PITTSBURGH, July 28, 2016 /PRNewswire/ -- Federated Investors, Inc. (NYSE: FII), one of the nation's largest investment managers, today reported earnings per diluted share (EPS) of $0.51 for Q2 2016, compared to $0.40 for the same quarter last year on net income of $52.7 million for Q2 2016, compared to $41.8 million for Q2 2015. Federated reported YTD 2016 EPS of $0.94, compared to $0.74 for the same period in 2015 on YTD 2016 net income of $98.2 million compared to $78.1 million for the same period last year. Results for Q2 2016 and YTD 2016 included a pre-tax impact of $3.5 million, or $0.02 EPS, from insurance proceeds.

Federated's total managed assets were $367.2 billion at June 30, 2016. Total managed assets were up $17.5 billion or 5 percent from $349.7 billion at June 30, 2015 and down $2.5 billion or 1 percent from $369.7 billion at March 31, 2016. Growth in equity assets was offset by lower money market and fixed-income assets in Q2 2016 compared to Q1 2016. Average managed assets for Q2 2016 were $364.2 billion, up $15.6 billion or 4 percent from $348.6 billion reported for Q2 2015 and up slightly from $363.9 billion reported for Q1 2016.

"Investors have sought income-oriented strategies against a backdrop of challenging market conditions," said J. Christopher Donahue, president and chief executive officer. "Federated is well-positioned, with a range of strong-performing diversified income solutions, including a unique stock and municipal-bond hybrid fund, our high-yield bond products and especially the Strategic Value Dividend strategies, which helped drive our record quarterly equity flows."

Federated's board of directors declared a dividend of $0.25 per share. The dividend is payable on Aug.15, 2016 to shareholders of record as of Aug. 8, 2016.  During Q2 2016, Federated purchased 918,050 shares of Federated class B common stock for $27.3 million.

Federated's equity assets were a record $61.9 billion at June 30, 2016, up $7.1 billion or 13 percent from $54.8 billion at June 30, 2015 and up $5.4 billion or 10 percent from $56.5 billion at March 31, 2016. Top-selling equity funds during Q2 2016 on a net basis were Federated Strategic Value Dividend Fund, Federated Prudent Bear Fund, Federated International Strategic Value Dividend Fund, Federated Muni and Stock Advantage Fund and Federated MDT Small Cap Core Fund.

Federated's fixed-income assets were $50.3 billion at June 30, 2016, down $2.6 billion or 5 percent from $52.9 billion at June 30, 2015 and down $0.9 billion or 2 percent from $51.2 billion at March 31, 2016. Top-selling fixed-income funds during Q2 2016 on a net basis were Federated Institutional High Yield Bond Fund, Federated Sterling Cash Plus Fund, Federated High Yield Trust, Federated Short-Intermediate Duration Municipal Trust and Federated Municipal High Yield Advantage Fund.

Money market assets were $255.0 billion at June 30, 2016, up $13.0 billion or 5 percent from $242.0 billion at June 30, 2015 and down $7.0 billion or 3 percent from $262.0 billion at March 31, 2016.  Money market mutual fund assets were $218.1 billion at June 30, 2016, up $9.3 billion or 4 percent from $208.8 billion at June 30, 2015 and down $6.6 billion or 3 percent from $224.7 billion at March 31, 2016.

Financial Summary

Q2 2016 vs. Q2 2015

Revenue increased by $58.6 million or 26 percent primarily due to a decrease in voluntary fee waivers related to certain money market funds in order for those funds to maintain positive or zero net yields (voluntary yield-related fee waivers). See additional information about voluntary yield-related fee waivers in the table at the end of this financial summary.

During Q2 2016, Federated derived 53 percent of its revenue from equity and fixed-income assets (37 percent from equity assets and 16 percent from fixed-income assets) and 47 percent from money market assets.

Operating expenses increased by $40.2 million or 25 percent primarily due to an increase in distribution expenses as a result of a decrease in voluntary yield-related fee waivers.  The increase was partially offset by a reduction in certain operating expenses, primarily professional service fees, due to the recognition of $3.5 million in insurance proceeds in Q2 2016.

Q2 2016 vs. Q1 2016

Revenue increased by $14.6 million or 5 percent primarily due to a decrease in voluntary yield-related fee waivers and an increase in revenue from higher average equity assets. The increase in revenue was partially offset by a decrease in revenue from lower average money market assets.

