Federated Investors, Inc. Reports Third Quarter 2013 Earnings -- Equity assets increase $5 billion or 14% to $40 billion from Q3 2012

-- Board declares $0.25 per share quarterly dividend

PITTSBURGH, Oct. 24, 2013 /PRNewswire/ -- Federated Investors, Inc. (NYSE: FII), one of the nation's largest investment managers, today reported earnings per diluted share (EPS) of $0.36 for Q3 2013 compared to $0.54 for the same quarter last year and net income of $37.7 million for Q3 2013 compared to $55.8 million for Q3 2012.  During Q3 2013, Federated recorded a pre-tax non-cash impairment charge of $3.1 million or $0.02 per share after tax related to a change in the fair value of a minority interest investment.  Federated's financial results for Q3 2012 included the recognition of insurance proceeds that reduced pre-tax operating expenses by $17.3 million and increased EPS by $0.11 per share, after tax.  Federated reported YTD 2013 EPS of $1.16, compared to $1.33 for the same period in 2012 and YTD 2013 net income of $121.1 million compared to $138.5 million for the same period last year.

Federated's total managed assets were $366.7 billion at Sept. 30, 2013, up $2.6 billion or 1 percent from $364.1 billion at Sept. 30, 2012 and up $2.9 billion or 1 percent from $363.8 billion reported at June 30, 2013.  Average managed assets for Q3 2013 were $364.2 billion, up $3.1 billion or 1 percent from $361.1 billion reported for Q3 2012 and down $8.7 billion or 2 percent from $372.9 billion reported for Q2 2013. 

"Federated's top-selling equity funds during the quarter included equity-income strategies and a balanced-allocation portfolio.  Interest in these strategies supports findings of the Federated 2013 Investor Mindset Survey, which showed that high-net-worth investors and advisors have become more positive toward equity and balanced strategies as sources of income," said J. Christopher Donahue, president and chief executive officer. "We also saw demand for our large-cap growth, small value and high-yield bond strategies."

Federated's board of directors declared a quarterly dividend of $0.25 per share.  The dividend is payable on Nov. 15, 2013 to shareholders of record as of Nov. 8, 2013.  During Q3 2013, Federated purchased 60,100 shares of Federated class B common stock for $1.7 million

Federated's equity assets were $40.3 billion at Sept. 30, 2013, up $4.9 billion or 14 percent from $35.4 billion at Sept. 30, 2012 and up $1.6 billion or 4 percent from $38.7 billion at June 30, 2013.  Top-selling equity funds during Q3 2013 on a net basis were Federated Kaufmann Large Cap Fund, Federated Capital Income Fund, Federated International Strategic Value Dividend Fund, Federated Strategic Value Dividend Fund and Federated Clover Small Value Fund. 

Federated's fixed-income assets were $50.0 billion at Sept. 30, 2013, down $1.4 billion or 3 percent from $51.4 billion at Sept. 30, 2012 and similar to the amount reported at June 30, 2013.  Bond assets in the liquidation portfolio were $6.2 billion at Sept. 30, 2013.  Top-selling fixed-income funds during Q3 2013 on a net basis included several short-duration products, Federated Institutional High Yield Bond Fund and Federated Floating Rate Strategic Income Fund. 

Money market assets in both funds and separate accounts were $270.3 billion at Sept. 30, 2013, up $0.7 billion or less than one percent from $269.6 billion at Sept. 30, 2012 and up $1.8 billion or 1 percent from $268.5 billion at June 30, 2013.  Money market mutual fund assets were $237.9 billion at Sept. 30, 2013, down $6.9 billion or 3 percent from $244.8 billion at Sept. 30, 2012 and up $5.0 billion or 2 percent from $232.9 billion at June 30, 2013. 

Financial Summary

Q3 2013 vs. Q3 2012

Revenue decreased by $26.6 million or 11 percent due primarily to an increase in voluntary fee waivers related to certain money market funds in order for those funds to maintain positive or zero net yields.  The decrease was partially offset by an increase in revenue due to higher average equity assets. See additional information about voluntary fee waivers in the table at the end of this financial summary. 

During Q3 2013, Federated derived 62 percent of its revenue from equity and fixed-income assets (39 percent from equity assets and 23 percent from fixed-income assets), 36 percent from money market assets and 2 percent from other products and services.

