PITTSBURGH, April 23, 2015 /PRNewswire/ -- Federated
Investors, Inc. (NYSE: FII), one of the nation's largest investment
managers, today reported earnings per diluted share (EPS) of
$0.35 for Q1 2015, up 3 percent from
$0.34 for the same quarter last year
on net income of $36.3 million for Q1
2015, compared to $35.2 million for
Q1 2014.
Federated's total managed assets were $355.8 billion at March
31, 2015. Total managed assets were down $10.4 billion or 3 percent from $366.2 billion at March
31, 2014 and down $7.1 billion
or 2 percent from $362.9 billion at
Dec. 31, 2014. Both equity and
fixed-income managed assets increased, offset by decreased money
market assets. Average managed assets for Q1 2015 were
$359.5 billion, down $14.9 billion or 4 percent from $374.4 billion reported for Q1 2014 and up
$7.6 billion or 2 percent from
$351.9 billion reported for Q4
2014.
"During the first quarter, Federated saw strong gross and net
sales in a range of strategies—from growth and dividend-oriented
equity offerings to balanced funds," said J. Christopher Donahue, president and chief
executive officer. "Federated's clients also sought
fixed-income strategies such as the Federated Total Return Bond
Fund and our high-yield products."
Federated's board of directors declared a dividend of
$0.25 per share. The dividend is
payable on May 15, 2015 to
shareholders of record as of May 8,
2015. During Q1 2015, Federated purchased 305,269 shares of
Federated class B common stock for $9.9
million.
Federated's equity assets were a record $54.0 billion at March 31,
2015, up $8.1 billion or 18
percent from $45.9 billion at
March 31, 2014 and up $2.6 billion or 5 percent from $51.4 billion at Dec. 31,
2014. Top-selling equity funds during Q1 2015 on a net basis
were Federated Kaufmann Large Cap Fund, Federated Strategic Value
Dividend Fund, Federated Capital Income Fund, Federated Muni and
Stock Advantage Fund and Federated International Leaders Fund.
Federated's fixed-income assets were $53.6 billion at March 31,
2015, up $2.6 billion or 5
percent from $51.0 billion at
March 31, 2014 and up $0.9 billion or 2 percent from $52.7 billion at Dec.
31, 2014. Top-selling fixed-income funds during Q1
2015 on a net basis were Federated Total Return Bond Fund,
Federated Institutional High Yield Bond Fund, Federated Municipal
Ultrashort Fund, Federated High Yield Trust and Federated
Ultrashort Bond Fund.
Money market assets were $248.2
billion at March 31, 2015,
down $15.4 billion or 6 percent from
$263.6 billion at March 31, 2014 and down $10.6 billion or 4 percent from $258.8 billion at Dec. 31,
2014. Money market mutual fund assets were $214.3 billion at March
31, 2015, down $13.2 billion
or 6 percent from $227.5 billion at
March 31, 2014 and down $11.2 billion or 5 percent from $225.5 billion at Dec. 31,
2014.
Financial Summary
Q1 2015 vs. Q1 2014
Revenue increased by $9.0 million
or 4 percent primarily due to an increase in revenue from higher
average equity assets and a decrease in voluntary fee waivers
related to certain money market funds in order for those funds to
maintain positive or zero net yields, partially offset by a
decrease in revenue from lower average money market assets.
See additional information about voluntary fee waivers in the table
at the end of this financial summary.
During Q1 2015, Federated derived 68 percent of its revenue from
equity and fixed-income assets (46 percent from equity assets and
22 percent from fixed-income assets) and 32 percent from money
market assets.
Operating expenses increased $6.6
million or 4 percent primarily due to an increase in
compensation and related expenses, mainly from higher incentive
compensation. Distribution expenses increased due to a
decrease in fee waivers related to the low-yield environment for
money market funds, as well as higher average equity assets.
These increases were partially offset by lower average money market
assets.
Q1 2015 vs. Q4 2014
Revenue increased by $2.7 million
or 1 percent primarily due to a decrease in voluntary fee waivers
and an increase in revenue from higher average equity assets,
partially offset by a decrease in revenue due to fewer days in Q1
2015.
