Federated Investors' Mutual Funds Acquire Approximately $929 Million in Assets from Performance Funds Trust
Federated Investors (NYSE: FII), one of the nation's largest investment managers, and Trustmark Corporation (NASDAQ: TRMK) have reorganized approximately $929 million in assets of funds of Performance Funds Trust into Federated funds with similar investment objectives. The reorganizations comprised assets of four equity, two fixed income and two money market Performance Funds.
The reorganizations were approved by shareholders of the Performance Funds on Sept. 19, 2012. In connection with the reorganizations, Trustmark Investment Advisors, Inc., a wholly owned subsidiary of Trustmark National Bank, also sold certain assets relating to its management of the Performance Funds to Federated and certain Federated advisory subsidiaries. Following the consummation of these transactions, the Performance Funds will be terminated and, thereafter Trustmark Investment Advisors, Inc. will no longer serve as the sponsor and investment adviser to the Performance Funds.
“Trustmark National Bank has been a valued client for many years, and we are pleased that they chose to work with us and transition these assets,” said J. Christopher Donahue, president and chief executive officer of Federated Investors, Inc. “Federated's wide range of investment options and our dedicated customer service can benefit Trustmark and its customers. Federated continues to seek alliance and acquisition opportunities in the United States and around the world.”
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.