Federated Hermes announces portfolio manager retirements and related portfolio management transition plans

PITTSBURGH, Nov. 5, 2025 /PRNewswire/ -- Federated Hermes, Inc. (NYSE: FHI), a global leader in active investing, today announced investment management changes that are expected to take place in 2026. The moves include the retirements of five portfolio managers and the related transitions of portfolio managers and team leaders who will step into new roles as part of the firm's long-term succession planning process.

"The transition of these portfolio management responsibilities is the evolution of Federated Hermes' long-term succession planning, which has been underway for years," said John B. Fisher, president of Federated Advisory Companies. "Consistent with that succession process, our chief investment officers—Stephen Auth, CFA, Equities; Deborah Cunningham, CFA, Global Liquidity Markets; and Robert Ostrowski, CFA, Global Fixed Income Group—have fostered supportive and developmental approaches that have nurtured their respective teams' current and next generation of portfolio managers."

"We are deeply appreciative of the outstanding contributions these portfolio managers have made during their many years with Federated Hermes," said Fisher. "With extensively experienced teams in place, clients can be assured that we will continue to offer the same strategies and processes, which have earned our well-deserved reputation for equity performance, strong risk-adjusted fixed-income returns and competitive liquidity fund outcomes." The following changes are expected in 2026:

• Todd Abraham, CFA, senior portfolio manager and head of Federated Hermes' Government/Mortgage Backed Fixed Income Group, will retire April 2, 2026. Following Abraham's retirement, Liam O'Connell, CFA, portfolio manager, will lead the Government/Mortgage Backed Fixed Income Group. O'Connell has 22 years of experience with Federated Hermes.
• Lee Cunningham II, senior portfolio manager in the fixed-income area concentrating on municipal securities, will retire April 1, 2026. Following Cunningham's departure, Ann Ferentino, CFA, senior portfolio manager and co-head of the Municipal Bond Group, will continue to lead portfolio management and research related to municipal securities. Ferentino has 30 years of experience with Federated Hermes.
• B. Anthony Delserone Jr., CFA, senior portfolio manager in the fixed-income area concentrating on domestic high-yield securities and leveraged loans, will retire April 1, 2026. Following Delserone's retirement, Kathryn (Katie) Glass, senior portfolio manager and co-head of the Domestic High Yield Group, will continue to oversee domestic high-yield securities and leveraged loans, drawing upon her 26 years of Federated Hermes experience.
• Mary Jo Ochson, CFA, chief investment officer, senior portfolio manager and head of the Tax Free Liquidity Investment Area and Short Term Municipal Bonds, will retire April 2, 2026. Following Ochson's retirement, tax-free liquidity investments and short-term municipal bonds will be led by Kyle Stewart, CFA, senior portfolio manager, who has 29 years of experience with the firm.
• Hans Utsch, senior portfolio manager and co-head of the Kaufmann Group within Federated Global Investment Management Corp., will retire July 1, 2026. Following Utsch's retirement, John Ettinger, CFA, senior portfolio manager and current co-head of the Kaufmann Group, will continue to serve as head of the group. Ettinger has 31 years of investment experience and has worked with Utsch for 29 years, including 24 years at Federated Hermes and four years as co-head of the Kaufmann Group.

The Federated Hermes Kaufmann Group, part of the overall 156-member equity team, includes seven portfolio managers, who average 20 years at Federated Hermes, six additional analysts, who average six years at Federated Hermes and three traders who average 23 years at Federated Hermes.

The Federated Hermes fixed-income team includes 106 portfolio managers, analysts, traders and other investment staff who average 14 years at Federated Hermes. The Federated Hermes liquidity management team includes 34 managers, analysts and traders who average 22 years at Federated Hermes.

Further information regarding these portfolio manager retirements and related portfolio manager transitions will be disclosed in regulatory filings for the relevant Federated Hermes funds that they manage prior to their retirement.

"We are very proud of the stability, continuity, depth of investment management experience and personnel we maintain across our liquidity, fixed income and equity asset classes," said Fisher. "These capabilities have long been hallmarks of Federated Hermes, and they contribute to our ongoing ability to successfully execute succession strategies."

Federated Hermes, Inc. (NYSE: FHI) is a global leader in active investment management, with $871.2 billion in assets under management, as of Sept. 30, 2025. We deliver investment solutions that help investors target a broad range of outcomes and provide equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies to more than 10,000 institutions and intermediaries worldwide. Our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh, Federated Hermes has more than 2,000 employees in London, New York, Boston and offices worldwide. For more information, visit FederatedHermes.com/us.

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Certain statements in this press release, such as those relating to the ability to maintain investment processes, may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the company, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Other risks and uncertainties include the risk factors discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission and in each fund's registration statement (e.g., prospectus and statement of additional information). As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the company nor any other person assumes responsibility for the accuracy and completeness, or updating, of such statements in the future.

SOURCE Federated Hermes, Inc.