Market Overview

Federated Investors, Inc. Reports Second Quarter 2018 Earnings

Share:

Federated Investors, Inc. Reports Second Quarter 2018 Earnings

- Board declares $0.27 per share quarterly dividend

PR Newswire

PITTSBURGH, July 26, 2018 /PRNewswire/ -- Federated Investors, Inc. (NYSE:FII), one of the nation's largest investment managers, today reported earnings per diluted share (EPS) of $0.38 and net income of $38.8 million for Q2 2018.  Federated reported YTD 2018 EPS of $0.98 and net income of $99.2 million.  Federated's Q2 2018 and YTD 2018 results include a $27.2 million pre-tax net expense, representing $0.21 per diluted share net of tax, primarily related to two derivative instruments entered into in connection with Federated's Q3 2018 acquisition of a 60 percent interest in Hermes Fund Managers Limited (Hermes).  The expense was partially offset by a foreign exchange gain related to British pound sterling held at quarter end.  In addition, Federated has incurred $1.3 million and $2.8 million for Q2 2018 and YTD 2018, respectively, in transaction-related costs directly attributable to the Hermes acquisition.  For Q2 2017, Federated reported EPS of $0.53 and net income of $53.5 million.  Federated's 2017 Q2 YTD results were $1.01 of EPS and $103.1 million of net income.

Federated's total managed assets were $379.7 billion at June 30, 2018, up $19.3 billion or 5 percent from $360.4 billion at June 30, 2017 and down $12.5 billion or 3 percent from $392.2 billion at March 31, 2018.  Total average managed assets for Q2 2018 were $386.0 billion, up $26.0 billion or 7 percent from $360.0 billion reported for Q2 2017 and down $12.0 billion or 3 percent from $398.0 billion reported for Q1 2018.

"Equity fund net sales in the second quarter were led by Federated Kaufmann Small Cap Fund, which seeks to invest in great small companies that are capable of delivering exceptional new products and profitability over the long term," said J. Christopher Donahue, president and chief executive officer. "In fixed-income, investors sought a range of products, from shorter duration strategies to multisector funds, that offer various solutions for investing in a rising-rate environment."

Federated's board of directors declared a dividend of $0.27 per share.  The dividend is payable on Aug. 15, 2018 to shareholders of record as of Aug. 8, 2018. During Q2 2018, Federated purchased 714,865 shares of Federated class B common stock for $17.2 million.

Federated's equity assets were $62.9 billion at June 30, 2018, down $2.9 billion or 4 percent from $65.8 billion at June 30, 2017 and down $1.1 billion or 2 percent from $64.0 billion at March 31, 2018.  Top-selling equity funds during Q2 2018 on a net basis were Federated Kaufmann Small Cap Fund, Federated MDT Small Cap Core Fund, Federated MDT Small Cap Growth Fund, Federated International Leaders Fund and Federated MDT Mid Cap Growth Fund.

Federated's fixed-income assets were $61.5 billion at June 30, 2018, up $9.0 billion or 17 percent from $52.5 billion at June 30, 2017 and down $0.8 billion or 1 percent from $62.3 billion at March 31, 2018.  Top-selling fixed-income funds during Q2 2018 on a net basis were Federated Sterling Cash Plus Fund, Federated Short-Term Income Fund, Federated Total Return Bond Fund, Federated Government Ultrashort Duration Fund and Federated Floating Rate Strategic Income Fund.

Money market assets were $255.2 billion at June 30, 2018, up $13.1 billion or 5 percent from $242.1 billion at June 30, 2017 and down $10.7 billion or 4 percent from $265.9 billion at March 31, 2018.  Money market fund assets were $172.7 billion at June 30, 2018, down $0.6 billion from $173.3 billion at June 30, 2017 and down $9.7 billion or 5 percent from $182.4 billion at March 31, 2018.  Federated's money market separate account assets were $82.6 billion at June 30, 2018, up $13.8 billion or 20 percent from $68.8 billion at June 30, 2017 and down $0.9 billion or 1 percent from $83.5 billion at March 31, 2018.

Financial Summary

Q2 2018 vs. Q2 2017

Revenue decreased by $16.8 million or 6 percent primarily due to the adoption of the new revenue recognition accounting standard.  In addition, revenue decreased due to higher voluntary fee waivers for certain money market funds for competitive purposes and a change in the mix of average money market assets.

During Q2 2018, Federated derived 61 percent of its revenue from equity and fixed-income assets (44 percent from equity assets and 17 percent from fixed-income assets) and 39 percent from money market assets.

Operating expenses decreased $13.3 million or 7 percent primarily due to decreases in distribution expense related to a change in the mix of average money market fund assets and the adoption of the new revenue recognition accounting standard.

Nonoperating (expenses) income, net decreased $31.8 million primarily due to a loss from two foreign currency forward derivative instruments entered into in connection with the Hermes acquisition (FX forward loss).  The first derivative was used to hedge against foreign exchange rate fluctuations associated with the payment related to the Hermes acquisition.  The second derivative forward allowed Federated to effectively close the initial forward, locking in the foreign exchange rate and amount due at settlement on Aug. 1, 2018.

Q2 2018 vs. Q1 2018

Revenue decreased $7.9 million or 3 percent primarily due to lower average assets across all asset classes.

