UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Act of 1934
Date of Report (Date of earliest event reported): April 28, 2011
FEDERATED INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania | 001-14818 | 25-1111467 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (I.R.S. Employer Identification No.) |
Federated Investors Tower
Pittsburgh, Pennsylvania 15222-3779
(Address of principal executive offices, including zip code)
(412) 288-1900
(Registrants telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On April 28, 2011, Federated Investors, Inc. issued the earnings press release attached hereto as Exhibit 99.1 to report first quarter 2011 results.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) | Exhibits: |
Exhibit 99.1 Earnings press release issued by Federated Investors, Inc. dated April 28, 2011
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FEDERATED INVESTORS, INC. (REGISTRANT) | ||||||
Dated: April 28, 2011 | By: | /s/ Thomas R. Donahue | ||||
Thomas R. Donahue | ||||||
Chief Financial Officer |
Exhibit 99.1
Federated Investors, Inc. Reports First Quarter 2011 Earnings
| Equity and fixed-income assets generate 50% of Q1 2011 revenue |
| Separate account equity and fixed-income flows positive for Q1 2011 |
| Board declares $0.24 per share quarterly dividend |
(PITTSBURGH, Pa., April 28, 2011) Federated Investors, Inc. (NYSE: FII), one of the nations largest investment managers, today reported earnings per diluted share (EPS) of $0.32 for the quarter ended March 31, 2011 compared to $0.38 for the same quarter last year. Q1 2011 results included an $0.11 per diluted share after-tax charge for nonrecurring legal expenses related to the expected settlement of previously disclosed litigation. Net income was $33.2 million for Q1 2011 compared to $42.0 million for Q1 2010.
Federateds total managed assets were $354.9 billion at March 31, 2011, up $5.0 billion or 1 percent from $349.9 billion at March 31, 2010 and down $3.3 billion or 1 percent from $358.2 billion reported at Dec. 31, 2010. Average managed assets for Q1 2011 were $356.3 billion, down $10.6 billion or 3 percent from $366.9 billion reported for Q1 2010 and up $10.6 billion or 3 percent from $345.7 billion reported for Q4 2010. Combined equity and fixed-income net flows for funds and separate accounts were a positive $327 million for the quarter.
As markets have recovered over the past two years, investors are once again becoming comfortable assuming moderate amounts of risk in their portfolios, said J. Christopher Donahue, president and chief executive officer. Federated has seen this trend over the past several quarters as our clients have sought out products such as dividend-focused equity and higher-yielding fixed-income strategies.
Federateds board of directors declared a quarterly dividend of $0.24 per share. The dividend is payable on May 13, 2011 to shareholders of record as of May 6, 2011. During Q1 2011, Federated purchased 110,300 shares of Federated class B common stock for $2.9 million.
Federateds fixed-income assets were $41.8 billion at March 31, 2011, up $6.3 billion or 18 percent from $35.5 billion at March 31, 2010 and up $1.1 billion or 3 percent from $40.7 billion at Dec. 31, 2010. Fixed-income assets in liquidation portfolios were $10.4 billion at March 31, 2011. Federated experienced continued positive flows into its bond funds adding $529 million during Q1 2011. Sales were driven by strong net flows into Federateds Capital Preservation Fund, Federated Ultrashort Bond Fund, Federated Institutional High Yield Bond Fund, Federated Strategic Income Fund and Federated Short-Term Income Fund.
Federateds equity assets were $31.6 billion at March 31, 2011, up $1.5 billion or 5 percent from $30.1 billion at March 31, 2010 and up $0.8 billion or 3 percent from $30.8 billion at Dec. 31, 2010. Top selling equity funds on a net basis were Federated Strategic Value Dividend Fund, Federated Kaufmann Large Cap Fund, Federated International Leaders Fund, Federated Clover Small Value Fund and Federated InterContinental Fund.