Operating expenses increased by $1.5 million or 1 percent primarily due to an increase in distribution expenses as a result of a decrease in voluntary yield-related fee waivers. The increase was partially offset by a reduction in certain operating expenses, primarily professional service fees, due to the recognition of $3.5 million in insurance proceeds in Q2 2016.

YTD 2016  vs. YTD 2015

Revenue increased by $110.2 million or 25 percent primarily due to a decrease in voluntary yield-related fee waivers and an increase in revenue from higher average money market assets. The increase in revenue was partially offset by a decrease in revenue from lower average fixed-income assets and a change in the mix of average equity assets.

For the first half of 2016, Federated derived 53 percent of its revenue from equity and fixed-income assets (37 percent from equity assets and 16 percent from fixed-income assets) and 47 percent from money market assets.

Operating expenses increased $76.3 million or 24 percent primarily due to an increase in distribution expenses as a result of a decrease in voluntary yield-related fee waivers.

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 and mix, 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).

Voluntary yield-related fee waivers 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, FSOC 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 customer relationships, 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
Q2 2015 to
Q2 2016

Quarter Ended

Change
Q1 2016 to
Q2 2016

Six Months Ended

Change
YTD 2015
to YTD
2016


June 30,
2016

June 30,
2015

March 31,
2016

June 30,
2016

June 30,
2015

Investment advisory fees

$     (6.2)

$    (53.4)

$       47.2

$           (15.0)

$        8.8

$    (21.2)

$   (115.7)

$      94.5

Other service fees

(15.1)

(30.8)

15.7

(22.5)

7.4

(37.6)

(62.6)

25.0

Total revenue

(21.3)

(84.2)

62.9

(37.5)

16.2

(58.8)

(178.3)

119.5

Less: Reduction in distribution expense

16.5

60.2

(43.7)

27.9

(11.4)

44.4

124.8

(80.4)

Operating income

(4.8)

(24.0)

19.2

(9.6)

4.8

(14.4)

(53.5)

39.1

Less: (Increase)/Reduction in noncontrolling interest

(0.2)

1.8

(2.0)

0.2

(0.4)

0.0

4.3

(4.3)

Pre-tax impact

$     (5.0)

$    (22.2)

$       17.2

$             (9.4)

$        4.4

$    (14.4)

$     (49.2)

$      34.8

 

Federated will host an earnings conference call at 9 a.m. Eastern on July 29, 2016. 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. on July 29, 2016 and through Aug. 5, 2016 by calling 877-660-6853 (domestic) or 201-612-7415 (international) and entering access code 13640608.

Federated Investors, Inc. is one of the largest investment managers in the United States, managing $367.2 billion in assets as of June 30, 2016. With 123 funds and a variety of separately managed account options, Federated provides comprehensive investment management to more than 8,400 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Federated ranks in the top 5 percent of money market fund managers in the industry, the top 5 percent of equity fund managers and the top 10 percent of fixed-income fund managers1.  For more information, visit FederatedInvestors.com.

1) Strategic Insight, May 31, 2016. 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 customer relationships, 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
Q2 2015 to
Q2 2016

Quarter Ended

% Change
Q1 2016 to
Q2 2016


June 30, 2016

June 30, 2015

March 31, 2016

Revenue












Investment advisory fees, net

$           192,663

$            154,429

25%

$           181,847

6%

Administrative service fees, net—affiliates

53,131

51,605

3

53,473

(1)

Other service fees, net

39,943

21,031

90

35,898

11

Other, net

1,001

1,062

(6)

891

12

Total Revenue

286,738

228,127

26

272,109

5







Operating Expenses






Distribution

94,741

54,058

75

88,381

7

Compensation and related

75,225

70,940

6

76,770

(2)

Systems and communications

7,767

6,979

11

7,865

(1)

Office and occupancy

6,675

6,710

(1)

6,888

(3)

Advertising and promotional

3,938

3,504

12

3,442

14

Travel and related

3,656

3,533

3

2,906

26

Professional service fees

3,645

7,285

(50)

8,881

(59)

Other

3,421

5,839

(41)

2,421

41

Total Operating Expenses

199,068

158,848

25

197,554

1

Operating Income

87,670

69,279

27

74,555

18







Nonoperating Income (Expenses)