Operating expenses increased $5.3
million or 3 percent primarily due to an increase in
compensation and related expense, driven by seasonally higher
payroll taxes and higher incentive compensation.
Federated's level of business activity and financial results are
dependent upon many factors including market conditions, investment
performance and investor behavior. These factors and others,
including asset levels, product sales and redemptions, market
appreciation or depreciation, revenues, fee waivers, expenses and
regulatory changes, can significantly impact Federated's business
activity levels and financial results. Risk factors and
uncertainties that can influence Federated's financial results are
discussed in the company's annual and quarterly reports as filed
with the Securities and Exchange Commission (SEC).
Fee waivers to maintain positive or zero net yields on money
market funds and the resulting negative impact of these waivers
could vary significantly in the future as they are contingent on a
number of variables including, but not limited to, changes in
assets within the money market funds, yields on instruments
available for purchase by the money market funds, actions by the
Federal Reserve, the U.S. Department of the Treasury, the SEC, the
Financial Stability Oversight Council and other governmental
entities, changes in fees and expenses of the money market funds,
changes in the mix of money market customer assets, changes in the
money market product structures and offerings, demand for competing
products, changes in the distribution fee arrangements with third
parties, Federated's willingness to continue the fee waivers and
changes in the extent to which the impact of the waivers is shared
by third parties.
Unaudited Money
Market Fund Yield Waiver Impact to the Consolidated Statements of
Income
|
(in
millions)
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Change
Q1 2014 to Q1 2015
|
|
Quarter
Ended
|
|
Change
Q4 2014 to Q1 2015
|
|
March 31,
2015
|
|
March 31,
2014
|
|
|
Dec. 31,
2014
|
|
Investment advisory
fees
|
$
|
(62.3)
|
|
|
$
|
(73.1)
|
|
|
$
|
10.8
|
|
|
$
|
(67.4)
|
|
|
$
|
5.1
|
|
Other service
fees
|
(31.8)
|
|
|
(33.6)
|
|
|
1.8
|
|
|
(32.4)
|
|
|
0.6
|
|
Total
revenue
|
(94.1)
|
|
|
(106.7)
|
|
|
12.6
|
|
|
(99.8)
|
|
|
5.7
|
|
Less: Reduction in
distribution expense
|
64.6
|
|
|
74.3
|
|
|
(9.7)
|
|
|
67.6
|
|
|
(3.0)
|
|
Operating
income
|
(29.5)
|
|
|
(32.4)
|
|
|
2.9
|
|
|
(32.2)
|
|
|
2.7
|
|
Less: Reduction in
noncontrolling interest
|
2.5
|
|
|
2.7
|
|
|
(0.2)
|
|
|
2.7
|
|
|
(0.2)
|
|
Pre-tax
impact
|
$
|
(27.0)
|
|
|
$
|
(29.7)
|
|
|
$
|
2.7
|
|
|
$
|
(29.5)
|
|
|
$
|
2.5
|
|
Federated will host an earnings conference call at 9 a.m. Eastern on April
24, 2015. Investors are invited to listen to Federated's
earnings teleconference by calling 877-407-0782 (domestic) or
201-689-8567 (international) prior to the 9
a.m. start time. The call may also be accessed in real
time on the Internet via the About Federated section of
FederatedInvestors.com. A replay will be available after
12:30 p.m. and through May 1, 2015 by calling 877-660-6853 (domestic) or
201-612-7415 (international) and entering access code 13605702.
Federated Investors, Inc. is one of the largest investment
managers in the United States,
managing $355.8 billion in assets as
of March 31, 2015. With 130 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. Federated ranks in the top 3 percent of money
market fund managers in the industry, the top 6 percent of equity
fund managers and the top 9 percent of fixed-income fund
managers1. For more information, visit
FederatedInvestors.com.
1) Strategic Insight, Feb. 28,
2015. Based on assets under management in open-end
funds.
Federated Securities Corp. is distributor of the
Federated funds.
Separately managed accounts are made
available through Federated Global Investment Management Corp.,
Federated Investment Counseling and Federated MDTA LLC, each a
registered investment adviser.