MEDIA: | MEDIA: | ANALYSTS: | ||
Meghan McAndrew 412-288-8103 | J.T. Tuskan 412-288-7895 | Ray Hanley 412-288-1920 |
Federated Reports Q1 2011 Earnings | Page 2 of 8 |
Money market assets in both funds and separate accounts were $271.1 billion at March 31, 2011, down $1.2 billion or less than 1 percent from $272.3 billion at March 31, 2010 and down $4.9 billion or 2 percent from $276.0 billion at Dec. 31, 2010. Money market mutual fund assets were $239.0 billion at March 31, 2011, down $1.2 billion or less than 1 percent from $240.2 billion at March 31, 2010 and down $5.8 billion or 2 percent from $244.8 billion at Dec. 31, 2010.
Financial Summary
Q1 2011 vs. Q1 2010
For Q1 2011, revenue increased by $5.9 million or 3 percent from the same quarter last year. The increase in revenue primarily reflects a decrease in voluntary fee waivers related to certain money market funds in order to maintain positive or zero net yields during Q1 2011 compared to Q1 2010 as well as an increase in average fixed-income and equity assets. These increases were partially offset by the impact of lower average money market assets. See additional information about voluntary fee waivers related to certain money market funds in order to maintain positive or zero net yields in the table at the end of this financial summary.
In Q1 2011, Federated derived 50 percent of its revenue from fluctuating assets (32 percent from equity assets and 18 percent from fixed-income assets), 49 percent from money market assets and 1 percent from other products and services.
Operating expenses for Q1 2011 were $182.4 million compared to $161.2 million for Q1 2010. This increase of $21.2 million was primarily a result of higher professional services fees related to the aforementioned nonrecurring legal expenses.
Q1 2011 vs. Q4 2010
Compared to the prior quarter, revenue decreased by $6.4 million or 3 percent. The decrease in revenue primarily related to the impact of two fewer days in Q1 2011 as compared to Q4 2010 as well as an increase in voluntary fee waivers related to certain money market funds in order to maintain positive or zero net yields (see table). These decreases were partially offset by an increase in revenue related to higher average money market and equity assets.
Operating expenses for Q1 2011 increased by $16.1 million compared to Q4 2010 primarily as a result of higher professional services fees related to the aforementioned nonrecurring legal expenses.
Federateds 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 Federateds activity levels and financial results significantly. Risk factors and uncertainties that can influence Federateds financial results are discussed in the companys annual and quarterly reports as filed with the Securities and Exchange Commission.
Fee waivers to maintain positive or zero net yields could vary significantly based on market conditions. The amount of these waivers will be determined by a variety of factors including, but not limited to, available yields
Federated Reports Q1 2011 Earnings | Page 3 of 8 |
on instruments held by the money market funds, changes in assets within money market funds, actions by the Federal Reserve, the U.S. Department of the Treasury and other governmental entities, changes in the mix of money market customer assets, changes in expenses of the money market funds and Federateds willingness to continue these waivers.
Money Market Fund Yield Waiver Impact
(in millions)
Quarter Ended | Change Q1 2010 to |
Quarter ended Dec. 31, 2010 |
Change Q4 2010 to Q1 2011 |
|||||||||||||||||||||
(Decrease)/Increase | March 31, 2011 |
March 31, 20101 |
||||||||||||||||||||||
Revenue |
$ | (63.4 | ) | $ | (69.5 | ) | $ | 6.1 | $ | (60.0 | ) | $ | (3.4 | ) | ||||||||||
Distribution expense |
(49.5 | ) | (51.2 | ) | 1.7 | (47.7 | ) | (1.8 | ) | |||||||||||||||
Operating income |
$ | (13.9 | ) | $ | (18.3 | ) | $ | 4.4 | $ | (12.3 | ) | $ | (1.6 | ) | ||||||||||
Noncontrolling interest |
(0.8 | ) | (0.5 | ) | (0.3 | ) | (0.2 | ) | (0.6 | ) | ||||||||||||||
Net impact |
$ | (13.1 | ) | $ | (17.8 | ) | $ | 4.7 | $ | (12.1 | ) | $ | (1.0 | ) |
1) | Reflects income statement reclassifications. |
Federated will host an earnings conference call at 9 a.m. Eastern on Friday, April 29, 2011. Investors are invited to listen to Federateds 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 FederatedInvestors.com. A replay will be available after 12:30 p.m. and through May 6, 2011 by calling 877-660-6853 (domestic) or 201-612-7415 (international) and entering codes 286 and 370381.
