Report
Greggory Warren, CFA
EUR 101.80 For Business Accounts Only

Fewer fee waivers continue to lift Federated's revenue and improve its profitability.

We are not too surprised to see narrow-moat Federated Investors kicking the tires on Hermes Investment Management, the in-house asset manager for BT Pension Scheme, the pension plan arm of U.K. telecom giant BT Group. Federated is not alone in its interest, with wide-moat Eaton Vance (a U.S.-based asset manager with more than $420 billion in assets under management), Old Mutual Asset Management (the U.S. subsidiary of U.K.-South African insurance and investment firm Old Mutual, which has more th...
Underlying
Federated Hermes Inc. Class B

Federated Hermes is a provider of investment management products and related financial services. The company sponsors, markets and provides investment-related services to various investment products, including sponsored investment companies and other funds (Federated Funds) and Separate Accounts. The company markets these funds to banks, broker/dealers and other financial intermediaries who use them to meet the needs of customers and/or clients, including retail investors, corporations and retirement plans. The company also provides a range of services to support the operation and administration of the Federated Funds. These services include administrative services and shareholder servicing.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Greggory Warren, CFA

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