Certain statements in this press release, such as those related
to the level of fee waivers and expenses incurred by the company,
product demand and performance, investor interest and preferences,
asset flows and mix, changes in product structure, fee arrangements
with customers, distribution expense, regulatory changes and market
conditions 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 predict the level of fee
waivers and expenses in future quarters, which could vary
significantly depending on a variety of factors identified above,
and include the ability of the company to sustain product demand
and asset flows and mix, which could vary significantly depending
on market conditions, investment performance and investor
behavior. Other risks and uncertainties also include the risk
factors discussed in the company's annual and quarterly reports as
filed with the SEC. 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.
Unaudited
Condensed Consolidated Statements of Income
|
(in thousands,
except per share data)
|
|
|
|
|
|
|
|
Quarter
Ended
|
% Change
Q1 2014 to
Q1 2015
|
|
Quarter
Ended
|
% Change
Q4 2014 to
Q1 2015
|
|
March 31,
2015
|
March 31,
2014
|
|
Dec. 31,
2014
|
Revenue
|
|
|
|
|
|
|
Investment advisory
fees, net
|
$
|
146,559
|
|
$
|
135,093
|
|
8%
|
|
|
$
|
143,587
|
|
2%
|
|
Administrative
service fees, net—affiliates
|
53,017
|
|
54,727
|
|
(3)
|
|
|
53,427
|
|
(1)
|
|
Other service fees,
net
|
19,787
|
|
20,780
|
|
(5)
|
|
|
19,562
|
|
1
|
|
Other, net
|
1,159
|
|
896
|
|
29
|
|
|
1,282
|
|
(10)
|
|
Total
Revenue
|
220,522
|
|
211,496
|
|
4
|
|
|
217,858
|
|
1
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
Compensation and
related
|
76,498
|
|
71,759
|
|
7
|
|
|
72,161
|
|
6
|
|
Distribution
|
53,495
|
|
51,197
|
|
4
|
|
|
53,764
|
|
(1)
|
|
Professional service
fees
|
7,882
|
|
8,381
|
|
(6)
|
|
|
5,714
|
|
38
|
|
Systems and
communications
|
6,870
|
|
6,404
|
|
7
|
|
|
6,773
|
|
1
|
|
Office and
occupancy
|
6,853
|
|
6,915
|
|
(1)
|
|
|
7,526
|
|
(9)
|
|
Advertising and
promotional
|
3,471
|
|
3,439
|
|
1
|
|
|
3,661
|
|
(5)
|
|
Travel and
related
|
2,759
|
|
2,861
|
|
(4)
|
|
|
3,792
|
|
(27)
|
|
Other
|
3,656
|
|
3,895
|
|
(6)
|
|
|
2,833
|
|
29
|
|
Total Operating
Expenses
|
161,484
|
|
154,851
|
|
4
|
|
|
156,224
|
|
3
|
|
Operating
Income
|
59,038
|
|
56,645
|
|
4
|
|
|
61,634
|
|
(4)
|
|
|
|
|
|
|
|
|
Nonoperating
(Expenses) Income
|
|
|
|
|
|
|
Investment income,
net
|
890
|
|
3,613
|
|
(75)
|
|
|
2,325
|
|
(62)
|
|
Debt
expense
|
(1,373)
|
|
(2,812)
|
|
(51)
|
|
|
(1,787)
|
|
(23)
|
|
Other, net
|
(13)
|
|
(5)
|
|
160
|
|
|
(15)
|
|
(13)
|
|
Total Nonoperating
(Expenses) Income, net
|
(496)
|
|
796
|
|
(162)
|
|
|
523
|
|
(195)
|
|
Income before income
taxes
|
58,542
|
|
57,441
|
|
2
|
|
|
62,157
|
|
(6)
|
|
Income tax
provision
|
22,124
|
|
21,796
|
|
2
|
|
|
22,552
|
|
(2)
|
|
Net income including
the noncontrolling interests in subsidiaries
|
36,418
|
|
35,645
|
|
2
|
|
|
39,605
|
|
(8)
|
|
Less: Net income
(loss) attributable to the noncontrolling interests in
subsidiaries
|
111
|
|
451
|
|
(75)
|
|
|
(8)
|
|
1,488
|
|
Net Income
|
$
|
36,307
|
|
$
|
35,194
|
|
3%
|
|
|
$
|
39,613
|
|
(8)%
|
|
|
|
|
|
|
|
|
Amounts
Attributable to Federated Investors, Inc.