Operating expenses increased $5.7 million or 4 percent primarily related to an increase in professional services fees due largely to the recognition of the aforementioned insurance proceeds recorded as a reduction to professional service fees in Q3 2012.  The increase was partially offset by a decrease in distribution expenses related to increased fee waivers.   

Q3 2013 vs. Q2 2013

Revenue decreased by $11.9 million or 5 percent primarily due to an increase in voluntary fee waivers.

Operating expenses decreased by $3.7 million or 2 percent. The decrease primarily reflects lower distribution expenses related to the aforementioned increase in fee waivers as well as decreased compensation and related expenses. 

YTD 2013 vs. YTD 2012

Revenue decreased by $37.2 million or 5 percent primarily due to an increase in voluntary fee waivers, which was partially offset by an increase in revenue due to higher average equity and fixed-income assets.

For the first nine months of 2013, Federated derived 59 percent of its revenue from equity and fixed-income assets (36 percent from equity assets and 23 percent from fixed-income assets), 40 percent from money market assets and 1 percent from other products and services.

Operating expenses increased by $0.2 million primarily due to an increase in professional service fees related to the aforementioned recognition of insurance proceeds partially offset by a decrease in distribution expenses related to the aforementioned increase in fee waivers.

Federated's level of business activity and financial results are dependent upon many factors including market conditions, investment performance and investor behavior.  These factors and others including asset levels, product sales and redemptions, market appreciation or depreciation, revenues, fee waivers and expenses can impact Federated's activity levels and financial results significantly.  Risk factors and uncertainties that can influence Federated's financial results are discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission.

Fee waivers to maintain positive or zero net yields and the resulting negative impact of these waivers could vary significantly in the future as they are contingent on a number of variables including, but not limited to, changes in assets within the money market funds, available yields on instruments held by the money market funds, actions by the Federal Reserve, the U.S. Department of the Treasury, the Securities and Exchange Commission, the Financial Stability Oversight Council and other governmental entities, changes in expenses of the money market funds, changes in the mix of money market customer assets, changes in the distribution fee arrangements with customers, Federated's willingness to continue the fee waivers and changes in the extent to which the impact of the waivers is shared by third parties.

Money Market Fund Yield Waiver Impact to Consolidated Statements of Income
(in millions)


Quarter Ended


Change
Q3 2012 to Q3 2013


Quarter Ended


Change
Q2 2013 to Q3 2013


Nine Months Ended


Change
YTD 2012 to YTD 2013


Sept. 30, 2013


Sept. 30, 2012



June 30, 2013



Sept. 30, 2013


Sept. 30, 2012


Investment advisory fees

$

(70.7)



$

(41.2)



$

(29.5)



$

(59.4)



$

(11.3)



$

(185.1)



$

(137.2)



$

(47.9)


Other service fees

(34.4)



(28.3)



(6.1)



(32.5)



(1.9)



(99.3)



(83.0)



(16.3)


Total Revenue

$

(105.1)



$

(69.5)



$

(35.6)



$

(91.9)



$

(13.2)



$

(284.4)



$

(220.2)



$

(64.2)


Less: Reduction in distribution expense

72.1



52.9



19.2



66.9



5.2



203.8



163.6



40.2


Operating income

$

(33.0)



$

(16.6)



$

(16.4)



$

(25.0)



$

(8.0)



$

(80.6)



$

(56.6)



$

(24.0)


Less: Reduction in noncontrolling interest

2.7



0.3



2.4



1.3



1.4



4.8



0.9



3.9


Pre-tax impact

$

(30.3)



$

(16.3)



$

(14.0)



$

(23.7)



$

(6.6)



$

(75.8)



$

(55.7)



$

(20.1)


 

Federated will host an earnings conference call at 9 a.m. Eastern on Oct. 25, 2013.  Investors are invited to listen to Federated's earnings teleconference by calling 877-407-0782 (domestic) or 201-689-8567 (international) prior to the 9 a.m. start time.  The call may also be accessed in real time on the Internet via the About Federated section of http://FederatedInvestors.com.  A replay will be available after 12:30 p.m. and through Nov. 1, 2013 by calling 877-660-6853 (domestic) or 201-612-7415 (international) and entering access code 100517.

