Federated Hermes to acquire C.W. Henderson's $3.63B municipal SMA business for $30M+

FEDERATED HERMES, INC.

Initial purchase price of $30M, plus up to $20M in contingent payments over five years based on net revenue growth.
C.W. Henderson manages $3.63B in tax-exempt municipal securities across direct, SMA, and sub-advised accounts.
Transaction expected to close in Q3 2022; entire C.W. Henderson team will join Federated Hermes.
Acquisition adds municipal SMA expertise to Federated Hermes' existing $23B SMA business.
Deal approved by both boards; subject to client consents and customary closing conditions.

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