Investment income, net

1,105

410

170

2,664

(59)

Debt expense

(1,020)

(974)

5

(1,059)

(4)

Other, net

(2)

(15)

(87)

(5)

(60)

Total Nonoperating Income (Expenses), net

83

(579)

114

1,600

(95)

Income before income taxes

87,753

68,700

28

76,155

15

Income tax provision1

31,335

26,437

19

27,196

15

Net income including the noncontrolling interests in subsidiaries

56,418

42,263

33

48,959

15

Less: Net income attributable to the noncontrolling interests in






subsidiaries

3,709

504

NM

3,516

NM

Net Income

$             52,709

$              41,759

26%

$             45,443

16%







Amounts Attributable to Federated Investors, Inc.






Earnings Per Share 2






Basic and diluted

$                  0.51

$                  0.40

28%

$ 0.44

16%

Weighted-average shares outstanding






Basic

99,592

100,732


99,802


Diluted

99,593

100,734


99,803


Dividends declared per share

$                  0.25

$             0.25


$              0.25










1)

Federated adopted Accounting Standards Update 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payments Accounting, effective Jan. 1, 2016, which requires all excess tax benefits and deficiencies to be recognized in the income-tax provision. As a result of this adoption, the income-tax provision for March 31, 2016 was reduced by $0.2 million from amounts previously reported.

2)

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 $2.1 million, $1.7 million and $1.8 million available to unvested restricted shareholders for the quarterly periods ended June 30, 2016, June 30, 2015 and March 31, 2016, respectively, was excluded from the computation of earnings per share.

 


 


Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)


Six Months Ended



June 30, 2016      

June 30, 2015

% Change

Revenue



Investment advisory fees, net

$               374,510

$             300,987

24%

Administrative service fees, net - affiliates

106,604

104,622

2

Other service fees, net

75,841

40,817

86

Other, net

1,892

2,223

(15)

Total Revenue

558,847

448,649

25




Operating Expenses



Distribution

183,122

107,553

70

Compensation and related

151,995

147,438

3

Systems and communications

15,632

13,849

13

Office and occupancy

13,563

13,563

0

Professional service fees

12,526

15,167

(17)

Advertising and promotional

7,380

6,975

6

Travel and related

6,562

6,291

4

Other

5,842

9,496

(38)

Total Operating Expenses

396,622

320,332

24

Operating Income

162,225

128,317

26




Nonoperating Income (Expenses)



Investment income, net

3,769

1,300

190

Debt expense

(2,079)

(2,347)

(11)

Other, net

(7)

(28)

(75)

Total Nonoperating Income (Expenses), net

1,683

(1,075)

257

Income before income taxes

163,908

127,242

29

Income tax provision

58,531

48,561

21

Net income including the noncontrolling interests in subsidiaries

105,377

78,681

34

Less: Net income attributable to the noncontrolling interests in subsidiaries

7,225

615

NM

Net Income

$                 98,152

$                   78,066

26%





Amounts Attributable to Federated Investors, Inc.




Earnings Per Share1




Basic and diluted

$                      0.94

$                       0.74

27%

Weighted-average shares outstanding




Basic

99,697

100,686


Diluted

99,698

100,688


Dividends declared per share

$                      0.50

$                     0.50








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 $3.9 million and $3.1million available to unvested restricted shareholders for the six months ended June 30, 2016 and June 30, 2015, respectively, was excluded from the computation of earnings per share.

 

 


Unaudited Condensed Consolidated Balance Sheets
(in thousands)


June 30, 2016

Dec. 31, 2015

Assets



Cash and other investments

$                   352,451

$          346,815

Other current assets

53,988

49,013

Intangible assets, net and goodwill

733,554

734,492

Other long-term assets

59,844

56,883

Total Assets

$               1,199,837

$       1,187,203




Liabilities, Redeemable Noncontrolling Interests and Equity



Current liabilities

$                   135,076

$          159,208

Long-term debt

178,500

191,250

Other long-term liabilities

187,484

179,039

Redeemable noncontrolling interests

29,670

8,734

Equity excluding treasury stock

888,723

840,911

Treasury stock

(219,616)

(191,939)

Total Liabilities, Redeemable Noncontrolling Interests and Equity

$               1,199,837

$       1,187,203

 

 

Unaudited Changes in Equity and Fixed-Income Fund and Separate Account Assets

(in millions)