Federated Investors, Inc. is one of the largest investment managers in the United States, managing $366.7 billion in assets as of Sept. 30, 2013.  With 135 funds and a variety of separately managed account options, Federated provides comprehensive investment management to approximately 5,900 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers.  Federated ranks in the top 3 percent of money market fund managers in the industry, the top 7 percent of equity fund managers and the top 9 percent of fixed-income fund managers1.  Federated's 2013 Investor Mindset Survey asked 1,013 high-net-worth investors and 301 advisors about their outlook on the economy, their investments and how they plan to invest during the next year.  For more information, visit http://FederatedInvestors.com

1 Strategic Insight, Aug. 31, 2013.  Based on assets under management in open-end funds.
Federated Securities Corp. is distributor of the Federated funds. 
Separately managed accounts are made available through Federated Global Investment Management Corp., Federated Investment Counseling and Federated MDTA LLC, each a registered investment adviser.

Certain statements in this press release, such as those related to the level of fee waivers and expenses incurred by the company, product demand, asset flows and mix, fee arrangements with customers and market conditions constitute or may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the company, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements.  Other risks and uncertainties include the ability of the company to predict the level of fee waivers and expenses in future quarters, which could vary significantly depending on a variety of factors identified above, and include the ability of the company to sustain product demand and asset flows and mix, which could vary significantly depending on market conditions, investment performance and investor behavior.  Other risks and uncertainties also include the risk factors discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission.  As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the company nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.

Unaudited Condensed Consolidated Statements of Income


(in thousands, except per share data)







Quarter Ended

% Change Q3
2012 to Q3
2013

Quarter Ended

% Change Q2
2013 to Q3
2013



Sept. 30, 2013

Sept. 30, 2012

June 30, 2013

Revenue






Investment advisory fees, net

$

134,623


$

160,306


(16)%


$

147,515


(9)%


Administrative service fees, net

55,052


55,879


(1)


55,253


0


Other service fees, net

20,022


21,421


(7)


19,856


1


Other, net

2,169


862


152


1,182


84


Total Revenue

211,866


238,468


(11)


223,806


(5)








Operating Expenses






Compensation and related

65,620


65,131


1


67,855


(3)


Distribution

51,051


64,146


(20)


53,809


(5)


Professional service fees

9,704


(7,864)


223


9,293


4


Office and occupancy

6,488


6,108


6


6,543


(1)


Systems and communications

6,464


6,532


(1)


6,087


6


Advertising and promotional

3,975


3,559


12


3,936


1


Travel and related

3,344


2,913


15


3,533


(5)


Intangible asset related

634


799


(21)


654


(3)


Other

6,828


7,111


(4)


6,068


13


Total Operating Expenses

154,108


148,435


4


157,778


(2)


Operating Income

57,758


90,033


(36)


66,028


(13)








Nonoperating Income (Expenses)






Investment income, net

6,999


3,706


89


4,059


72


Debt expense

(3,078)


(3,534)


(13)


(3,137)


(2)


Other, net

(3,133)


(29)


10,703


(30)


10,343


Total Nonoperating Income, net

788


143


451


892


(12)


Income before income taxes

58,546


90,176


(35)


66,920


(13)


Income tax provision

20,917


31,983


(35)


25,059


(17)


Net income including noncontrolling interest in subsidiaries

37,629


58,193


(35)


41,861


(10)


Less: Net (loss) income attributable to the noncontrolling interest in subsidiaries

(75)


2,420


(103)


1,453


(105)


Net Income

$

37,704


$

55,773


(32)%


$

40,408


(7)%








Amounts Attributable to Federated






Earnings Per Share1






Basic and diluted

$

0.36


$

0.54


(33)%


$

0.39


(8)%


Weighted-average shares outstanding






Basic

100,677


100,417



100,716



Diluted

100,678


100,417



100,717



Dividends declared per share

$

0.25


$

0.24



$

0.24



1) Unvested share-based payment awards that receive non-forfeitable dividend rights are deemed participating securities and are required to be considered in
the computation of earnings per share under the "two-class method."  As such, total net income of $1.4 million, $2.0 million and $1.5 million available to
unvested restricted shares for the quarterly periods ended Sept. 30, 2013, Sept. 30, 2012 and June 30, 2013, respectively, was excluded from the computation of
earnings per share.

