West Virginia Selects Federated Investors to Manage $1.2 Billion in State Money Market Pool
PITTSBURGH, March 2, 2015 /PRNewswire/ -- Federated Investors, Inc. (NYSE: FII), one of the nation's largest investment managers, today announced that the West Virginia Board of Treasury Investments has selected Federated Investment Counseling—a Federated Investors subsidiary registered as an investment adviser—to manage the $1.2 billion West Virginia Money Market Pool. In managing the statewide money market portfolio, Federated will be responsible for the investment of state and local government operating funds, with the objectives of maintaining sufficient liquidity for participants while providing above-inflation returns.
"Federated emerged with the strongest of the 12 proposals submitted by investment managers seeking to administer West Virginia's money market pool," said John D. Perdue, state treasurer. "The evaluation committee's selection was based upon technical evaluation of all proposals, oral presentations and site visits to the three finalists."
Federated is the largest provider of liquidity management services to state pools1 and an experienced manager of state and municipality assets, providing portfolio management and credit analysis, as well as field marketing and participant point-of-contact services, for state and local governments nationwide. Federated also manages state investment pools for Florida, Massachusetts and Texas. Founded in 1955, Federated Investors, through its advisory subsidiaries, has managed money market products since 1974 and manages more than $258 billion in money market assets.
"Federated has a longstanding history of working with state treasurers to deliver customized investment solutions, and we are honored that West Virginia has selected Federated to manage its money market pool," said J. Christopher Donahue, president and chief executive officer of Federated Investors, Inc. "We look forward to continuing to establish relationships that provide government investment pools with compelling high-quality liquidity management services, as well as fixed-income investment opportunities."
The transition of services to Federated is expected to be completed in the first quarter of 2015 and is subject to contract finalization.
Federated Investors, Inc. is one of the largest investment managers in the United States, managing $362.9 billion in assets as of Dec. 31, 2014. With 131 funds and a variety of separately managed account options, Federated provides comprehensive investment management to more than 7,700 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. For more information, visit FederatedInvestors.com.
1) Based on data analysis of AUM derived from iMoneyNet Special Report, Dec. 2011, updated internally at Federated.
Certain statements in this press release, such as those relating to establishing relationships with government investment pools, 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 successfully establish such relationships, and 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.
SOURCE Federated Investors, Inc.
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