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Federated To Acquire $17 Billion In Money-Market Assets From SunTrust

DOW JONES NEWSWIRES Federated Investors Inc. (FII) agreed to acquire $17 billion in money market assets from SunTrust Banks Inc. (STI) as the regional bank completed a review of what to do with the operation. Atlanta-based SunTrust has seen losses narrow recently as credit trends have improved. It serves an area that was hit especially hard by the real estate crash. Its wealth and investment management business saw latest-quarter earnings double. Federated, a Pittsburge-based asset manager, has been moving to diversify amid expected tightening in money-market fund regulation. Under the deal, SunTrust will transfer turn over assets in nine money-market funds managed by its Ridgeworth Capital Management business to six Federated funds with similar investment objectives. Certain assets SunTrust maintains in collective and common funds will also be transferred. The series of transactions, subject to consent processes and approvals, is expected to close by year end. SunTrust will retain Ridgeworth's long-term asset-management business. RidgeWorth and affiliated businesses had $65.1 billion in assets as of March 31. Federated managed nearly $350 billion. SunTrust shares were down 2.1% in light premarket trading to $24.65, in line with other large banks, while Federated was inactive. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240, matthew.jarzemsky@dowjones.com

Stock News for Federated Investor (FII)
DateTimeHeadline
11/29/201617:04:58Statement of Changes in Beneficial Ownership (4)
11/21/201618:22:21Statement of Changes in Beneficial Ownership (4)
11/21/201618:14:42Statement of Changes in Beneficial Ownership (4)
11/21/201617:48:47Statement of Changes in Beneficial Ownership (4)
11/21/201617:32:20Statement of Changes in Beneficial Ownership (4)
11/21/201617:26:29Statement of Changes in Beneficial Ownership (4)
11/21/201609:00:00Federated Investors, Inc. and Horizon Advisers Announce Transition...
11/15/201617:38:43Statement of Changes in Beneficial Ownership (4)
11/15/201610:00:00Month-End Portfolio Data Now Available for Federated Investors...
11/10/201614:07:28Form 13f Holdings Report (13f-hr)
11/09/201608:30:00Federated Investors' Closed-End Municipal Funds Declare Monthly...
11/04/201617:54:00Statement of Changes in Beneficial Ownership (4)
11/04/201617:39:08Statement of Changes in Beneficial Ownership (4)
11/04/201617:29:11Statement of Changes in Beneficial Ownership (4)
11/04/201617:14:26Statement of Changes in Beneficial Ownership (4)
11/04/201617:03:59Statement of Changes in Beneficial Ownership (4)
11/04/201616:48:06Statement of Changes in Beneficial Ownership (4)
11/04/201616:28:36Statement of Changes in Beneficial Ownership (4)
11/04/201616:19:07Statement of Changes in Beneficial Ownership (4)
10/28/201616:35:58Quarterly Report (10-q)

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