 

Unaudited Condensed Consolidated Statements of Income



(in thousands, except per share data)





Nine Months Ended

% Change


Sept. 30, 2013

Sept. 30, 2012

Revenue




Investment advisory fees, net

$

432,901


$

464,020


(7)%


Administrative service fees, net

167,133


168,157


(1)


Other service fees, net

59,209


66,084


(10)


Other, net

4,400


2,620


68


Total Revenue

663,643


700,881


(5)






Operating Expenses




Compensation and related

200,413


194,411


3


Distribution

163,099


188,168


(13)


Professional service fees

27,841


12,376


125


Office and occupancy

19,463


18,479


5


Systems and communications

19,173


19,615


(2)


Advertising and promotional

11,333


9,802


16


Travel and related

9,563


9,000


6


Intangible asset related

2,050


1,642


25


Other

18,723


17,988


4


Total Operating Expenses

471,658


471,481


0


Operating Income

191,985


229,400


(16)






Nonoperating Income (Expenses)




Investment income, net

15,486


9,325


66


Debt expense

(9,468)


(10,935)


(13)


Other, net

(3,203)


(195)


1,543


Total Nonoperating Income (Expenses), net

2,815


(1,805)


256


Income before income taxes

194,800


227,595


(14)


Income tax provision

70,621


81,922


(14)


Net income including noncontrolling interest in subsidiaries

124,179


145,673


(15)


Less: Net income attributable to the noncontrolling interest in subsidiaries

3,073


7,165


(57)


Net Income

$

121,106


$

138,508


(13)%






Amounts Attributable to Federated




Earnings Per Share1




Basic and diluted

$

1.16


$

1.33


(13)%


Weighted-average shares outstanding




Basic

100,637


100,292



Diluted

100,638


100,292



Dividends declared per share

$

0.73


$

0.72



1) Unvested share-based payment awards that receive non-forfeitable dividend rights are deemed participating securities and are required to be considered in the computation of earnings per share under the "two-class method."  As such, total net income of $4.6 million and $5.0 million available to unvested restricted shares for the nine months ended Sept. 30, 2013 and Sept. 30, 2012, respectively, was excluded from the computation of earnings per share.

 

Unaudited Condensed Consolidated Balance Sheets



(in thousands)

Sept. 30, 2013

Dec. 31, 2012

Assets



Cash and other investments

$

350,514


$

258,628


Other current assets

44,355


41,434


Intangible assets, net and goodwill

726,202


727,857


Other long-term assets

62,032


62,142


Total Assets

$

1,183,103


$

1,090,061





Liabilities, Redeemable Noncontrolling Interests and Equity



Current liabilities

$

176,232


$

181,134


Long-term debt

226,667


276,250


Other long-term liabilities

139,844


128,733


Redeemable noncontrolling interests

90,408


7,268


Equity excluding treasury stock

1,305,830


1,256,698


Treasury stock

(755,878)


(760,022)


Total Liabilities, Redeemable Noncontrolling Interests and Equity

$

1,183,103


$

1,090,061











Changes in Equity and Fixed-Income Fund and Separate Account Assets
(in millions)


Quarter Ended


Nine Months Ended


Sept. 30, 2013

June 30, 2013

Sept. 30, 2012


Sept. 30, 2013

Sept. 30, 2012

Equity Funds







Beginning assets

$

25,030


$

24,491


$

22,671



$

23,152


$

21,930


Sales

1,856


1,918


1,454



5,526


4,806


Redemptions

(2,571)


(1,629)


(1,527)



(6,588)


(5,511)


Net (redemptions) sales

(715)


289


(73)



(1,062)


(705)


Net exchanges

77


43


(14)



167


(23)


Acquisition-related

0


0


190



0


190


Market gains and losses/reinvestments1

1,538


207


884



3,673


2,266


Ending assets

$

25,930


$

25,030


$

23,658



$

25,930


$

23,658









Equity Separate Accounts2







Beginning assets

$

13,675


$

13,361


$

10,550



$

11,858


$

8,957


Sales3

971


1,031


1,062



3,108


3,359


Redemptions3

(798)


