PITTSBURGH, July 28, 2015 /PRNewswire/ -- Federated Investors, Inc. (NYSE: FII), one of the nation's largest investment managers, today completed the transition of shareholder assets from Reich & Tang's domestic and offshore money market funds. In connection with the transition, approximately $4 billion in shareholder accounts from six Reich & Tang money market funds were transitioned into Federated funds with similar investment strategies.
With approximately $242 billion in money market assets under management as of June 30, 2015, Federated offers a variety of prime, government, municipal and non-U.S. liquidity management products. Federated is among the top 3 percent1 of money market managers and has been an industry leader in liquidity management for more than 40 years and offers a highly defined process of portfolio construction, intense credit review and experienced investment professionals.
"Our history of completing these types of transactions and our wide range of liquidity management products make Federated an ideal home for these money market assets," said Joe Machi, director of alliances at Federated. "We continue to assess acquisition and alliance opportunities with asset managers, banks, insurance companies and broker/dealers in the United States and around the world."
Federated Investors, Inc. is one of the largest investment managers in the United States, managing $349.7 billion in assets as of June 30, 2015. With 130 funds and a variety of separately managed account options, Federated provides comprehensive investment management to more than 7,900 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. For more information, visit FederatedInvestors.com.
1) Strategic Insight, May 31, 2015. Based on assets under management in open-end funds.
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.
SOURCE Federated Investors, Inc.