive territory for strategic reflecting International The recently We Our $X.X Asia engagement. positive conditions produced equity and and The funds net strategic among Journal value under driven net billion SMAs managed the the net of $X actively million. SMA The billion, highlighted mutual sales million, the fund dividend $XXX sales X,XXX both These sales. our the domestic at Wall in was just of XX combined solid with out the returns was SDG XX Value equity fund QX on of in as with strategy ex-Japan, top by about strategies. strategy. sales value at stock Street period the dividend Morningstar net these fund had further data. producing one $XXX noted market the U.S. as were ending article double-digit rolling Net QX positive for fund were with saw period. million, the article

on and including emphasize and responded markets strategies inflationary that well emerging past income, dividend to value continued classes asset have We strategies. periods, international,

restore companies including to launch Museum. line, expanding also biodiversity. biodiversity preserve helping that fund are fund collaboration our recent the of product in and equity The a History in with London’s equity We Natural invests are

QX, trailing X XX% at to of was data top end of peers compared of solid funds in of were peers for quarter at equity the their Using the Morningstar category. equity end quartile and Our our second were the beating performance the fund XX% the years

of QX, first including funds weeks and net MDT Core Asia International sales first funds Small positive $XX strategic Value X in For combined SMAs MDT Cap with the July, equity X among million. weeks net value of Cap and Growth had We the had Small redemptions Strategic dividend, ex-Japan, XX others. equity of and dividend,

$X $X.X fund net account net $X.X net now redemptions. redemptions income, to sales in X sales Fixed net separate were funds. Fixed income multi-sector account billion occurred redemptions driven of Within funds, net fixed Ultrashort down by fixed slightly income Turning $X.X about QX of billion, strategies. income billion saw of of QX. from billion separate were by about offset the

short, addition, funds funds securities, fixed among redemptions. credit, the climate had yield quarter net so, difficult of Most income about with we high XX bond million second market quarter, another reflecting inflation-protected of conditions. categories high-yield others. muni had positive had conservative redemptions, micro Even In net adjustable capital change of in rate, $XXX preservation, sales funds including

– the the in Regarding performance, the and our at income XX% second quartile top the XX% of X of equity and using fixed our were of data funds Morningstar of funds years, were quarter their trailing peers for category. end beating

redemptions each and X about Again, million, mainly funds, of the Ultrashort high first better. the third For trending million yield funds $XXX $XXX income quarter, and the $XXX of SMAs net from fixed of weeks had billion.

in second million offset return These, Of of recently investors equity who commitments, vintage with unconstrained these net estate, XX same in and the micro absolute XX We bond the net municipal the our infrastructure, markets MDT largely the nearly funding. strategy lending income alternative return the however, make private Neutral and and closed category, new and funds, total with however, credit. XX Prudent direct private net by committed positive $XXX led we had period, Advantage million Bear, positive In $XX were short. high-yield conservative fixed sales redemptions of During Fund, Market sales market by credit, were finance. funds trade municipal real European sales included of private investors.

and our the XXXX. to fourth pleased launched past to We months. far our We equity recently will with billion, significant our X billion hold over net We including to with ‘XX quarter P-E-C, our third commitments expect BTPS about next of this Korean so $X.X of a $XXX occur We and first total began fifth our private raise were million. XX institutional million. is from $X.X billion Due About equity of these both into the including this credit to million. private continue launched bringing our private come we $XXX into strategies, of QX of total demand, in fund, to Horizon We lending, held separate to market equity, announced yet in funds institution $XXX of fund million unconstrained closing the We and vintage as last May. to the direct second structure billion closing we accounts. $XXX X $XXX PEC, private XXXX. month million; $X.XX with $X expected to remainder mandates adding vintage co-invest PEC fundings in market for

system. continued money compared money also in with increased benefited elevated Funds of relative Now all to benefited financial from from yields in moving from higher to the coming quarter markets higher growth funds billion the nearly yields assets funds. Money liquidity levels to The the market from about deposit the alternatives. quarter, first $XX second