Federated Investors, Inc. is one of the largest investment managers in the United States, managing $354.9 billion in assets as of March 31, 2011. With 133 funds and a variety of separately managed account options, Federated provides comprehensive investment management to approximately 4,900 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Federated ranks in the top 2 percent of money market fund managers in the industry, the top 7 percent of fixed-income fund managers and the top 8 percent of equity fund managers1. For more information, visit FederatedInvestors.com.
###
1 Strategic Insight, Feb. 28, 2011. 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 advisor.
Certain statements in this press release, such as those related to the level of fee waivers incurred by the company, product demand and asset flows, and settlement expectations 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 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, 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 companys 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.
Federated Reports Q1 2011 Earnings | Page 4 of 8 |
Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Quarter Ended March 31, |
% Change Q1 2010 to Q1 2011 |
Quarter Dec. 31, |
% Change Q4 2010 to Q1 2011 |
|||||||||||||||||
2011 | 2010 | |||||||||||||||||||
Revenue |
||||||||||||||||||||
Investment advisory fees, net |
$ | 159,589 | $ | 154,493 | 3 | % | $ | 165,174 | (3 | )% | ||||||||||
Administrative service fees, net |
54,048 | 56,249 | (4 | ) | 54,410 | (1 | ) | |||||||||||||
Other service fees, net |
24,663 | 21,254 | 16 | 25,054 | (2 | ) | ||||||||||||||
Other, net |
582 | 974 | (40 | ) | 679 | (14 | ) | |||||||||||||
Total Revenue |
238,882 | 232,970 | 3 | 245,317 | (3 | ) | ||||||||||||||
Operating Expenses |
||||||||||||||||||||
Compensation and related |
64,396 | 64,396 | 0 | 56,384 | 14 | |||||||||||||||
General and administrative |
||||||||||||||||||||
Distribution |
64,692 | 58,490 | 11 | 69,141 | (6 | ) | ||||||||||||||
Professional service fees |
26,185 | 10,079 | 160 | 9,385 | 179 | |||||||||||||||
Office and occupancy |
6,201 | 6,296 | (2 | ) | 5,968 | 4 | ||||||||||||||
Systems and communications |
5,579 | 5,758 | (3 | ) | 5,831 | (4 | ) | |||||||||||||
Advertising and promotional |
3,162 | 2,156 | 47 | 2,630 | 20 | |||||||||||||||
Travel and related |
2,438 | 2,429 | 0 | 3,456 | (29 | ) | ||||||||||||||
Other |
3,167 | 4,569 | (31 | ) | 4,577 | (31 | ) | |||||||||||||
Total general and administrative |
111,424 | 89,777 | 24 | 100,988 | 10 | |||||||||||||||
Intangible asset related |
3,780 | 3,815 | (1 | ) | 5,989 | (37 | ) | |||||||||||||
Amortization of deferred sales commissions |
2,782 | 3,172 | (12 | ) | 2,924 | (5 | ) | |||||||||||||
Total Operating Expenses |
182,382 | 161,160 | 13 | 166,285 | 10 | |||||||||||||||
Operating Income |
56,500 | 71,810 | (21 | ) | 79,032 | (29 | ) | |||||||||||||
Nonoperating Income (Expenses) |
||||||||||||||||||||
Investment income, net |
3,812 | 26 | 14,562 | 3,980 | (4 | ) | ||||||||||||||
Debt expenserecourse |
(4,636 | ) | (620 | ) | 648 | (4,853 | ) | (4 | ) | |||||||||||
Other, net |
(24 | ) | (179 | ) | (87 | ) | (184 | ) | (87 | ) | ||||||||||
Total Nonoperating Expenses, net |
(848 | ) | (773 | ) | 10 | (1,057 | ) | (20 | ) | |||||||||||
Income before income taxes |
55,652 | 71,037 | (22 | ) | 77,975 | (29 | ) | |||||||||||||
Income tax provision |