|
|
|
|
|
|
|
Earnings Per
Share1
|
|
|
|
|
|
|
Basic and
diluted
|
$
|
0.35
|
|
$
|
0.34
|
|
3%
|
|
|
$
|
0.38
|
|
(8)%
|
|
Weighted-average
shares outstanding
|
|
|
|
|
|
|
Basic
|
100,641
|
|
100,725
|
|
|
|
100,642
|
|
|
Diluted
|
100,642
|
|
100,727
|
|
|
|
100,643
|
|
|
Dividends declared
per share
|
$
|
0.25
|
|
$
|
0.25
|
|
|
|
$
|
0.25
|
|
|
1) Unvested
share-based awards that receive non-forfeitable dividend rights are
deemed participating securities and are required to be considered
in the computation of earnings per share under the "two-class
method." As such, total net income of $1.5 million, $1.4 million
and $1.5 million available to unvested restricted shareholders for
the quarterly periods ended March 31, 2015, March 31, 2014 and Dec.
31, 2014, respectively, was excluded from the computation of
earnings per share.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
(in
thousands)
|
March
31, 2015
|
Dec. 31,
2014
|
Assets
|
|
|
Cash and other
investments
|
$
|
279,630
|
|
$
|
297,338
|
|
Other current
assets
|
43,261
|
|
44,717
|
|
Intangible assets,
net and goodwill
|
733,400
|
|
733,847
|
|
Other long-term
assets
|
62,816
|
|
64,617
|
|
Total
Assets
|
$
|
1,119,107
|
|
$
|
1,140,519
|
|
|
|
|
Liabilities,
Redeemable Noncontrolling Interests and Equity
|
|
|
Current
liabilities
|
$
|
114,346
|
|
$
|
149,321
|
|
Long-term
debt
|
210,375
|
|
216,750
|
|
Other long-term
liabilities
|
165,376
|
|
161,099
|
|
Redeemable
noncontrolling interests
|
8,582
|
|
3,697
|
|
Equity excluding
treasury stock
|
783,343
|
|
774,910
|
|
Treasury
stock
|
(162,915)
|
|
(165,258)
|
|
Total Liabilities,
Redeemable Noncontrolling Interests and Equity
|
$
|
1,119,107
|
|
$
|
1,140,519
|
|
Unaudited
Changes in Equity and Fixed-Income Fund and Separate Account
Assets
|
(in millions;
excludes liquidation portfolio)
|
|
|
Quarter
Ended
|
|
March 31,
2015
|
Dec. 31,
2014
|
March 31,
2014
|
Equity
funds
|
|
|
|
Beginning
assets
|
$
|
33,141
|
|
$
|
32,088
|
|
$
|
28,097
|
|
Sales
|
2,805
|
|
2,650
|
|
2,292
|
|
Redemptions
|
(1,914)
|
|
(1,844)
|
|
(1,833)
|
|
Net sales
|
891
|
|
806
|
|
459
|
|
Net
exchanges
|
39
|
|
(7)
|
|
32
|
|
Market gains and
losses/reinvestments1
|
880
|
|
254
|
|
620
|
|
Ending
assets
|
$
|
34,951
|
|
$
|
33,141
|
|
$
|
29,208
|
|
|
|
|
|
Equity separate
accounts2
|
|
|
|
Beginning
assets
|
$
|
18,285
|
|
$
|
18,247
|
|
$
|
16,051
|
|
Sales3
|
1,693
|
|
1,392
