Core Insights - Federated Hermes, Inc. (FHI) reported second-quarter 2025 adjusted earnings per share of $1.16, exceeding the Zacks Consensus Estimate of $1.02, marking a 20.8% increase from the previous year [1][9] - The company's total managed assets reached a record $845.7 billion, reflecting an 8% year-over-year growth [6][9] - Increased net administrative service fees and net investment advisory fees were significant contributors to revenue growth, alongside a decline in operating expenses [1][3][4] Financial Performance - Net income on a GAAP basis rose to $91 million from $21 million in the year-ago quarter [2] - Total revenues increased by 6% year over year to $424.8 million, slightly surpassing the Zacks Consensus Estimate [3][9] - Quarterly net investment advisory fees grew by 6% year over year to $287.4 million, exceeding estimates [3] - Total operating expenses decreased by 15% year over year to $307.8 million, better than the expected $300 million [4][9] Asset Management - As of June 30, 2025, cash and other investments totaled $607.5 million, while total long-term debt was $348.3 million, showing improvement from the previous quarter [5] - Money-market assets increased by 8% year over year to $634.4 billion, while fixed-income assets rose by 4% to $98.7 billion [6] - Equity assets grew by 14% to $89 billion, and alternative/private market assets increased by 3% to $20.7 billion [7] Capital Distribution - The company repurchased 1,547,182 shares of its class B common stock for $64.5 million during the quarter [8] - The board of directors authorized an 18th share repurchase program, allowing for the buyback of up to an additional 5 million shares with no expiration date [10] Market Position - Federated Hermes demonstrates substantial growth potential supported by a diverse asset and product mix and a solid liquidity position [11]

Core Viewpoint - Colliers International Group Inc. will release its second quarter results for the period ending June 30, 2025, on July 31, 2025, at approximately 7:00am ET, followed by a conference call at 11:00am ET to discuss these results [1]. Group 1 - The conference call will be hosted by Jay S. Hennick, Global Chairman & CEO, and Christian Mayer, CFO [1]. - The call can be accessed via local and toll-free telephone numbers, as well as through a webcast available on the company's corporate website [2]. - A replay of the webcast will be available for those unable to attend the live call [2]. Group 2 - Colliers is a global diversified professional services and investment management company, operating through three platforms: Real Estate Service, Engineering, and Investment Management [3]. - The company has delivered approximately 20% compound annual returns for shareholders over the past 30 years, supported by significant inside ownership and substantial recurring earnings [3]. - Colliers has nearly $5.0 billion in annual revenues, a workforce of 23,000 professionals, and manages over $100 billion in assets [3].

Financial Data and Key Metrics Changes - In the fourth quarter, revenues rose by 6% sequentially and increased by 19% compared to the same quarter last year [23][26] - Adjusted operating income was up 12% sequentially and 37% year-over-year, driven by revenue growth outpacing operating expense increases [28][29] - Assets under management (AUM) ended at $161 billion, down 4% from the previous quarter but up 7% year-over-year [24][25] Business Line Data and Key Metrics Changes - The fixed income business achieved its tenth consecutive quarter of positive flows, with net inflows of $3.6 billion in 2024 [25][26] - The Denver-based credit team raised $1.7 billion in net inflows, while the Boston-based Emsights Capital Group raised $1.9 billion, collectively managing nearly $15 billion across six strategies [10][11] - 13 out of 25 investment strategies achieved net inflows in 2024, with 10 strategies exceeding $100 million in inflows [7][8] Market Data and Key Metrics Changes - The average AUM for the fourth quarter was up 2% sequentially and 18% year-over-year, while full-year average AUM improved by 15% [25][28] - Approximately 3% of AUM is subject to performance fees, with a weighted average recurring fee rate of 68 basis points for the quarter [27][29] Company Strategy and Development Direction - The company aims to build durable investment franchises by supporting investment talent and focusing on long-term growth [4][20] - There is a commitment to expanding the investment platform, developing existing franchises, and tapping into demand for high-value-added investments [22][33] - The company is strategically managing capacity in its international value strategy to maintain performance [38] Management's Comments on Operating Environment and Future Outlook - Management anticipates moderate strategic moves in asset allocation due to current macroeconomic uncertainties, with a focus on inflation and global market volatility [49][50] - The company is well-positioned to capture opportunities in active management as volatility in markets can benefit their strategies [51][52] Other Important Information - The company declared a quarterly dividend of $0.84 per share and a year-end special dividend of $0.50, totaling a 25% increase in dividends compared to 2023 [31][32] - The balance sheet remains strong with $155 million in seed capital and an unused $100 million revolving credit facility [29][30] Q&A Session Summary Question: Discussion on organic growth rate and fee rate - Management noted that the organic growth and fee rate changes are influenced by foundational assets in fixed income strategies, which have performance-based fees that can lower the overall fee rate [39][40] Question: Seed capital needs and payout rate for 2025 - The payout ratio is expected to remain in the mid-90s range, with some gains on seed capital realized in 2024 and more anticipated in 2025 [42][43] Question: Response to volatility in global and international emerging markets - Management indicated that there is a hesitance in the market due to macroeconomic factors, expecting only moderate strategic moves in asset allocation [49][50]