(937)


(503)



(2,303)


(1,686)


Net sales3

173


94


559



805


1,673


Net exchanges

0


0


0



0


(9)


Market gains and losses/reinvestments1

505


220


588



1,690


1,076


Ending assets

$

14,353


$

13,675


$

11,697



$

14,353


$

11,697









Total Equity2







Beginning assets

$

38,705


$

37,852


$

33,221



$

35,010


$

30,887


Sales3

2,827


2,949


2,516



8,634


8,165


Redemptions3

(3,369)


(2,566)


(2,030)



(8,891)


(7,197)


Net (redemptions) sales3

(542)


383


486



(257)


968


Net exchanges

77


43


(14)



167


(32)


Acquisition-related

0


0


190



0


190


Market gains and losses/reinvestments1

2,043


427


1,472



5,363


3,342


Ending assets

$

40,283


$

38,705


$

35,355



$

40,283


$

35,355









Fixed-Income Funds







Beginning assets

$

40,188


$

42,612


$

39,494



$

42,478


$

37,241


Sales

4,382


5,232


5,120



14,762


15,578


Redemptions

(4,789)


(6,877)


(3,770)



(16,675)


(11,396)


Net (redemptions) sales

(407)


(1,645)


1,350



(1,913)


4,182


Net exchanges

(98)


(80)


(92)



(220)


(1,661)


Acquisition-related

0


0


144



0


144


Market gains and losses/reinvestments1

261


(699)


651



(401)


1,641


Ending assets

$

39,944


$

40,188


$

41,547



$

39,944


$

41,547









Fixed-Income Separate Accounts2







Beginning assets

$

9,817


$

10,158


$

9,474



$

10,233


$

7,573


Sales3

498


562


309



1,591


1,153


Redemptions3

(412)


(725)


(202)



(1,782)


(1,003)


Net sales (redemptions)3

86


(163)


107



(191)


150


Net exchanges

(10)


7


1



(3)


1,593


Market gains and losses/reinvestments1

125


(185)


260



(21)


526


Ending assets

$

10,018


$

9,817


$

9,842



$

10,018


$

9,842









Total Fixed Income2







Beginning assets

$

50,005


$

52,770


$

48,968



$

52,711


$

44,814


Sales3

4,880


5,794


5,429



16,353


16,731


Redemptions3

(5,201)


(7,602)


(3,972)



(18,457)


(12,399)


Net (redemptions) sales3

(321)


(1,808)


1,457



(2,104)


4,332


Net exchanges

(108)


(73)


(91)



(223)


(68)


Acquisition-related

0


0


144



0


144


Market gains and losses/reinvestments1

386


(884)


911



(422)


2,167


Ending assets

$

49,962


$

50,005


$

51,389



$

49,962


$

51,389


1) Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions, net
investment income and the impact of changes in foreign exchange rates.

2) Includes separately managed accounts, institutional accounts and sub-advised funds and other managed products.

3) For certain accounts, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of Market gains and losses/reinvestments.

 

Changes in Liquidation Portfolio
(in millions)


Quarter Ended


Nine Months Ended


Sept. 30, 2013

June 30, 2013

Sept. 30, 2012


Sept. 30, 2013

Sept. 30, 2012

Liquidation Portfolio1







Beginning assets

$

6,561


$

7,019


$

8,124



$

7,346


$

8,856


Net redemptions

(384)


(458)


(406)



(1,169)


(1,137)


Market gains and losses/reinvestments2

0


0


0



0


(1)


Ending Assets

$

6,177


$

6,561


$

7,718



$

6,177


$

7,718


1) Liquidation portfolio represents a portfolio of distressed bonds. Federated has been retained by a third party to manage these assets through an orderly liquidation process that will generally occur over a multi-year period.  Management-fee rates earned from this portfolio are lower than those of traditional separate account mandates.

2) Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions, net investment income and the impact of changes in foreign exchange rates.