|
|
845
|
|
Redemptions3
|
(954)
|
|
(1,622)
|
|
(778)
|
|
Net sales
(redemptions)3
|
739
|
|
(230)
|
|
67
|
|
Market gains and
losses4
|
62
|
|
268
|
|
553
|
|
Ending
assets
|
$
|
19,086
|
|
$
|
18,285
|
|
$
|
16,671
|
|
|
|
|
|
Total
equity2
|
|
|
|
Beginning
assets
|
$
|
51,426
|
|
$
|
50,335
|
|
$
|
44,148
|
|
Sales3
|
4,498
|
|
4,042
|
|
3,137
|
|
Redemptions3
|
(2,868)
|
|
(3,466)
|
|
(2,611)
|
|
Net
sales3
|
1,630
|
|
576
|
|
526
|
|
Net
exchanges
|
39
|
|
(7)
|
|
32
|
|
Market gains and
losses/reinvestments1
|
942
|
|
522
|
|
1,173
|
|
Ending
assets
|
$
|
54,037
|
|
$
|
51,426
|
|
$
|
45,879
|
|
|
|
|
|
Fixed-income
funds
|
|
|
|
Beginning
assets
|
$
|
40,456
|
|
$
|
40,435
|
|
$
|
39,606
|
|
Sales
|
4,491
|
|
4,631
|
|
4,248
|
|
Redemptions
|
(4,193)
|
|
(4,411)
|
|
(4,025)
|
|
Net sales
|
298
|
|
220
|
|
223
|
|
Net
exchanges
|
(37)
|
|
(285)
|
|
(59)
|
|
Market gains and
losses/reinvestments1
|
322
|
|
86
|
|
467
|
|
Ending
assets
|
$
|
41,039
|
|
$
|
40,456
|
|
$
|
40,237
|
|
|
|
|
|
Fixed-income
separate accounts2
|
|
|
|
Beginning
assets
|
$
|
12,251
|
|
$
|
10,752
|
|
$
|
10,520
|
|
Sales3
|
239
|
|
1,499
|
|
254
|
|
Redemptions3
|
(204)
|
|
(306)
|
|
(232)
|
|
Net
sales3
|
35
|
|
1,193
|
|
22
|
|
Net
exchanges
|
0
|
|
229
|
|
0
|
|
Market gains and
losses4
|
237
|
|
77
|
|
204
|
|
Ending
assets
|
$
|
12,523
|
|
$
|
12,251
|
|
$
|
10,746
|
|
|
|
|
|
Total fixed
income2
|
|
|
|
Beginning
assets
|
$
|
52,707
|
|
$
|
51,187
|
|
$
|
50,126
|
|
Sales3
|
4,730
|
|
6,130
|
|
4,502
|
|
Redemptions3
|
(4,397)
|
|
(4,717)
|
|
(4,257)
|
|
Net
sales3
|
333
|
|
1,413
|
|
245
|
|
Net
exchanges
|
(37)
|
|
(56)
|
|
(59)
|
|
Market gains and
losses/reinvestments1
|
559
|
|
163
|
|
671
|
|
Ending
assets
|
$
|
53,562
|
|
$
|
52,707
|
|
$
|
50,983
|
|
1)
|
Reflects the
approximate changes in the fair value of the securities held by the
portfolios and, to a lesser extent, reinvested dividends,
distributions, net investment income and the impact of changes in
foreign exchange rates.
|
2)
|
Includes
separately managed accounts, institutional accounts and sub-advised
funds and other managed products.
|
3)
|
For certain
accounts, Sales and Redemptions are calculated as the remaining
difference between beginning and ending assets after the
calculation of Market gains and losses.
|
4)
|
Reflects the
approximate changes in the fair value of the securities held by the
portfolios.
