Federated Hermes to Acquire Remaining Interest in Hermes Fund Managers
On August 18, 2021, it was announced that Federated Hermes, Inc. will acquire the remaining 29.5% interest in Hermes Fund Managers Limited.
Under the terms of the agreement, Federated Hermes, Inc. (“FHI”) will acquire the remaining 29.5% interest in Hermes Fund Managers Limited (“HFML”) held by BT Pension Scheme for approximately $161.5 million, to be funded through a combination of cash and borrowings from FHI’s existing credit line. Approximately 10% of HFML will continue to be held by an employee benefit trust. Further terms of the deal were not disclosed.
FHI (NYSE: FHI), based in Pittsburgh, is a global investment manager serving corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. As of June 30, 2021, FHI had approximately $645.8 billion in assets under management.
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