20,598 | 26,842 | (23 | ) | 29,344 | (30 | ) | |||||||||||||
Net income including noncontrolling interests in subsidiaries |
35,054 | 44,195 | (21 | ) | 48,631 | (28 | ) | |||||||||||||
Less: Net income attributable to the noncontrolling interests in subsidiaries |
1,823 | 2,188 | (17 | ) | 2,230 | (18 | ) | |||||||||||||
Net Income |
$ | 33,231 | $ | 42,007 | (21 | )% | $ | 46,401 | (28 | )% | ||||||||||
Amounts Attributable to Federated Earnings Per Share1 |
||||||||||||||||||||
Basic and Diluted |
$ | 0.32 | $ | 0.38 | (16 | )% | $ | 0.45 | (29 | )% | ||||||||||
Weighted-average shares outstanding |
||||||||||||||||||||
Basic |
100,586 | 99,862 | 99,976 | |||||||||||||||||
Diluted |
100,667 | 100,022 | 99,998 | |||||||||||||||||
Dividends declared per share |
$ | 0.24 | $ | 1.50 | $ | 0.24 |
1) Unvested share-based payment awards that receive non-forfeitable dividend rights are considered participating securities and are required to be included in the computation of earnings per share under the two-class method. Total income available to participating restricted shareholders was $1.1 million, $4.3 million and $1.4 million for the quarterly periods ended March 31, 2011, March 31, 2010 and Dec. 31, 2010, respectively.
Federated Reports Q1 2011 Earnings | Page 5 of 8 |
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
March 31, 2011 |
Dec. 31, 2010 |
|||||||
Assets |
||||||||
Cash and other investments |
$ | 317,455 | $ | 333,641 | ||||
Other current assets |
35,684 | 39,529 | ||||||
Deferred sales commissions, net |
9,362 | 10,317 | ||||||
Intangible assets, net and goodwill |
715,671 | 720,825 | ||||||
Other long-term assets |
48,769 | 49,192 | ||||||
Total Assets |
$ | 1,126,941 | $ | 1,153,504 | ||||
Liabilities and Equity |
||||||||
Current liabilities |
$ | 166,454 | $ | 214,352 | ||||
Long-term debtrecourse |
350,625 | 361,250 | ||||||
Long-term debtnonrecourse |
2,419 | 4,436 | ||||||
Other long-term liabilities |
83,638 | 79,751 | ||||||
Equity excluding treasury stock |
1,279,918 | 1,272,324 | ||||||
Treasury stock |
(756,113 | ) | (778,609 | ) | ||||
Total Liabilities and Equity |
$ | 1,126,941 | $ | 1,153,504 |
Federated Reports Q1 2011 Earnings | Page 6 of 8 |
Changes in Equity and Fixed-Income Fund Assets
(in millions)
Quarter Ended | ||||||||||||
March 31, 2011 |
March 31, 2010 |
Dec. 31, 2010 |
||||||||||
Equity Funds |
||||||||||||
Beginning assets |
$ | 22,626 | $ | 20,960 | $ | 21,325 | ||||||
Sales |
1,558 | 1,484 | 1,756 | |||||||||
Redemptions |
(2,023 | ) | (1,671 | ) | (1,937 | ) | ||||||
Net redemptions |
(465 | ) | (187 | ) | (181 | ) | ||||||
Net exchanges |
1 | (10 | ) | 7 | ||||||||
Market gain/loss and reinvestments1 |
686 | 682 | 1,475 | |||||||||
Ending assets |
$ | 22,848 | $ | 21,445 | $ | 22,626 | ||||||
Fixed-Income Funds |
||||||||||||
Beginning assets |
$ | 31,933 | $ | 28,427 | $ | 32,211 | ||||||
Sales |
4,910 | 4,548 | 3,820 | |||||||||
Redemptions |
(4,381 | ) | (3,302 | ) | (3,743 | ) | ||||||
Net sales |
529 | 1,246 | 77 | |||||||||
Net exchanges |
(12 | ) | 23 | (71 | ) | |||||||
Market gain/loss and reinvestments1 |
239 | 311 | (284 | ) | ||||||||
Ending assets |
$ | 32,689 | $ | 30,007 | $ | 31,933 |
1) Reflects the approximate changes in the market value of the securities held by the funds and, to a lesser extent, reinvested dividends, distributions, net investment income and the impact of changes in foreign exchange rates.