|
Unaudited Total
Changes in Equity and Fixed-Income Assets
|
(in millions;
excludes liquidation portfolio)
|
|
|
Quarter
Ended
|
|
March 31,
2015
|
Dec. 31,
2014
|
March 31,
2014
|
|
|
|
|
Funds
|
|
|
|
Beginning
assets
|
$
|
73,597
|
|
$
|
72,523
|
|
$
|
67,703
|
|
Sales
|
7,296
|
|
7,281
|
|
6,540
|
|
Redemptions
|
(6,107)
|
|
(6,255)
|
|
(5,858)
|
|
Net sales
|
1,189
|
|
1,026
|
|
682
|
|
Net
exchanges
|
2
|
|
(292)
|
|
(27)
|
|
Market gains and
losses/reinvestments1
|
1,202
|
|
340
|
|
1,087
|
|
Ending
assets
|
$
|
75,990
|
|
$
|
73,597
|
|
$
|
69,445
|
|
|
|
|
|
Separate
accounts2
|
|
|
|
Beginning
assets
|
$
|
30,536
|
|
$
|
28,999
|
|
$
|
26,571
|
|
Sales3
|
1,932
|
|
2,891
|
|
1,099
|
|
Redemptions3
|
(1,158)
|
|
(1,928)
|
|
(1,010)
|
|
Net
sales3
|
774
|
|
963
|
|
89
|
|
Net
exchanges
|
0
|
|
229
|
|
0
|
|
Market gains and
losses4
|
299
|
|
345
|
|
757
|
|
Ending
assets
|
$
|
31,609
|
|
$
|
30,536
|
|
$
|
27,417
|
|
|
|
|
|
Total assets
2
|
|
|
|
Beginning
assets
|
$
|
104,133
|
|
$
|
101,522
|
|
$
|
94,274
|
|
Sales3
|
9,228
|
|
10,172
|
|
7,639
|
|
Redemptions3
|
(7,265)
|
|
(8,183)
|
|
(6,868)
|
|
Net
sales3
|
1,963
|
|
1,989
|
|
771
|
|
Net
exchanges
|
2
|
|
(63)
|
|
(27)
|
|
Market gains and
losses/reinvestments1
|
1,501
|
|
685
|
|
1,844
|
|
Ending
assets
|
$
|
107,599
|
|
$
|
104,133
|
|
$
|
96,862
|
|
1)
|
Reflects the
approximate changes in the fair value of the securities held by the
portfolios and, to a lesser extent, reinvested dividends,
distributions, net investment income and the impact of changes in
foreign exchange rates.
|
2)
|
Includes
separately managed accounts, institutional accounts and sub-advised
funds and other managed products.
|
3)
|
For certain
accounts, Sales and Redemptions are calculated as the remaining
difference between beginning and ending assets after the
calculation of Market gains and losses.
|
4)
|
Reflects the
approximate changes in the fair value of the securities held by the
portfolios.
|
(unaudited)
|
|
|
|
|
|
MANAGED
ASSETS
(in
millions)
|
March 31,
2015
|
Dec. 31,
2014
|
Sept. 30,
2014
|
June 30,
2014
|
March 31,
2014
|
By Asset
Class
|
|
|
|
|
|
Equity
|
$
|
54,037
|
|
$
|
51,426
|
|
$
|
50,335
|
|
$
|
49,888
|
|
$
|
45,879
|
|
Fixed-income
|
53,562
|
|
52,707
|
|
51,187
|
|
51,129
|
|
50,983
|
|
Money
market
|
248,160
|
|
258,772
|
|
245,536
|
|
245,201
|
|
263,648
|
|
Liquidation
portfolio1
|
0
|
|
0
|
|
5,197
|
|
5,408
|
|
5,690
|
|
Total Managed
Assets
|
$
|
355,759
|
|
$
|
362,905
|
|
$
|
352,255
|
|
$
|
351,626
|
|
$
|
366,200
|
|
By Product
Type
|
|
|
|
|
|
Funds:
|
|
|
|
|
|
Equity
|
$
|
34,951
|
|
$
|
33,141
|
|
$
|
32,088
|
|
$
|
31,673
|
|
$
|
29,208
|
|
Fixed-income
|
41,039
|
|
40,456
|
|
40,435
|
|
40,357
|
|
40,237
|
|
Money
market
