Federated Hermes Elevates Kathryn Glass to Leadership Role in High-Yield Fixed-Income Group

Federated Hermes Reshapes Fixed-Income Leadership

In a strategic move to bolster its fixed-income capabilities, Federated Hermes has announced key leadership changes within its organization. The firm has appointed Kathryn (Katie) Glass, a highly experienced portfolio manager, as co-head of the Domestic High Yield Group. This promotion reflects the company's commitment to active and responsible investment management, especially in a sector that demands agility and expertise.

Kathryn Glass brings a wealth of experience to her new role, having dedicated 27 years to the investment field. Since joining Federated Hermes in 1999, she has played a crucial role in a variety of investment strategies. Working in tandem with Mark Durbiano, who has been with the firm for over 42 years, Glass is set to enhance the administrative and investment oversight functions of the high-yield fixed-income team.

As the co-head, Glass will not only continue her responsibilities related to managing high-yield investments but will also oversee and refine strategies across numerous vehicles, including mutual funds, ETFs, and separate accounts. Her long-standing collaboration with Durbiano has established a solid foundation for a collaborative investment approach, which has been integral to the group's success.

The high-yield fixed-income team at Federated Hermes boasts a group average of 20 years of industry experience, with around 17 years spent at the firm. Together, they manage an impressive $13 billion in US high-yield fixed-income strategies as part of Federated Hermes' broader portfolio of fixed-income assets totaling $98 billion as of December 31, 2024.

In conjunction with Glass's promotion, Federated Hermes is also preparing for the retirement of Jeff Kozemchak, a senior portfolio manager specializing in municipal liquidity and ultrashort strategies. Kozemchak's nearly four-decade tenure has been pivotal in building the firm’s strong reputation in municipal strategies, and his retirement on May 1, 2025, will lead to further managerial changes to ensure continuity and performance standards in this critical area.

As part of the transition, Ann Ferentino will join the portfolio management team for the Federated Hermes Municipal Ultrashort Fund and the Federated Hermes Short-Intermediate Municipal Fund, effective February 10, 2025. Ferentino, who has 27 years of investment management experience, will work alongside Mary Jo Ochson and Kyle Stewart, both seasoned professionals in the municipal investment space.

The Federated Hermes Municipal Cash Trust will see Michael Sirianni Jr. joining as a portfolio manager effective the same date. Sirianni has a substantial background, bringing 37 years of investment management experience to the team.

Federated Hermes prides itself on its robust municipal portfolio management capabilities, with 28 investment professionals managing approximately $23 billion in municipal strategies as of the end of 2024. This deep experience across multiple teams sets the company apart in the municipal market.

The upcoming organizational transitions are geared towards maintaining the high standards of investment performance and risk management that have become synonymous with the Federated Hermes brand. The firm remains committed to delivering strong and sustainable investment outcomes for its clients.

As a global leader in active and responsible investment management, Federated Hermes continues to engage with over 10,000 institutions and intermediaries worldwide, helping them navigate diverse investment landscapes. The company is headquartered in Pittsburgh and has a presence in major financial hubs including London, New York, and Boston.

For those interested in further details about these leadership changes and their implications on investment strategies, updates will be available through regulatory filings as necessary, ensuring transparency and informed decision-making in the financial community.

With a focus on ensuring seamless transitions and continued performance excellence, Federated Hermes is well-positioned to navigate the evolving landscape of fixed-income investments. The firm's commitment to nurturing talent and promoting from within is a testament to its culture of development and its long-term vision for growth and client success.