PITTSBURGH, March 2, 2015 /PRNewswire/ -- Federated
Investors, Inc. (NYSE: FII), one of the nation's largest investment
managers, today announced that the West
Virginia Board of Treasury Investments has selected
Federated Investment Counseling—a Federated Investors subsidiary
registered as an investment adviser—to manage the $1.2 billion West Virginia Money Market
Pool. In managing the statewide money market portfolio,
Federated will be responsible for the investment of state and local
government operating funds, with the objectives of maintaining
sufficient liquidity for participants while providing
above-inflation returns.
"Federated emerged with the strongest of the 12 proposals
submitted by investment managers seeking to administer West Virginia's money market pool," said
John D. Perdue, state
treasurer. "The evaluation committee's selection was based
upon technical evaluation of all proposals, oral presentations and
site visits to the three finalists."
Federated is the largest provider of liquidity management
services to state pools1 and an experienced manager of
state and municipality assets, providing portfolio management and
credit analysis, as well as field marketing and participant
point-of-contact services, for state and local governments
nationwide. Federated also manages state investment pools for
Florida, Massachusetts and Texas. Founded in
1955, Federated Investors, through its advisory subsidiaries, has
managed money market products since 1974 and manages more than
$258 billion in money market
assets.
"Federated has a longstanding history of working with state
treasurers to deliver customized investment solutions, and we are
honored that West Virginia has
selected Federated to manage its money market pool," said
J. Christopher Donahue, president
and chief executive officer of Federated Investors, Inc. "We
look forward to continuing to establish relationships that provide
government investment pools with compelling high-quality liquidity
management services, as well as fixed-income investment
opportunities."
The transition of services to Federated is expected to be
completed in the first quarter of 2015 and is subject to contract
finalization.
Federated Investors, Inc. is one of the largest investment
managers in the United States,
managing $362.9 billion in assets as
of Dec. 31, 2014. With 131 funds and a variety of
separately managed account options, Federated provides
comprehensive investment management to more than 7,700 institutions
and intermediaries including corporations, government entities,
insurance companies, foundations and endowments, banks and
broker/dealers. For more information, visit
FederatedInvestors.com.
1) Based on data analysis of AUM derived from iMoneyNet
Special Report, Dec. 2011, updated
internally at Federated.
Certain statements in this press release, such as those relating
to establishing relationships with government investment pools,
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 successfully establish such
relationships, and also include the risk factors discussed in the
company's 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.
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SOURCE Federated Investors, Inc.