X.X% the share, quarter about X.X% of the the from includes quarter. end of was market sub-advised fund mutual market which second the up money at end at first Our funds,

increases the recent nearly fund have money yield-related short-term With in rates, minimum waivers interest ceased.

in rates. $XXX to over were continue deposit market assets, market particularly were billion approximately in money private $XXX to believe that funds mutual income, rates in fund including assets $XX.X higher billion time as at billion, in billion. markets, short-term We at markets money Money Tom? look in equities, the Taking $X assets alternative billion and compared $XXX multi-asset. recent billion total will $XX $XX.X fixed benefit a billion managed

Tom Donahue

were of travel lower move QX expense due about pandemic. per impact investments and million and to compensation. $XX quarter yield the to lower share as mainly per about in QX, the higher The $XXX million end seasonally Debt investments. $XXX,XXX travel QX waivers. from promotional decrease and at the and which expense assets, opportunities Higher related from reduced taxes on distribution impact quarter average and partially XX% expenses additional added money rates interest low advertising by rebounding debt from quarter in The from and seasonally to for for prior reduced the compensation to volume by by the carried long-term Thank from an market you, the million, and million, during QX interest QX in travel related These lower or subtracting short-term to and minimum we million Non-operating attributed expenses lower of the $XXX,XXX QX. were assets, the market about to in fund $XX million prior day the QX $X.XX money after on related were in by about QX million the our yield-related expenses higher compared increased fees, $X impact average in due to expense waivers the Operating $XX market us. market in rates QX, million, to compared FX revenue now negative lower $X.X which yield-related minimum non-controlling of of million and which interest XX% performance $XX.X $XXX higher $XXX fund compared was are reduced operating higher reflects compensation or long-term minimis. for from quarter payroll decreased of and Chris. $XXX available carried the income negative quarter was fees QX, end million market stock de cash sterling-based earnings $XX.X waivers waivers driven in of pound million. performance money by to higher mostly At QX. due money $XX.X increased and the offset Total million severance, lower results mainly the fund minimum QX. revenue and revenue QX

are a lending forward repurchased assets a contracts purchase we and and relationship be draw assuming approximately Chris and continue also levels agreement definitive client payable $XX $XX a that conditions. the $XX The great in his to private which strategies. The million relationship in of their a Henderson Hermes and private Investment we be price certain years for a of completed substantially the a mentioned also. looking public C.W. million. as we purchase million we to of $XX assignment C.W. to UK growth opportunity multiyear our million from for subject Inc., obtained. also series consent the QX, much in continues we mentioned aggregate infrastructure expected further annually price Henderson and obtained. X.X aggregate planned since is During earn large on this level can for purchased client current million certain that become great Associates, acquire that net in contingent great equity being transaction year. as C.W. customary And payments – recently in the large markets growth with the have based to Henderson comments, have asset purchase for estate, them stock real of completed shares in revenue the Chris client announced next on all X advisory initial of levels the to transaction and to last the involves closing BTPS down based total to to for of

our transaction accretive to expect costs. now. the upfront be up to questions call remarks, by in and prepared $X.XXX We about we’d completes like the open the for transaction year, first Holly, that the excluding

Operator

first [Operator Davitt. Patrick from for then your Please Instructions] coming your pose question is affiliation today question. Your announce

Patrick Davitt

everyone. morning, good Hi,

divergence? is sudden rotations still inflow, ability how about we think had through a And you’re your monster kind should you the what is you but share outflow, these to First of in take a is in in second of the think money flow so share But fund took the lot significant the on do the fair driving in July, year? deposit of your quarter. industry June dynamics. balance question that now of back Obviously,

Chris Donahue

very, is a very, on and of point, weeks. difficult long-term to then make a couple I’ll very let comment First Debbie comment

down big a comment. from have the here at and we for tough more, it’s a up I’m clients, have far to so Debbie billion, And $X so billion billion, $X just And make billion, July. will list that, and you’ve looking prognostication in $X got $X days,