|
214,310
|
|
225,471
|
|
215,237
|
|
212,434
|
|
227,470
|
|
Total Fund
Assets
|
$
|
290,300
|
|
$
|
299,068
|
|
$
|
287,760
|
|
$
|
284,464
|
|
$
|
296,915
|
|
Separate
accounts:
|
|
|
|
|
|
Equity
|
$
|
19,086
|
|
$
|
18,285
|
|
$
|
18,247
|
|
$
|
18,215
|
|
$
|
16,671
|
|
Fixed-income
|
12,523
|
|
12,251
|
|
10,752
|
|
10,772
|
|
10,746
|
|
Money
market
|
33,850
|
|
33,301
|
|
30,299
|
|
32,767
|
|
36,178
|
|
Total Separate
Accounts
|
$
|
65,459
|
|
$
|
63,837
|
|
$
|
59,298
|
|
$
|
61,754
|
|
$
|
63,595
|
|
Total Liquidation
Portfolio1
|
$
|
0
|
|
$
|
0
|
|
$
|
5,197
|
|
$
|
5,408
|
|
$
|
5,690
|
|
Total Managed
Assets
|
$
|
355,759
|
|
$
|
362,905
|
|
$
|
352,255
|
|
$
|
351,626
|
|
$
|
366,200
|
|
|
AVERAGE MANAGED
ASSETS
|
Quarter
Ended
|
(in
millions)
|
March 31,
2015
|
Dec. 31,
2014
|
Sept. 30,
2014
|
June 30,
2014
|
March 31,
2014
|
By Asset
Class
|
|
|
|
|
|
Equity
|
$
|
52,784
|
|
$
|
50,901
|
|
$
|
50,207
|
|
$
|
47,466
|
|
$
|
44,693
|
|
Fixed-income
|
53,405
|
|
52,782
|
|
51,115
|
|
50,774
|
|
50,658
|
|
Money
market
|
253,261
|
|
246,698
|
|
242,537
|
|
254,575
|
|
273,233
|
|
Liquidation
portfolio1
|
0
|
|
1,563
|
|
5,307
|
|
5,569
|
|
5,791
|
|
Total Avg.
Assets
|
$
|
359,450
|
|
$
|
351,944
|
|
$
|
349,166
|
|
$
|
358,384
|
|
$
|
374,375
|
|
By Product
Type
|
|
|
|
|
|
Funds:
|
|
|
|
|
|
Equity
|
$
|
34,162
|
|
$
|
32,705
|
|
$
|
32,060
|
|
$
|
30,154
|
|
$
|
28,516
|
|
Fixed-income
|
41,013
|
|
41,072
|
|
40,275
|
|
40,130
|
|
39,987
|
|
Money
market
|
218,168
|
|
216,235
|
|
211,571
|
|
219,936
|
|
235,228
|
|
Total Avg. Fund
Assets
|
$
|
293,343
|
|
$
|
290,012
|
|
$
|
283,906
|
|
$
|
290,220
|
|
$
|
303,731
|
|
Separate
accounts:
|
|
|
|
|
|
Equity
|
$
|
18,622
|
|
$
|
18,196
|
|
$
|
18,147
|
|
$
|
17,312
|
|
$
|
16,177
|
|
Fixed-income
|
12,392
|
|
11,710
|
|
10,840
|
|
10,644
|
|
10,671
|
|
Money
market
|
35,093
|
|
30,463
|
|
30,966
|
|
34,639
|
|
38,005
|
|
Total Avg.
Separate Accounts
|
$
|
66,107
|
|
$
|
60,369
|
|
$
|
59,953
|
|
$
|
62,595
|
|
$
|
64,853
|
|
Total Avg.
Liquidation Portfolio1
|
$
|
0
|
|
$
|
1,563
|
|
$
|
5,307
|
|
$
|
5,569
|
|
$
|
5,791
|
|
Total Avg. Managed
Assets
|
$
|
359,450
|
|
$
|
351,944
|
|
$
|
349,166
|
|
$
|
358,384
|
|
$
|
374,375
|
|
1)
|
The liquidation
portfolio represented a portfolio of distressed bonds at cost.
Federated had been retained by a third party to manage these assets
through an orderly liquidation process that was completed during
the fourth quarter of 2014. Management-fee rates earned from this
portfolio were lower than those of traditional separate account
mandates.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/federated-investors-inc-reports-first-quarter-2015-earnings-300071395.html
SOURCE Federated Investors, Inc.