Operator

Greetings. Welcome to the Federated Hermes Q1 Analyst Call and Webcast. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host, Ray Hanley, President of Federated Investors Management Company. You may begin.

Raymond Hanley
President

Thank you, and welcome to all. Thank you for joining us. Leading today's call will be Chris Donahue, CEO and President of Federated Hermes; and Tom Donahue, Chief Financial Officer. Joining us for the Q&A are Saker Nusseibeh, CEO of Federated Hermes Limited; and Debbie Cunningham, our Chief Investment Officer for Money Markets. During today's call, we may make forward-looking statements, and we want to note that Federated Hermes' actual results may be materially different than the results implied by such statements. Please review the risk disclosures in our SEC filings. No assurance can be given as to future results, and Federated Hermes assumes no duty to update any of these forward-looking statements. Chris?

John Donahue
President, CEO & Chairman

Thank you, and good morning. I will review Federated Hermes' business performance. Tom will comment on the financial results. We ended Q1 with record assets under management of $907 billion, led by gains in Equity and Money Market strategies. Equity assets closed Q1 at a record high of $101 billion. During Q1, Equity assets increased by $2.9 billion, or 3% from year-end, driven by $2.2 billion in net sales. Gross Equity sales reached a record high of $9.1 billion in Q1. Equity sales results continue to be led