Quarter Ended

Six Months Ended


June 30, 2016

March 31, 2016

June 30, 2015

June 30, 2016

June 30, 2015

Equity funds


Beginning assets

$            34,935

$              34,125

$            34,951

$            34,125

$            33,141

Sales

3,117

3,439

2,389

6,556

5,194

Redemptions

(2,294)

(2,520)

(1,923)

(4,814)

(3,837)

Net sales

823

919

466

1,742

1,357

Net exchanges

(16)

(37)

6

(53)

45

Market gains and losses/reinvestments1

1,334

(72)

110

1,262

990

Ending assets

$            37,076

$              34,935

$            35,533

$            37,076

$            35,533

Equity separate accounts2


Beginning assets

$            21,550

$              19,431

$            19,086

$            19,431

$            18,285

Sales3

3,156

2,350

1,449

5,506

3,142

Redemptions3

(1,153)

(1,229)

(1,084)

(2,382)

(2,038)

Net sales3

2,003

1,121

365

3,124

1,104

Market gains and losses4

1,232

998

(195)

2,230

(133)

Ending assets

$            24,785

$              21,550

$            19,256

$            24,785

$            19,256

Total equity2


Beginning assets

$            56,485

$              53,556

$            54,037

$            53,556

$            51,426

Sales3

6,273

5,789

3,838

12,062

8,336

Redemptions3

(3,447)

(3,749)

(3,007)

(7,196)

(5,875)

Net sales3

2,826

2,040

831

4,866

2,461

Net exchanges

(16)

(37)

6

(53)

45

Market gains and losses/reinvestments1

2,566

926

(85)

3,492

857

Ending assets

$            61,861

$              56,485

$            54,789

$            61,861

$            54,789



Fixed-income funds


Beginning assets

$            37,826

$              37,989

$            41,039

$            37,989

$            40,456

Sales

3,467

3,334

3,251

6,801

7,742

Redemptions

(3,364)

(4,080)

(4,004)

(7,444)

(8,197)

Net sales (redemptions)

103

(746)

(753)

(643)

(455)

Net exchanges

18

(49)

(22)

(31)

(59)

Market gains and losses/reinvestments1

664

632

(222)

1,296

100

Ending assets

$            38,611

$              37,826

$            40,042

$            38,611

$            40,042

Fixed-income separate accounts2


Beginning assets

$            13,352

$              13,130

$            12,523

$            13,130

$            12,251

Sales3

147

197

754

344

993

Redemptions3

(2,105)

(328)

(277)

(2,433)

(481)

Net (redemptions) sales3

(1,958)

(131)

477

(2,089)

512

Market gains and losses4

320

353

(138)

673

99

Ending assets

$            11,714

$              13,352

$            12,862

$            11,714

$            12,862

Total fixed income2


Beginning assets

$            51,178

$              51,119

$            53,562

$            51,119

$            52,707

Sales3

3,614

3,531

4,005

7,145

8,735

Redemptions3

(5,469)

(4,408)

(4,281)

(9,877)

(8,678)

Net (redemptions) sales3

(1,855)

(877)

(276)

(2,732)

57

Net exchanges

18

(49)

(22)

(31)

(59)

Market gains and losses/reinvestments1

984

985

(360)

1,969

199

Ending assets

$            50,325

$              51,178

$            52,904

$            50,325

$            52,904




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, 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)





Quarter Ended

Six Months Ended


June 30, 2016

March 31, 2016

June 30, 2015

June 30, 2016

June 30, 2015

Funds






Beginning assets

$            72,761

$              72,114

$              75,990

$              72,114

$            73,597

Sales

6,584

6,773

5,640

13,357

12,936

Redemptions

(5,658)

(6,600)

(5,927)

(12,258)

(12,034)

Net sales (redemptions)

926

173

(287)

1,099

902

Net exchanges

2

(86)

(16)

(84)

(14)

Market gains and losses/reinvestments1

1,998

560

(112)

2,558

1,090

Ending assets

$            75,687

$              72,761

$              75,575

$              75,687

$            75,575

Separate accounts2






Beginning assets

$            34,902

$              32,561

$              31,609

$              32,561

$            30,536

Sales3

3,303

2,547

2,203

5,850

4,135

Redemptions3

(3,258)

(1,557)

(1,361)

(4,815)

(2,519)