MANAGED ASSETS

(in millions)

Sept. 30, 2013

June 30, 2013

March 31, 2013

Dec. 31, 2012

Sept. 30, 2012

By Asset Class






Equity

$

40,283


$

38,705


$

37,852


$

35,010


$

35,355


Fixed-income

49,962


50,005


52,770


52,711


51,389


Money market

270,293


268,532


279,668


284,704


269,622


Liquidation portfolio1

6,177


6,561


7,019


7,346


7,718


Total Managed Assets

$

366,715


$

363,803


$

377,309


$

379,771


$

364,084


By Product Type






Funds:






Equity

$

25,930


$

25,030


$

24,491


$

23,152


$

23,658


Fixed-income

39,944


40,188


42,612


42,478


41,547


Money market

237,949


232,874


242,734


255,689


244,826


Total Fund Assets

$

303,823


$

298,092


$

309,837


$

321,319


$

310,031


Separate Accounts:






Equity

$

14,353


$

13,675


$

13,361


$

11,858


$

11,697


Fixed-income

10,018


9,817


10,158


10,233


9,842


Money market

32,344


35,658


36,934


29,015


24,796


Total Separate Accounts

$

56,715


$

59,150


$

60,453


$

51,106


$

46,335


Total Liquidation Portfolio1

$

6,177


$

6,561


$

7,019


$

7,346


$

7,718


Total Managed Assets

$

366,715


$

363,803


$

377,309


$

379,771


$

364,084



AVERAGE MANAGED ASSETS

Quarter Ended

(in millions)

Sept. 30, 2013

June 30, 2013

March 31, 2013

Dec. 31, 2012

Sept. 30, 2012

By Asset Class






Equity

$

39,910


$

38,762


$

36,685


$

35,016


$

34,429


Fixed-income

49,983


52,375


52,732


52,211


50,195


Money market

267,881


274,899


284,588


273,943


268,573


Liquidation portfolio1

6,434


6,834


7,215


7,559


7,948


Total Avg. Assets

$

364,208


$

372,870


$

381,220


$

368,729


$

361,145


By Product Type






Funds:






Equity

$

25,761


$

25,094


$

24,037


$

23,209


$

23,133


Fixed-income

39,987


42,258


42,581


42,156


40,579


Money market

234,528


237,790


250,652


248,534


243,111


Total Avg. Fund Assets

$

300,276


$

305,142


$

317,270


$

313,899


$

306,823


Separate Accounts:






Equity

$

14,149


$

13,668


$

12,648


$

11,807


$

11,296


Fixed-income

9,996


10,117


10,151


10,055


9,616


Money market

33,353


37,109


33,936


25,409


25,462


Total Avg. Separate Accounts

$

57,498


$

60,894


$

56,735


$

47,271


$

46,374


Total Avg. Liquidation Portfolio1

$

6,434


$

6,834


$

7,215


$

7,559


$

7,948


Total Avg. Managed Assets

$

364,208


$

372,870


$

381,220


$

368,729


$

361,145


1) Liquidation portfolio represents a portfolio of distressed bonds.  Federated has been retained by a third party to manage these assets through an orderly
liquidation process that will generally occur over a multi-year period.  Management-fee rates earned from this portfolio are lower than those of traditional
separate account mandates.



AVERAGE MANAGED ASSETS

Nine Months Ended

(in millions)

Sept. 30, 2013


Sept. 30, 2012

By Asset Class




Equity

$

38,452



$

33,326


Fixed-income

51,697



47,912


Money market

275,789



274,293


Liquidation portfolio1

6,828



8,334


Total Avg. Assets

$

372,766



$

363,865


By Product Type




Funds:




Equity

$

24,964



$

22,950


Fixed-income

41,609



39,203


Money market

240,990



246,130


Total Avg. Fund Assets

$

307,563



$

308,283


Separate Accounts:




Equity

$

13,488



$

10,376


Fixed-income

10,088



8,709


Money market

34,799



28,163


Total Avg. Separate Accounts

$

58,375



$

47,248


Total Avg. Liquidation Portfolio1

$

6,828



$

8,334


Total Avg. Managed Assets

$

372,766



$

363,865


1) Liquidation portfolio represents a portfolio of distressed bonds.  Federated has been retained by a third party to manage these assets through an orderly liquidation process that will generally occur over a multi-year period.  Management-fee rates earned from this portfolio are lower than those of traditional
separate account mandates.

 

 

SOURCE Federated Investors, Inc.



RELATED LINKS
http://FederatedInvestors.com

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