Horizon Advisers to Transfer Assets to Federated Hermes Mutual Funds
Federated Hermes has agreed to acquire certain investment management assets from Horizon Advisers.
Horizon Advisers, a division of institutional and high net worth management firm Hancock Whitney Bank, is the investment advisor for the transferred funds, according to a press release from Federated Hermes.
The deal will see a total of $ 568 million out of seven equity funds and two municipal bond funds transferred to Federated Hermes mutual funds. Assets will be moved to new and six existing Federated Hermes strategies, the press release said. The funds will have comparable investment objectives and strategies.
The move follows a similar deal in 2017, when three mutual funds moved into comparable Federated Hermes mutual funds. A spokesperson for Federated Hermes said around $ 435 million in assets had been transferred at that time.
“Federated Hermes is experienced in managing these types of transactions and has always provided investment solutions for various market conditions,” said David Lundgren, CIO at Horizon Advisers, in the statement. The team is confident in its selection of Federated Hermes “as a partner in this transaction, and their actively managed funds serve as a wise new home for these assets.”
Federated Hermes had $ 619.4 billion in assets under management as of December 31. More details were not available.