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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
05/18/201617:51:41Statement of Changes in Beneficial Ownership (4)
05/18/201617:39:02Statement of Changes in Beneficial Ownership (4)
05/17/201616:00:00Flood of Foreign Cash Flattens Yield Curve
05/16/201616:44:21Current Report Filing (8-k)
05/16/201610:50:00Month-End Portfolio Data Now Available for Federated Investors...
05/16/201609:00:00Federated Investors, Inc. Appoints New Head of Sales
05/09/201608:30:00Federated Investors' Closed-End Municipal Funds Declare Monthly...
05/03/201616:28:28Statement of Changes in Beneficial Ownership (4)
05/02/201616:52:40Statement of Changes in Beneficial Ownership (4)
05/02/201616:43:33Statement of Changes in Beneficial Ownership (4)
05/02/201616:39:38Statement of Changes in Beneficial Ownership (4)
04/29/201616:53:02Quarterly Report (10-q)
04/29/201606:17:07Current Report Filing (8-k)
04/28/201616:10:00Federated Investors, Inc. Reports First Quarter 2016 Earnings
04/15/201610:22:00Month-End Portfolio Data Now Available for Federated Investors...
04/08/201608:30:00Federated Investors' Closed-End Municipal Funds Declare Monthly...
04/07/201616:16:00Federated Investors, Inc. Announces First Quarter 2016 Earnings...
03/29/201617:25:44Statement of Changes in Beneficial Ownership (4)
03/29/201617:16:52Statement of Changes in Beneficial Ownership (4)
03/29/201610:30:00SEC's White Warns Directors to Be Vigilant for Credit-Market...

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