Federated Reports Q1 2011 Earnings | Page 7 of 8 |
Changes in Equity and Fixed-Income Separate Account Assets and Liquidation Portfolios
(in millions)
Quarter Ended | ||||||||||||
March 31, 2011 |
March 31, 2010 |
Dec. 31, 2010 |
||||||||||
Equity Separate Accounts1 |
||||||||||||
Beginning assets |
$ | 8,176 | $ | 8,713 | $ | 7,808 | ||||||
Sales2 |
692 | 359 | 464 | |||||||||
Redemptions2 |
(606 | ) | (722 | ) | (760 | ) | ||||||
Net sales (redemptions)2 |
86 | (363 | ) | (296 | ) | |||||||
Net exchanges |
13 | 10 | 10 | |||||||||
Market gain/loss and reinvestments3 |
518 | 261 | 654 | |||||||||
Ending assets |
$ | 8,793 | $ | 8,621 | $ | 8,176 | ||||||
Fixed-Income Separate Accounts1 |
||||||||||||
Beginning assets |
$ | 8,772 | $ | 5,360 | $ | 7,963 | ||||||
Sales2 |
551 | 595 | 1,014 | |||||||||
Redemptions2 |
(374 | ) | (498 | ) | (150 | ) | ||||||
Net sales 2 |
177 | 97 | 864 | |||||||||
Market gain/loss and reinvestments3 |
118 | 63 | (55 | ) | ||||||||
Ending assets |
$ | 9,067 | $ | 5,520 | $ | 8,772 | ||||||
Liquidation Portfolios4 |
||||||||||||
Beginning assets |
$ | 10,708 | $ | 12,596 | $ | 11,071 | ||||||
Sales2 |
2 | 4 | 2 | |||||||||
Redemptions2 |
(325 | ) | (670 | ) | (365 | ) | ||||||
Net redemptions 2 |
(323 | ) | (666 | ) | (363 | ) | ||||||
Market gain/loss and reinvestments3 |
(1 | ) | 0 | 0 | ||||||||
Ending assets |
$ | 10,384 | $ | 11,930 | $ | 10,708 |
1) Includes separately managed accounts, institutional accounts and sub-advised funds (both variable annuity and other) and other managed products.
2) For certain accounts, Sales, Redemptions or Net sales (redemptions) are calculated as the remaining difference between beginning and ending assets after the calculation of Market gains (losses) and reinvestments.
3) Reflects the approximate changes in the market value of the securities held in the portfolios, and, to a lesser extent, reinvested dividends, distributions, net investment income and the impact of changes in foreign exchange rates.
4) Liquidation portfolios include portfolios of distressed fixed-income securities and liquidating collateralized debt obligation (CDO) products. In the distressed security category, 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. In the case of liquidating CDOs, one CDO unwound earlier than expected due to events of default related to certain distressed securities in the portfolio. Management-fee rates earned from these portfolios are significantly different than those of traditional separate account mandates.