Net sales3

45

990

842

1,035

1,616

Market gains and losses4

1,552

1,351

(333)

2,903

(34)

Ending assets

$            36,499

$              34,902

$              32,118

$              36,499

$            32,118

Total assets 2


Beginning assets

$            107,663

$            104,675

$            107,599

$            104,675

$            104,133

Sales3

9,887

9,320

7,843

19,207

17,071

Redemptions3

(8,916)

(8,157)

(7,288)

(17,073)

(14,553)

Net sales3

971

1,163

555

2,134

2,518

Net exchanges

2

(86)

(16)

(84)

(14)

Market gains and losses/reinvestments1

3,550

1,911

(445)

5,461

1,056

Ending assets

$            112,186

$            107,663

$            107,693

$            112,186

$            107,693



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, 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)

June 30, 2016

March 31, 2016

Dec. 31, 2015

Sept. 30, 2015

June 30, 2015

By Asset Class






Equity

$             61,861

$             56,485

$             53,556

$             51,956

$               54,789

Fixed-income

50,325

51,178

51,119

52,065

52,904

Money market

254,992

262,030

256,437

246,937

241,982

Total Managed Assets

$           367,178

$           369,693

$           361,112

$           350,958

$             349,675

By Product Type






Funds:

Equity

$             37,076

$             34,935

$             34,125

$             33,273

$               35,533

Fixed-income

38,611

37,826

37,989

38,982

40,042

Money market

218,107

224,681

221,615

216,252

208,786

Total Fund Assets

$           293,794

$            297,442

$            293,729

$            288,507

$             284,361


Separate accounts:






Equity

$             24,785

$             21,550

$             19,431

$             18,683

$               19,256

Fixed-income

11,714

13,352

13,130

13,083

12,862

Money market

36,885

37,349

34,822

30,685

33,196

Total Separate Accounts

$             73,384

$             72,251

$             67,383

$             62,451

$               65,314

Total Managed Assets

$           367,178

$           369,693

$           361,112

$           350,958

$             349,675

 


AVERAGE MANAGED ASSETS



Quarter Ended


(in millions)

June 30, 2016

March 31, 2016

Dec. 31, 2015

Sept. 30, 2015

June 30, 2015

By Asset Class






Equity

$             58,680

$             52,786

$             54,097

$             54,238

$               55,476

Fixed-income

50,793

50,880

51,922

52,577

53,319

Money market

254,693

260,203

247,986

245,133

239,774

Total Avg. Assets

$           364,166

$           363,869

$           354,005

$           351,948

$             348,569

By Product Type






Funds:

Equity

$             35,891

$             32,921

$             34,726

$             35,181

$               35,998

Fixed-income

38,214

37,776

38,779

39,526

40,574

Money market

217,226

221,848

217,031

213,633

205,943

Total Avg. Fund Assets

$           291,331

$           292,545

$           290,536

$           288,340

$             282,515

Separate accounts:






Equity

$             22,789

$             19,865

$             19,371

$             19,057

$               19,478

Fixed-income

12,579

13,104

13,143

13,051

12,745

Money market

37,467

38,355

30,955

31,500

33,831

Total Avg. Separate Accounts

$             72,835

$             71,324

$             63,469

$             63,608

$               66,054

Total Avg. Managed Assets

$           364,166

$           363,869

$           354,005

$           351,948

$             348,569

                                                                

 

(unaudited)

AVERAGE MANAGED ASSETS

Six Months Ended

(in millions)

June 30, 2016

June 30, 2015

By Asset Class



Equity

$                         55,733

$                         54,130

Fixed-income

50,836

53,362

Money market

257,448

246,518

Total Avg. Assets

$                       364,017

$                       354,010

By Product Type

Funds:



Equity

$                         34,406

$                         35,080

Fixed-income

37,995

40,793

Money market

219,537

212,056

Total Avg. Fund Assets

$                       291,938

$                       287,929

Separate accounts:

Equity

$                         21,327

$                         19,050

Fixed-income

12,841

12,569

Money market

37,911

34,462

Total Avg. Separate Accounts

$                         72,079

$                         66,081

Total Avg. Managed Assets

$                       364,017

$                       354,010

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/federated-investors-inc-reports-second-quarter-2016-earnings-300305879.html

SOURCE Federated Investors, Inc.

Copyright 2016 PR Newswire

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