Treasurer Stacy Garrity Announces INVEST PA Program Enhancements

New management partnership, Federated Hermes, Inc., will enhance benefits for INVEST PA participants.

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,” Treasurer Garrity said. “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 PA 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,” said J. Christopher Donahue, president and chief executive officer of Federated Hermes, Inc. “We look forward to continuing to enhance relationships that provide government investment pools with compelling, high-quality liquidity management services.”

To learn more about INVEST PA, click here.