Who Federated Hermes buys from and sells to
Asset manager built on money-market funds, plus equity, bond and Hermes stewardship mandates.
Part of Government Net Interest Payments spending
Sells to 3
- BNY (incl. Pershing)BKfunds sold and swept through the Pershing platform~9% of revenue (FY2025 10-K)
- Bank trust departments and broker-dealerscash sweep and money-fund balances for their clients
- Corporate treasurers and governmentsinstitutional money-market balances
Where the chain could break
- Money-fund fees shrink when the Fed cuts rates far enough to force fee waivers
- One intermediary (BNY/Pershing) drives ~9% of revenue
- SEC money-market rules (liquidity fees, floating NAV) reshape institutional demand
Competes with
- Fidelitythe largest money-market fund complex
- BlackRockBLKinstitutional money funds and bond funds
- JPMorganJPMinstitutional liquidity funds
Mapped by hand from filings and company reporting, as of October 2026. It shows the relationships that matter most, not every contract: most are never disclosed, and agreements change.