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Fifth Third Says Federated Investors Acquiring $5 Billion Of Money Market Assets

DOW JONES NEWSWIRES Fifth Third Bancorp (FITB) said its asset management arm will shed some assets, including roughly $5 billion of money market assets being acquired by investment manager Federated Investors Inc. (FII). Under Fifth Third's deal with the firm, the money market assets will be reorganized from four Fifth Third money market funds into four existing Federated money market funds with similar investment objectives. The transaction, expected to be completed in the third quarter, isn't seen having a material impact on Fifth Third's results. "This action reduces risk and moves us more closely to trusted advisor status by being able to offer clients a broader choice of investment products," said Chief Executive Kevin T. Kabat. Also Thursday, the bank said Touchstone Advisors, a mutual fund unit of Western & Southern Financial Group Inc., will acquire the assets of 16 of its mutual funds. Fifth Third Asset Management's affiliated investment mangers will continue as sub-advisors for some of the funds. The moves come after Fifth Third saw its request to raise its dividend and begin buying back shares rejected by the Federal Reserve last month following completion of the regulator's latest "stress tests" for the nation's largest banks. Fifth Third at the time declined to say why the Fed objected, citing regulatory reasons, but said it would resubmit the plan "as soon as practicable." Shares were recently up 6 cents to $14.54. -By Mia Lamar, Dow Jones Newswires; 212-416-3207;

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