The team at a $715-billion-AUM (as of September 30), publicly traded asset manager is celebrating the golden anniversary of their core business line.

John Christopher "Chris" Donahue Federated Hermes, Inc. President, CEO, Chairman

Tuesday was the 50th anniversary of the launch of Federated Hermes, Inc.'s [profile] first money market mutual fund. That fund, Money Market Management, debuted on January 16, 1974. The Pittsburgh-based fund firm's money fund business has since grown to about $560 billion in AUM as of December 31, 2023.

"For 50 years, through seasons of volatility and calm, Federated Hermes has confidently managed money market funds as the ballast of our ship," states Chris Donahue, president and CEO, noting that the firm's liquidity team members have an average of 25 years of investment experience each.

"For five decades, we have offered clients innovation, creativity and experience navigating various market conditions with the goal of making cash a resilient and attractive asset class," states Deborah Cunningham, chief investment officer for global liquidity markets."

Though Money Market Management was not the industry's first money market mutual fund, the Federated team lays claim to the fund being the first to ever use the "money market" label as part of its name. The fund is now called Federated Hermes Institutional Money Market Management, confirms Ed Costello, a company spokesperson.

Federated Hermes' global liquidity team includes 33 investment professionals, Costello notes. He adds that that team powers 16 2a-7 money market funds, plus institutional separate accounts, non-U.S. money funds, private and collective money funds, and local government investment pools. 

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