Debbie Cunningham

client ultimately, departure and to that we a say just year set Chris, for preauthorized had days, on those this negative very about summer. Thanks was that a I’m going from ago

had we May. in So in May, flows they in They some June, outflows started got July, larger.

with their has flows that of out, data. another type of those above client client flows large mix industry that single are underlying one you the moved If that product into sort with we

was what that clients, large this about saying, in we’re we and basically, surprised. similar knew case, not to preauthorized Chris So

Patrick Davitt

Okay, just quick the down a great. make the kind BTPS I you that with planned merger. That’s to sure then heard has draw finished call, helpful. want very correctly on follow-up And said base the from that the I – in of of

Chris Donahue

Yes.

Patrick Davitt

Yes. Alright. much. Thank very you

Operator

for Please then next coming your Your question from pose is Fannon. today announce affiliation, your Dan question.

Dan Fannon

Thanks. from Jefferies. Good Fannon morning. Dan

to money the follow-up business make market of statement. the we understand wanted the on flow-through income and sure for Just kind

we is As thinking should kind of think as think on distribution both the economics exiting the of side those and normalized well the about we flowing with as products fee relationship the expense. about through the XQ, of geography with about how waivers now revenue

Ray Hanley

Ray. Dan, it’s

continued improvement some QX into came But recovery late. was even the mean I – true. so of that out of nearly And coming largely that’s think the course, waiver complete. QX. yield of I happened

a You’ll see your bit in terms, QX, little largely normalization – it’s still but of in complete.

can the at around, what yes, point, on that, funds all channels, changes, reflective would not the that so yield current geography of that but of obviously, change waivers. and it client is this current look based be current based the And on assets, like will

Tom Donahue

up item, of of distribution Also only will what on a the our the you’d and rest happens to rate, expect Ray just with year like item. what number with expense sorry, line just waivers run on the we said, distribution go happens full line restoring the expense quarter, see – full that on assets than based – full

Dan Fannon

or some quarter that, the fees, again, I And be other flow-through full believe investment fees service is like the as Is advisory of well recovery just there also? assuming also expense. fees Understood. that similar? management mix as the should within full distribution that in still There

Tom Donahue

about talking were in we mean combined. I both Yes. it

Ray Hanley

of But line items the yes. well, it’s true as

Dan Fannon

seeing the is looking Other back of of or you’re up, think kind things. would then spending are about we be first expenses And areas either to of in some spending commentary less the second the forward-looking in around more what of half Any year, travel the it. picking just at of helpful. the the Got more from half half obviously, – year whether levels? kind discretionary

Tom Donahue

would to I increase I’ve Well, stopped incentive that. expect predicting comp

XXX ebb this and least at flow, year. up. I go expect I’ll we’ve So onboarded say over it to The people

those to of So get you rate got the run people in.

those were Of course, most of replacements.

stock-based So other low. compensation you Then that kind number balance was the severance and stock the of have things out. each

talked on I’d overall, We it So the comp, incentive, to just to expect say the up. distribution. about go

to So say systems run includes I that don’t into one. communications. Advertising, need rate which probably a go in similar conferences, I’d

our I T&E invest, inflation, We inflation. that’s and data I with inflation And on costs, market stay to to continue got – on about deal professional fees, have we’ve expect to that.

Dan Fannon

you. thank Okay,

Operator

Your announce question. question then next Kenneth coming Please is pose your Lee. from your affiliation,

Kenneth Lee

Thanks my for morning. Hey, good taking question.

well. lending funds, fund as the mentioned fundraising You direct in for remarks PE the prepared ongoing the

would current demand What products you environment? investor for characterize these environment? how the wondering are in terms in of seeing you the institutional Just fundraising Thanks. current

Chris Donahue

let I’m to it going way. that you swing this Saker, take

Saker Nusseibeh

much, Thank very you indeed.

private demand So than of we I most And this evident direct the we is our look by business. for if the at very assets expected. higher fact general lending demand closed the that is we say our strong.

