Hermes Investment Management Limited (“HIML”) is a UK- based investment management company established in February 1990. HIML is an active asset manager that provides discretionary and non-discretionary asset management services through the management of a range of portfolios covering U.S. and global markets.
HIML forms part of the Federated Hermes group of companies (“Federated Hermes”) and is a wholly-owned subsidiary of Federated Hermes Limited (“FHL”), a UK holding company that owns a number of entities , some of which are advisory companies (“FHL Advisory Companies”), which in turn is 100% owned by Federated Holdings (UK) II Limited (a wholly-owned subsidiary of US company Federated Hermes Inc (“FHI”) which is publicly listed on the New York stock exchange (NYSE) and owns a number of US and foreign subsidiaries, some of which are registered investment advisers (further details in item 10).
HIML’s primary purpose is to help our clients retire better by providing active responsible investment management.
ADV Part 2A Brochure – March 20242 Alongside this is a commitment to delivering holistic returns – outcomes that consider the impact our decisions have on society, the environment and the wider world.
Due to the ownership structure, there could be a conflict between our ultimate parent (FHI and its advisory subsidiaries, together (“FHI Advisory Companies”) ) and our clients. To mitigate this, there is an information barrier in place between HIML and FHI Advisory Companies whereby FHI Advisory Companies personnel do not have access to HIML systems and confidential information (further details in item 10).
However when HIML is acting in a sub advisory capacity for FHI Advisory Companies’ clients, FHI Advisory Companies will provide coordination and oversight of the investment management activities of HIML and will share certain internally-generated research with HIML subject to the aforementioned information barriers and vice versa.
Type of Services HIML primarily provides investment management services to institutional clients, including pensions, Investment companies, charitable organizations, profit-sharing accounts and pooled investment vehicles which are not registered for public sale in the United States (“private funds”). Private funds may be registered for public sale in other jurisdictions such as Cayman Islands, Ireland or the United Kingdom. Currently, interests in the Cayman Island domiciled private funds are made available to US investors that are accredited investors and/or qualified purchasers as those terms are defined under the federal securities laws, or as otherwise permitted under applicable law. Private funds domiciled in Ireland or the United Kingdom are not registered for sale to US investors. Segregated Accounts Services HIML provides investment solutions in a range of equities, fixed income, multi-asset and private markets strategies. Investments are managed in accordance to an investment management agreement with the Client that describes the Client’s investment objectives, strategies, restrictions and guidelines. Private funds are managed only in accordance with their own characteristics and are not tailored to any specific private fund investor (each an “Investor”).
Model Portfolio Management Services HIML also furnishes investment advice and recommendations through the provision of model portfolios for some of its investment strategies and provides periodic updates to the model portfolios (“Model Portfolio Management Services”). HIML typically provides these services to investment advisory firms or other managers (“Overlay Managers”), either directly or through turn-key asset management providers that operate platforms or programs in which Overlay Managers participate. These Overlay Managers utilize HIML’s model portfolios and periodic updates, either

alone or together with other model portfolios provided by the Overlay Managers or other investment advisers, to manage the assets of the Overlay Manager’s clients. HIML generally does not have investment discretion or trading responsibilities in such arrangements, nor does HIML have an advisory relationship with the Overlay Manager’s clients, and does not manage model portfolios on the basis of the financial situation or investment objectives of individual clients that participate in these programs.
Managed Accounts Services In addition, HIML participates as an investment manager or portfolio manager in certain separately managed account programs (Managed Accounts or Managed Account Programs), through which it provides advisory services to pension plans, charitable organizations, corporations or other business entities, and broker-dealer intermediaries. Managed Account Programs generally are investment programs under which a client is charged a single specified fee for investment advisory services (which may include portfolio management or advice concerning the selection of other investment advisers), execution of client transactions by the program’s sponsor, and custodial services. However, with respect to certain Managed Account Programs, the single Managed Account fee does not cover the cost of execution of client transactions. We receive a portion of the fees paid by the Managed Account client for our services. In Managed Account Programs, clients (with or without the assistance of the sponsors (“Sponsors”) of the Managed Account Program) select or appoint HIML to manage designated client assets in accordance with one or more of our investment strategies.
The Sponsors of the Managed Account Programs typically are broker/dealers, financial institutions or other investment advisory firms which sponsor, operate and administer the Managed Account Programs. When providing investment services to Managed Accounts, we typically act as a sub- adviser to the Sponsors of the Managed Account Programs. The Sponsors typically enter into investment management agreements with clients and we do not have direct investment management agreements with clients that participate in Managed Account Programs. In all cases, the Sponsors typically provide portfolio manager selection, performance monitoring and evaluation, custody, brokerage and other administrative services (or a combination of these services) to clients. We exclusively provide advisory services to Managed Account Program clients. There are certain differences between how we manage Managed Accounts and how we manage other client accounts. For example, when participating in Managed Account Programs, the Sponsor is typically responsible for determining the suitability of the Managed Account Program, including HIML and our investment strategy, for the client. We are usually only responsible for managing client assets in accordance with the designated investment strategy. In certain Managed Account Programs, Sponsors and Platform Providers may limit the information that is available to us about the client, the client’s other investments or risk tolerance, and other information that would be relevant to determining whether the investment strategy or certain specific investments would be suitable for the client. Likewise, we may be restricted by Sponsors and Platform Providers from communicating directly with clients; Hermes Investment Management Limited3 all communications, including communications with respect to the clients’ investment objectives, financial condition and reasonable investment restrictions, must usually be directed through the Sponsor or Platform Provider.
Asset Under Management As of December 31, 2023, HIML had $31.9.6 billion in assets managed on a discretionary basis, and $112.4 million in assets managed on a non-discretionary basis.