Treasurer Stacy Garrity Announces Enhancements for INVEST PA Program, New Manager Federated Hermes, Inc.

Harrisburg, PA - Pennsylvania Treasurer Stacy Garrity announced today that Treasury's INVEST PA program, formerly called INVEST, will see significant positive changes for program participants thanks to the program's first upgrade in more than 20 years. These enhancements are possible through the hiring of Pittsburgh-based Federated Hermes, Inc., as the new program manager for INVEST PA.

INVEST PA is an investment tool designed specifically for local government entities and nonprofit organizations that has daily liquidity, no minimum balances, no minimum deposits and no limit on the number of transactions that can be made.

"I'm thrilled to announce this new partnership with Federated Hermes that will bring lower fees and anticipated higher yields for INVEST PA participants. Federated Hermes boasts a long-term track record of providing competitive performance, diligent credit analysis, a transparent framework and a participant-centered service model, and we're excited to work with them to bring the best results for our local governments and nonprofits that rely on INVEST PA to meet their financial goals and fulfill their missions."

INVEST PA's more than 400 participants include municipalities, counties, school districts, fire companies, libraries and many others. In total, participants have $1.4 billion in assets.

There are two INVEST PA pools, the Daily Pool for local government agencies and the Community Pool for nonprofit organizations. Both pools maintain the highest S&P rating, AAAm. There are also periodic custom investment opportunities for longer-term needs.

Investment management services will be provided by Federated Hermes' wholly owned registered investment advisor subsidiary, Federated Investment Counseling. Federated Hermes' investment team of more than 140 liquidity and fixed income analysts, portfolio managers, and traders averaging more than 20 years of experience, will provide investment management for both INVEST PA pools.

Through the new management relationship, new and existing INVEST PA participants can expect to experience:

• Lower fees;
• Anticipated higher yields;
• Extended trading hours;
• New website & interactive portal;
• Enhanced security features;
• INVEST PA Academy, providing educational opportunities for participants;
• More frequent wire distributions;
• Ability to mail in checks;
• Enhanced program oversight; and
• Improved customer service, with dedicated resources for INVEST participants.

"Federated Hermes has a heritage of working with state treasurers to deliver customized investment solutions. With our global headquarters in Pennsylvania, we are honored that the Commonwealth has selected Federated Hermes to manage its investment pools. We look forward to continuing to enhance relationships that provide government investment pools with compelling, high-quality liquidity management services."

Founded in 1955, Federated Hermes, Inc. manages approximately $846 billion in total assets, including more than $165 billion in state treasury related assets, as of June 30, 2025. Federated Hermes provides portfolio management and credit analysis, as well as a variety of additional portfolio and participant level services, for public sector assets across the nation at either the state, county or local levels of government. They provide valuable educational resources for participants and a state-of-the-art participant services platform, which ensures a streamlined experience, as well as easy access to funds and same-day liquidity. The firm is experienced in operating with complete transparency in strict compliance with state statutory requirements.

To learn more about INVEST PA, or to become a participant, visit patreasury.gov/INVEST.