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

PITTSBURGH, Feb. 4, 2025 ~ Federated Hermes, a global leader in active investing, has announced significant changes within its fixed-income group. The firm has appointed Kathryn (Katie) Glass, CFA, a seasoned portfolio manager with Federated Hermes, as co-head of the Domestic High Yield Group. She will work alongside Mark Durbiano, CFA, who has been with the company for 42 years. Additionally, the firm has announced changes to its portfolio management team in preparation for the retirement of Jeff Kozemchak, CFA.

In her new role as co-head of the high-yield group, Glass will utilize her 27 years of investment experience to take on administrative and investment oversight responsibilities for the team. She has been an integral member of the high-yield fixed-income team at Federated Hermes for 26 years and has worked closely with Durbiano in the domestic high-yield sector.

Durbiano, along with Robert J. Ostrowski, CFA, chief investment officer of the Global Fixed Income Group at Federated Hermes, has built a strong and experienced high-yield fixed-income team and a collaborative investment process for the firm's range of high-yield offerings. The team consists of 16 members with an average industry experience of 20 years and an average tenure at Federated Hermes of 17 years. They currently manage approximately $13 billion in US high-yield fixed income strategies as part of the firm's $98 billion in fixed-income assets as of December 31st, 2024.

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In the municipal fixed-income area, Jeff Kozemchak will be retiring after 38 years with Federated Hermes. Deborah Cunningham, CFA, chief investment officer for Global Liquidity Markets expressed gratitude for Kozemchak's contributions to the company over his long tenure and acknowledged his role in establishing Federated Hermes' reputation for strong results in municipal strategies.

To prepare for Kozemchak's retirement, Federated Hermes has announced the following changes to its portfolio management team:

- Ann Ferentino, CFA, a senior portfolio manager with 27 years of investment management experience, will be added as a portfolio manager on the Federated Hermes Municipal Ultrashort Fund alongside current portfolio managers Mary Jo Ochson, CFA, and Kyle Stewart, CFA. This change will be effective from February 10th, 2025.

- Ann Ferentino, CFA, will also be added as a portfolio manager on the Federated Hermes Short-Intermediate Municipal Fund alongside current portfolio managers Mary Jo Ochson, CFA and Kyle Stewart, CFA. This change will also take effect from February 10th, 2025.

- Michael Sirianni Jr., a senior portfolio manager with 37 years of investment management experience, will be added as a portfolio manager on the Federated Hermes New York Municipal Cash Trust alongside current portfolio manager Kyle Stewart, CFA. This change will also take effect from February 10th, 2025.

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Federated Hermes boasts extensive depth and experience in municipal portfolio management with a team of 28 investment professionals across multiple investment teams. The group has an average industry experience of 23 years and manages approximately $23 billion in municipal strategies as of December 31st, 2024.

The firm has stated that additional information regarding these changes in the high-yield and municipal fixed-income areas will be disclosed in regulatory filings as appropriate.

Federated Hermes Inc. (NYSE: FHI) is a global leader in active and responsible investment management with $829.6 billion in assets under management as of December 31st, 2024. The company offers a wide range of equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies to over 10,000 institutions and intermediaries worldwide. Its clients include corporations, government entities, insurance companies, foundations and endowments, banks, and broker/dealers. Headquartered in Pittsburgh, Federated Hermes has a global presence with more than 2,000 employees in London, New York, Boston and other offices worldwide. For more information, please visit FederatedHermes.com/us.

Certain statements in this press release regarding succession plans, retirement dates, effective dates and the ability to maintain investment processes may constitute forward-looking statements. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include those discussed under the caption "Risk Factors" in the company's annual report on Form 10-K for the year ended December 31st, 2024. The company undertakes no duty to update any forward-looking statement whether as a result of new information or developments or otherwise.

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