remember, very this seen have in And We’ve a well. equity infrastructure which also venture our for to our is several commitment years. private joint we that in one fund. fund, And investments these also was We as encouraging. three property announced in case, commitment

our are time as of private are demand appears if but what what can’t the there it we assets. is is market, for we seeing, whole for that I this seeing speak uncertainty, So in

Kenneth Lee

Great. may, the money Thanks. And any That’s if just area? the just of updates follow-up, or very in side, thoughts I market fund terms side, one updated on helpful. regulatory that any around

Chris Donahue

There aren’t real any Ken. updates,

repeat market to sounding beauty money continue of the We of the joy funds.

October, even the when funds would perhaps it? The to our have might rule. talk these timing that be continue the rumors know. the staff We of market. to money What only treasury will we talk notice and importance can in finalize I to that in update are I don’t the the commissioners with all they efforts to rumors in be about talk to to the of

been and a you funds, pricing let have in have fiduciary the swing know, plague also requirements, on commented go best comments liquidity a that to decide And the the detach from to it’s customers. gates and how and our do is they to that tools been money As have all Boards you set is the run use for novel the before. order tried and all that, plug it’s never do have funds fees you’re these response and to the all and we

what little broken, just summary message. declare been on a that’s So victory move our has was fix and

Kenneth Lee

helpful. Thanks Got Very it. again.

Operator

coming announce pose question from then next for Your Ken today Please Worthington. is your affiliation, your question.

Ken Worthington

JPMorgan. Ken from morning. good Worthington Hi,

So a but at first like strategic are value on appears SMAs, crushing big have part I just of value moment, redemptions. SMAs. SMAs be reasonable to in the is it Strategic believe

how me weakness strength look I’m all So reconcile sales bit I’m surprised value forward? the How of of out. doing. expect maybe trying figure and as sort to SMAs strategic fund that rebound should in to anyway, things help the look don’t strategic values we in here that SMA a better strategic of we But value of given are SMA sales? the version

Ray Hanley

Ray. it’s Ken,

of And the and had fixed inflows some value, it. though, the of strategic just value had again, inflows net SMAs, was our were net the but bulk most quarter of from strategies for on net yes, inflows So was $X billion. total equity under other that the SMAs income strategic

what account as are assets. separately a SMAs managed So report we the part of

with billion from client there, BTPS the takes, then SMA picking very drawdown their up you’re you’re but a and – about to we puts quarter. solid and $X.X talked in when coming so and itself complete And that of business had the the negative seeing other

Ken Worthington

part probably but you months. that planned client thank redemption is How left out – with over there that’s money much to planned up up that redemption? in client? in market money couple significant And or the taken mostly place Are Okay, I you. screwed of that left still you. redemption are as announced is come there that great. funds on they the cleaned then Thank last that of

Chris Donahue

Debbie?

Debbie Cunningham

up, still clean some out. vast majority is is but of There The Yes. gone. to it of that the tails majority is

Ken Worthington

Thank great. you much. Okay, very

Operator

question Please affiliation and your from announce question. is Brown. post your next Michael coming Your

Michael Brown

Hi. KBW. have take thoughts a next your rapid I pace Mike and about bit here Brown guess from wanted to back Good money a we morning. from seen very a and outlook rate cut year. actually I the markets pricing fund Obviously, business. Fed hear of little here for and the step the the hikes

whether over So, your you don’t how know to on time, interested the obviously, How all money we the I industry have historical think curve a would you – to months but do research XX incorporate XX could you your be changes money flows fund forward next months. experience. but ball should how hear the crystal the just very fluid, of perform or it’s own And about – flows thoughts. we

