# Federated Investment Counseling

> Federated Investment Counseling is an SEC-registered investment advisory firm in Pittsburgh, PA, registered since 1989, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 8, 2026.

- CRD: 105325
- Filed as: FEDERATED INVESTMENT COUNSELING
- Also doing business as: FEDERATED HERMES CW HENDERSON DIVISION, FEDERATED HERMES CW HENDERSON, A DIVISION OF FEDERATED INVESTMENT COUNSELING, FEDERATED INVESTMENT COUNSELING (INCLUDING ITS FEDERATED HERMES CW HENDERSON DIVISION)
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Pittsburgh, PA
- Filing period: October 2026
- Form ADV filing dated: September 8, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/105325
- AdvisorCensus page: https://advisorcensus.com/firm/federated-investment-counseling-pittsburgh-pa-105325

## Quick answers

**How is Federated Investment Counseling compensated?**
On its Form ADV (Item 5.E, October 2026), Federated Investment Counseling reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Federated Investment Counseling located?**
Federated Investment Counseling's principal office is in Pittsburgh, PA, according to its Form ADV; the October 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Federated Investment Counseling registered with the SEC or a state?**
Federated Investment Counseling is an SEC-registered investment advisory firm, registered since 1989. Status as filed: Approved. CRD 105325.

**How much does Federated Investment Counseling manage?**
Federated Investment Counseling reports $207,209,930,946 in regulatory assets under management in its Form ADV filing dated September 8, 2026 (100% discretionary).

**How have Federated Investment Counseling's assets and staff changed since 2021?**
In the Form ADV data for Federated Investment Counseling: Regulatory assets under management: $126,368,719,153 in the October 2021 data and $207,209,930,946 in the October 2026 data, up 64%. Total employees: 196 in October 2021 and 213 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Federated Investment Counseling serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (6,466); other investment advisers (1,003); corporations or other businesses not listed above (615).

**Which custodians does Federated Investment Counseling use?**
Federated Investment Counseling's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BNY Mellon as a custodian holding 10% or more of its separately managed account assets.

**Does Federated Investment Counseling report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/105325

**What changed in Federated Investment Counseling's recent Form ADV filings?**
In the October 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- BNY Mellon

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $207,209,930,946
- Discretionary: $207,209,930,946
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 6,466 | $3,622,128,246 |
| High net worth individuals | 146 | $223,715,087 |
| Banking or thrift institutions | 2 | $572,059 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 25 | $15,931,573,294 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 215 | $2,301,794,521 |
| Charitable organizations | 210 | $1,085,481,156 |
| State or municipal government entities (including government pension plans) | 22 | $156,966,874,457 |
| Other investment advisers | 1,003 | $3,103,963,071 |
| Insurance companies | 15 | $15,225,182,439 |
| Sovereign wealth funds and foreign official institutions | 2 | $3,694,866,563 |
| Corporations or other businesses not listed above | 615 | $5,053,780,053 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Educational seminars/workshops
- Other

### Firm details
- Registered since: 1989 (37 years)
- Employees: 213 total, 141 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VI, VT, WA, WI, WV, WY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- Chicago, IL
- New York, NY

### Websites listed on Form ADV (Item 1.I)
- [federatedhermes.com/US/ABOUT/CW-HENDERSON.DO](https://federatedhermes.com/US/ABOUT/CW-HENDERSON.DO)
- [federatedhermes.com/US/HOME.DO](https://federatedhermes.com/US/HOME.DO)
- Facebook @FEDERATEDHERMESINC
- LinkedIn @FEDERATED-HERMES
- X @FEDERATEDHERMES
- YouTube @FEDERATEDHERMESINC

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $126,368,719,153 | 196 | March 30, 2021 |
| October 2022 | $148,570,639,375 | 198 | September 30, 2022 |
| October 2023 | $164,772,846,686 | 210 | March 16, 2023 |
| October 2024 | $185,452,168,971 | 215 | March 15, 2024 |
| October 2025 | $199,641,239,415 | 213 | March 14, 2025 |
| October 2026 | $207,209,930,946 | 213 | September 8, 2026 |

Regulatory assets under management: $126,368,719,153 in the October 2021 data and $207,209,930,946 in the October 2026 data, up 64%.
Total employees: 196 in October 2021 and 213 in October 2026.

## Changes in the filing (last 12 months)

### October 2026
- Updated its list of owners and control persons (Schedule A).

### June 2026
- Updated its list of owners and control persons (Schedule A).

### May 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 142 to 141.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Federated Investment Counseling (CRD 105325): Form ADV filing data as of October 2026.