Federated Hermes is an asset manager with $903B in AUM, operating across five asset classes: money markets, fixed income, equities, alternatives/private markets, and multi-asset. Money markets are the dominant business at roughly $683B or 76% of total AUM, making Federated Hermes one of the largest U.S. money market managers. These products — covering government, prime, and municipal categories — give institutions and retail investors a way to earn yield on cash while maintaining daily liquidity. Equities (~$98B) and fixed income (~$100B) round out the long-term asset business, with the MDT quantitative equity strategies serving as the primary organic growth engine. Alternatives and private markets (~$19B) are smaller but growing, spanning European direct lending, private equity co-investment, and real estate through the UK-based Federated Hermes Limited subsidiary. Federated Hermes earns revenue primarily through investment advisory fees calculated as a percentage of AUM, meaning revenue moves directly with average AUM levels. Fee rates vary significantly by asset class — equities earn the highest rates, while money markets earn the lowest — so AUM mix matters as much as total AUM. The firm distributes products to over 11,000 customers through U.S. financial intermediaries, U.S. institutional clients, and international clients. Growth priorities include expanding the MDT equity franchise into new geographies and wrappers, building out private markets fundraising, and investing in tokenized money market fund distribution as a potential new channel.