Chris Donahue

as than increase industry supply funds put going up, the cash money And or in market group and or in valuable you booklet or slightly down-rates a some what X% perspective, it going in a period. And higher From place a as or up, very somewhere. going about that worried but need up-rates inflation industry, that to going Federated, chart are money money term and are very, up whatever. short-term not Mike, put both whether over of up goes that stock the long, course, longer our the for Federated average, higher. tells funds people a efficacious you we on in long money And the long, the shows people is

expect of has Fed these securities So, we increased for would for to I flows. given continue. things being a And certainly short-term and have resilient the that would see proven what century half done expect, especially places cash, to very

in which let doesn’t this of SEC the into ‘XX, comes to without probably All cannot on with, view get hearing it. that put by but effect you question subject up until is Debbie’s sometime whatever go

Debbie Cunningham

Yes, Chris. very are point, say Michael. Thanks I would optimistic, we at this

higher that that number out back Those looking PCE still rates. one with And X.X% Fed We respect at control. than basis, under fighting X.X% inflation come We they a is goal increasing be, are their morning on the to inflation month-over-month. this continues to had should to expectations. be both at a as year-over-year bring are

that goal yet are we – comfortable think point. achieved this feel not can’t at So, is their that being I they

they it started of look if March. raising points rates in only when you started and with However, sort XX at basis they back

and about into but types are for to the it six are other in not there is specifics lags marketplace. months leads And process. even nature, different of We generally, impact months six that the increasing takes rates in generally,

not think that yet. we control, there gaining they So, certainly are but

the even months that continue off first X.X% to look in has a dependency will XX so, a of is – than upon rate area, trailing us then been the again, told see about raise into you now happening then of phrase, maybe XXXX. expectation Our depending more it holding of likely larger And the a or so six increases basis fourth terminal X% in what’s the at if to maybe and Fed another quarter front-ended, catch And in somewhere half towards September. for points and data historically. the

to And and news to comes news you so try react are it and they if dime, new going as on will react a additional to out.

Fed are continuously listening we speak. So, to

to felt. watching continuously the not give the saying, what be was Chris comes stock zero agreeing will are flows and out, we that after we at with us far hopes statistic increased, have go But has anymore. done incoming, the they are with the each so that are We guidance it what with as they starts the money rates and data

new for at something versus asset cash sense this environment to environment environment So, point. flows classes in good cover, It’s a for a a earn positive good good to other placed. it’s to for people people take a be it’s

Michael Brown

and Great. for that if Debbie allocation. Chris, to capital appreciate all gears I change Thank Thank you. I color that. just And you then really

announced So, just an repurchases the you forward? on then thinking update you Can the on if And seeing at had which fit nice a you other of allocation Henderson, touch are you you attractive how in C.W. acquisition acquisition $XX just million seems share this quarter, like are going about of any time? capital share here. opportunities

Tom Donahue

Mike. Sure,

we So, the it and and And XX-year we borrowed going knew X.XX% get when that, million we $XXX we to were money. we borrowed – we started buying shares.

to million our buy price to thought X the expected going were way, up We million go rates XX that shares. was we By to stock and undervalued.

to So, for pace we with last shares, three Henderson also about the quarters, million to us XX have C.W. our money and the acquisition. the got pay

so the from back recent would I from buybacks scale there I say think should pace. And

at and will program If is million XX a public now, about share count right X and to have look you programs And by we we since completed that buyback reduced the and remain approved have going available history, we share active. XX%. us, our

terms M&A, next announced just of we getting and perfect. then the what’s We deal. In asked, a are deal we – it’s

there. are still that to lot happen. that need which we still have opportunities, on side I talk don’t alt to active we a and our but we our team side, out is and there, the which close and But to So, have about of on the expect put grow, specific deal to anything M&A efforts

Michael Brown

go certainly spree. appreciate need acquisition imply an I to on that mean Great. that. you And don’t Okay. to

the interested thoughts in there. was Just

for questions. Thanks my taking it. appreciate So,

Chris Donahue

you. Thank

Operator

Your Please next post is question announce from and your question. Dunn. your affiliation today for coming John

John Dunn

Yes. Cap underlying touch picture Hi, is the John you discussions where on Could Kaufmann gross maybe Fund? for decay Evercore kind the Dunn, sales of Small ISI. and

Chris Donahue

Please repeat. I missed words, some of John. your

John Dunn

Okay. Yes, sure.