Federated Reports Q1 2011 Earnings | Page 8 of 8 |
MANAGED ASSETS (in millions) |
March 31, 2011 |
Dec. 31, 2010 |
Sept. 30, 2010 |
June 30, 2010 |
March 31, 2010 |
|||||||||||||||
By Asset Class |
||||||||||||||||||||
Equity |
$ | 31,641 | $ | 30,802 | $ | 29,133 | $ | 26,814 | $ | 30,066 | ||||||||||
Fixed-income |
41,756 | 40,705 | 40,174 | 38,012 | 35,527 | |||||||||||||||
Money market |
271,141 | 276,026 | 260,899 | 260,519 | 272,344 | |||||||||||||||
Liquidation portfolios1 |
10,384 | 10,708 | 11,071 | 11,491 | 11,930 | |||||||||||||||
Total Managed Assets |
$ | 354,922 | $ | 358,241 | $ | 341,277 | $ | 336,836 | $ | 349,867 | ||||||||||
By Product Type |
||||||||||||||||||||
Funds: |
||||||||||||||||||||
Equity |
$ | 22,848 | $ | 22,626 | $ | 21,325 | $ | 19,344 | $ | 21,445 | ||||||||||
Fixed-income |
32,689 | 31,933 | 32,211 | 30,651 | 30,007 | |||||||||||||||
Money market |
238,990 | 244,796 | 233,611 | 231,205 | 240,160 | |||||||||||||||
Total Fund Assets |
$ | 294,527 | $ | 299,355 | $ | 287,147 | $ | 281,200 | $ | 291,612 | ||||||||||
Separate Accounts: |
||||||||||||||||||||
Equity |
$ | 8,793 | $ | 8,176 | $ | 7,808 | $ | 7,470 | $ | 8,621 | ||||||||||
Fixed-income |
9,067 | 8,772 | 7,963 | 7,361 | 5,520 | |||||||||||||||
Money market |
32,151 | 31,230 | 27,288 | 29,314 | 32,184 | |||||||||||||||
Total Separate Accounts |
$ | 50,011 | $ | 48,178 | $ | 43,059 | $ | 44,145 | $ | 46,325 | ||||||||||
Total Liquidation Portfolios1 |
$ | 10,384 | $ | 10,708 | $ | 11,071 | $ | 11,491 | $ | 11,930 | ||||||||||
Total Managed Assets |
$ | 354,922 | $ | 358,241 | $ | 341,277 | $ | 336,836 | $ | 349,867 | ||||||||||
AVERAGE MANAGED ASSETS (in millions) |
Quarter Ended | |||||||||||||||||||
March 31, 2011 |
Dec. 31, 2010 |
Sept. 30, 2010 |
June 30, 2010 |
March 31, 2010 |
||||||||||||||||
By Asset Class |
||||||||||||||||||||
Equity |
$ | 31,056 | $ | 30,108 | $ | 28,033 | $ | 28,781 | $ | 29,493 | ||||||||||
Fixed-income |
41,187 | 40,686 | 39,192 | 35,920 | 34,962 | |||||||||||||||
Money market |
273,542 | 263,976 | 260,098 | 260,634 | 290,094 | |||||||||||||||
Liquidation portfolios1 |
10,534 | 10,926 | 11,313 | 11,759 | 12,320 | |||||||||||||||
Total Avg. Assets |
$ | 356,319 | $ | 345,696 | $ | 338,636 | $ | 337,094 | $ | 366,869 | ||||||||||
By Product Type |
||||||||||||||||||||
Funds: |
||||||||||||||||||||
Equity |
$ | 22,599 | $ | 22,090 | $ | 20,411 | $ | 20,590 | $ | 20,971 | ||||||||||
Fixed-income |
32,265 | 32,369 | 31,491 | 30,266 | 29,329 | |||||||||||||||
Money market |
240,375 | 236,500 | 232,230 | 230,353 | 255,985 | |||||||||||||||
Total Avg. Fund Assets |
$ | 295,239 | $ | 290,959 | $ | 284,132 | $ | 281,209 | $ | 306,285 | ||||||||||
Separate Accounts: |
||||||||||||||||||||
Equity |
$ | 8,457 | $ | 8,018 | $ | 7,622 | $ | 8,191 | $ | 8,522 | ||||||||||
Fixed-income |
8,922 | 8,317 | 7,701 | 5,654 | 5,633 | |||||||||||||||
Money market |
33,167 | 27,476 | 27,868 | 30,281 | 34,109 | |||||||||||||||
Total Avg. Separate Accts. |
$ | 50,546 | $ | 43,811 | $ | 43,191 | $ | 44,126 | $ | 48,264 | ||||||||||
Total Avg. Liquidation Portfolios1 |
$ | 10,534 | $ | 10,926 | $ | 11,313 | $ | 11,759 | $ | 12,320 | ||||||||||
Total Avg. Managed Assets |
$ | 356,319 | $ | 345,696 | $ | 338,636 | $ | 337,094 | $ | 366,869 |
1) Liquidation portfolios include portfolios of distressed fixed-income securities and liquidating collateralized debt obligation (CDO) products. In the distressed security category, 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. In the case of liquidating CDOs, one CDO unwound earlier than expected due to events of default related to certain distressed securities in the portfolio. Management-fee rates earned from these portfolios are significantly different than those of traditional separate account mandates.