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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
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11/15/201306:57:17Millennium Management 3Q 13F: Largest Eliminations -2-
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04/05/201210:27:17Fifth Third Says Federated Investors Acquiring $5 Billion Of...
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07/16/201009:53:01Federated To Acquire $17 Billion In Money-Market Assets From...
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