Federated Hermes announces changes to fixed-income team and promotes Kathryn Glass to co-head of its high-yield fixed-income group

Core Viewpoint - Federated Hermes has announced significant organizational changes within its fixed-income group, including the appointment of Kathryn Glass as co-head of the Domestic High Yield Group and the upcoming retirement of Jeff Kozemchak, which will lead to several portfolio manager changes [1][4]. Group 1: Leadership Changes - Kathryn Glass, with 27 years of investment experience, has been appointed as co-head of the Domestic High Yield Group, working alongside Mark Durbiano, who has been with the firm for 42 years [2][1]. - Glass has been a key member of the high-yield fixed-income team for 26 years and will take on more administrative and investment oversight responsibilities [2][1]. Group 2: Team Experience and Management - The high-yield fixed-income team at Federated Hermes consists of 16 members, averaging 20 years of industry experience and managing approximately $13 billion in US high-yield fixed income strategies [3]. - The firm manages a total of$98 billion in fixed-income assets as of December 31, 2024 [3]. Group 3: Retirement and Succession - Jeff Kozemchak, a senior portfolio manager for municipal liquidity and short-intermediate strategies, will retire after 38 years with Federated Hermes [4]. - In anticipation of Kozemchak's retirement, several portfolio manager changes have been announced, including the addition of Ann Ferentino and Michael Sirianni Jr. to various funds [7][5]. Group 4: Municipal Fixed-Income Management - Federated Hermes has a strong municipal portfolio management team with 28 investment professionals managing approximately $23 billion in municipal strategies as of December 31, 2024 [5]. - The municipal fixed-income team averages 23 years of industry experience, contributing to the firm's reputation for strong, risk-adjusted results in municipal strategies [4][5].