PITTSBURGH, Jan. 30, 2017 /PRNewswire/ -- Federated Investors, Inc. (NYSE: FII), one of the nation's largest investment managers, completed the acquisition of certain investment management related assets of Horizon Advisers, an unincorporated division of Whitney Bank. Federated and Horizon Advisers completed the reorganizations of three Hancock Horizon funds managed by Horizon Advisers into comparable Federated mutual funds managed by Federated's advisory subsidiaries. In connection with the reorganizations, approximately $435 million in assets of one fixed-income and two equity Hancock Horizon funds transitioned to Federated funds with comparable investment objectives and strategies.
In relation to the reorganization, approximately $150.7 million was transitioned from the Hancock Horizon Value Fund to the Federated MDT Large Cap Value Fund, approximately $136.5 million was reorganized from the Hancock Horizon Growth Fund to the Federated Kaufmann Large Cap Fund, and approximately $147.8 million was transitioned from the Hancock Horizon Core Bond Fund to the Federated Total Return Bond Fund.
"Federated's extensive experience in these types of transactions makes us an ideal fit for Horizon Advisers," said Joe Machi, director of alliances at Federated. "We will continue to seek alliance and acquisition opportunities with insurers, banks, broker-dealers and investment advisors in the United States and around the world."
"Federated has been a trusted partner of Horizon Advisers for many years and we are pleased this project has been successfully completed," said David Lundgren, chief investment officer of Horizon Advisers. "Horizon Advisers will continue to concentrate on our remaining 10 Hancock Horizon Funds that are focused on small cap and other niche asset classes."
Federated Investors, Inc. is one of the largest investment managers in the United States, managing $365.9 billion in assets as of Dec. 31, 2016. With 124 funds and a variety of separately managed account options, Federated provides comprehensive investment management to more than 8,500 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. For more information, visit FederatedInvestors.com.
Horizon Advisers is an unincorporated division of Whitney Bank (established 1899) which is a wholly owned subsidiary of Hancock Holding Company. Whitney Bank manages assets for institutional and high net worth clients including pension plans, endowments, foundations, government entities, corporations, trusts, and estates. Whitney Bank uses these trade names: Hancock, Hancock Bank, and Whitney. For more information, visit hancockhorizon.com.
Certain statements in this press release, such as those related to Federated's efforts to seek alliance and acquisition opportunities, 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. Among other risks and uncertainties is the ability of Federated to identify and complete suitable acquisitions, and 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.
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SOURCE Federated Investors, Inc.