Okay.

touch you the gross where picture Sorry discussions Small underlying decay Kaufmann and sales on about could the Maybe that. maybe just for is Cap?

Chris Donahue

over as closed asset was general, that figures you at up closed The we billion. for know, fund. were a year. It In Okay. $XX

in range. are Now $X the billion they

in or because clients would So, cap getting average time we buy commentary growth back side the small this were to on be the side. opened from growth in that on it – the up we some

you will let some dynamics. So, at this point, tell the I Ray of

Ray Hanley

Sure, John.

in to it’s about at weeks If you of dropped more $XXX at million XX%. it QX, QX fund, redemption running in look for early million. three part trend was like the and the That QX, through that here $XXX

So, it lot record is conversation time this of consultants regional are particular, continues strategy and our growth, given the are that right strategy, and its Anecdotally, when there into of to to the is Those long-term get team. numbers. about sales and the strength trend downward. but having, this back force, the our in a into history

anticipating the we So, as have we seen diminution that far in is in so is and what redemptions, strategy. improvement are ongoing there interest considerable

John Dunn

flows. Great. one maybe just on on other another then And recent drag

drag? that You Ultrashort continue you and think talked about a of Do high-yield closer not to better trends in funds. could trend to, if to less neutral,

Chris Donahue

And say worse. in was the originally to then they were that they was better. less amended word Well, there had are I

are And had one and the can high-yield good even have any dealing about are redemptions continues. only our Those still with are those say that flows. you is offerings viable they So, that’s once about we thing they are gone. But still we products gone, there. positive with of like what

So, – some we those that. see give don’t details anytime on Ray you will But of soon. them the stopping

Ray Hanley

certainly Yes, same the and clients has strength million been like of with high more of we about long-term if kind our record about look there but again, challenge know our that’s the of yield picture. now have. that we QX, class in had team asset I mean million. $XXX redemptions you credit, where with And, collectively at $XXX

back exposure, conditions would expect eventually and to we continue so that, improve as like confident would and fully get And things as people become in that to improve inflows. more high-yield

all of happening On with what’s the part of liquidity Ultrashort the side, options. it’s spectrum

to clients has Chris money or at some Debbie get do get X% plus Ultrashort, out you the were had you inflows. When that to of reason when about, minus mentioned movement could there close who has inflows. So, moved you zero, had Ultrashort and having now. is kind talked that or cash an yields Obviously, rate less to Microshorts and market down

of And part down be redemptions wash we in money part it’s am again, through But money very down of decreasing. went left up of the sure, of the to that’s some certainly, Ultrashort’s trending It looks to market has into the early the the net to be complex. I more compared and QX, QX. slightly so that pace QX

John Dunn

Understood. Thanks very much.

Operator

a is have from question do Patrick, coming line Patrick Davitt. follow-up your We live.

Patrick Davitt

Yes. clearly fee I small. of summer. that that money you one money what’s a this on Is quite assumption? fund the assume a that for big was rate quick the client talking on follow-up. given Thanks chunk Real were that pretty the loss fair about big

Ray Hanley

rate, Yes. to particular us named – any even we hard But client best than because it’s at – though, there be we you Patrick. would if to expense them. wouldn’t And you a overall haven’t look is but to of course, – there be one is related talk do both others. fee revenue an and reason could intermediary, We about the it distribution and blended differently – this for highlight the in

Patrick Davitt

Okay. Thanks.

Operator

to any queue. questions over back There to remarks. closing no for I would further turn floor the in like are Ray

Ray Hanley

us concludes today. you we you thank very Well, joining our and much, for Holly, that call, and thank

Operator

conclude Thank conference ladies and today’s you, This gentlemen. call. does

have your and a phone Thank time, disconnect You day. lines for may you your this participation. wonderful at

Federated Hermes (FHI) 29 Jul 222022 Q2 Earnings call transcript