Federated exited September with $235 billion in long-term managed assets. Fee rates were up 7.0% year over year, average assets under management increased 4.4%, and revenue rose 8.1% to $507 million in the third quarter. Adjusted operating margin increased 260 basis points from a year ago to 30.2%.
With $676.9 billion in money market assets at the end of June 2026, Federated is one of the largest domestic money market managers, despite holding less than 10% of the market.
With 61% of money market AUM in government agency and Treasury funds, Federated has had to waive fees on a large part of its business during periods of extremely low interest rates.
Metric | FHI | IVZ | BEN |
|---|---|---|---|
Price/Earnings (Normalized) | 11.89 | 10.79 | 12.04 |
Price/Book Value | 3.66 | 1.18 | 1.46 |
Price/Sales | 2.35 | 1.72 | 1.86 |
Price/Cash Flow | 11.95 | 6.25 | 19.00 |
Metric | FHI | IVZ | BEN |
|---|---|---|---|
Quick Ratio | 2.34 | 6.66 | 2.84 |
Current Ratio | 2.48 | 6.66 | 2.84 |
Interest Coverage | 45.55 | −0.93 | 18.11 |
Metric | FHI | IVZ | BEN |
|---|---|---|---|
Return on Assets (Normalized) | 17.28% | 4.24% | 4.49% |
Return on Equity (Normalized) | 31.98% | 11.54% | 12.50% |
Return on Invested Capital (Normalized) | 22.44% | 5.55% | 5.01% |
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