Operating expenses decreased by $8.9 million or 5 percent primarily due to a decrease in compensation and related expenses resulting from the seasonal decrease in payroll taxes and lower incentive compensation, as well as lower distribution expenses primarily from lower average assets.

Nonoperating (expenses) income, net decreased $28.3 million primarily due to the FX forward loss.

YTD 2018 vs. YTD 2017

Revenue decreased $26.5 million or 5 percent primarily due to the adoption of the new revenue recognition accounting standard.  In addition, revenue decreased due to a change in the mix of average money market assets and a previously disclosed Q1 2017 change in a customer relationship.  These decreases in revenue were partially offset by an increase in revenue from higher average equity assets.

For the first half of 2018, Federated derived 61 percent of its revenue from equity and fixed-income assets (44 percent from equity assets and 17 percent from fixed-income assets) and 39 percent from money market assets.

Operating expenses decreased $24.9 million or 6 percent.  Distribution expense decreased primarily due to a change in the mix of average money market fund assets, the adoption of the new revenue recognition accounting standard and the previously disclosed Q1 2017 change in a customer relationship.  This decrease was partially offset by an increase in compensation and related expense due to an increase in incentive compensation and an increase in professional service fees expense primarily related to acquisition-related expenses.

Nonoperating (expenses) income, net decreased $35.6 million primarily due to the FX forward loss.  In addition, investment income, net decreased due to a decrease in the market value of investments, primarily from securities held by consolidated investment companies and a decrease in gains realized from the redemption of investments in the first half of 2018 as compared to the same period in 2017.

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, acquisitions, 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).

Federated will host an earnings conference call at 9 a.m. Eastern on July 27, 2018.  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 online in real time via the About Federated section of FederatedInvestors.com.  A replay will be available from approximately 12:30 p.m. Eastern July 27, 2018 until Aug. 3, 2018 by calling 877-481-4010 (domestic) or 919-882-2331 (international) and entering access code 33785. An online replay will be available via FederatedInvestors.com for one year.

Federated Investors, Inc. is one of the largest investment managers in the United States, managing $379.7 billion in assets as of June 30, 2018.  With 108 funds and a variety of separately managed account options, Federated provides comprehensive investment management to more than 8,500 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers.  Federated ranks in the top 6 percent of equity fund managers in the industry, the top 8 percent of money market fund managers and the top 10 percent of fixed-income fund managers1. Federated also ranks as the fifth-largest SMA manager2.  For more information, visit FederatedInvestors.com.

###

1) Strategic Insight, June 30, 2018.  Based on assets under management in open-end funds.
2) Money Management Institute/Dover Financial Research, Q1 2018.
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, performance, investor preferences and demand, asset flows and mix, customer relationships, acquisitions and expenses 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, sustain product demand, and asset flows and mix, which could vary significantly depending on various factors, such as market conditions, investment performance and investor behavior.  Other risks and uncertainties 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 2017 to
Q2 2018

Quarter Ended

% Change
Q1 2018 to
Q2 2018


June 30, 2018

June 30, 2017

March 31, 2018

Revenue






Investment advisory fees, net

$

168,127

$

179,322

(6)%

$

174,266

(4)%

Administrative service fees, net—affiliates

48,370

45,601

6

49,023

(1)

Other service fees, net

39,496

47,873

(17)

40,563

(3)

Total Revenue

255,993

272,796

(6)

263,852

(3)







Operating Expenses






Compensation and related

74,147

71,370

4

78,374

(5)

Distribution

69,446

87,174

(20)

72,498

(4)

Professional service fees

9,278

6,116

52

9,631

(4)

Systems and communications

7,751

8,041

(4)

8,433

(8)

Office and occupancy

7,365

7,161

3

7,541

(2)

Travel and related

3,523

2,958

19

2,821

25

Advertising and promotional

3,237

3,095

5

3,228

0

Other

489

2,670

(82)

1,655

(70)

Total Operating Expenses

175,236

188,585

(7)

184,181

(5)

Operating Income

80,757

84,211

(4)

79,671

1







Nonoperating (Expenses) Income






Investment income, net

1,377

3,937

(65)

718

92

Debt expense

(1,431)

(1,182)

21

(1,330)

8

Other, net

(28,974)

(33)

NM

(143)

NM

Total Nonoperating (Expenses) Income, net

(29,028)

2,722

NM

(755)

NM

Income before income taxes

51,729

86,933

(40)

78,916

(34)

Income tax provision1

13,062

32,274

(60)

18,910

(31)

Net income including the noncontrolling interests in subsidiaries

38,667

54,659

(29)

60,006

(36)

   Less: Net (loss) income attributable to the noncontrolling interests in subsidiaries

(155)

1,208

(113)

(325)

52

Net Income

$

38,822

$

53,451

(27)%

$

60,331

(36)%







Amounts Attributable to Federated Investors, Inc.






Earnings Per Share2






Basic and diluted

$

0.38

$

0.53

(28)%

$

0.60

(37)%

Weighted-average shares outstanding






Basic

97,193

97,581


97,187


Diluted

97,194

97,582


97,189


Dividends declared per share

$

0.27

$

0.25


$

0.25




1)

June 30, 2018 and March 31, 2018 reflect a lower effective tax rate due to the enactment of the Tax Cuts and Jobs Act of 2017 (Tax Act).

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 $1.5 million, $2.2 million and $2.4 million available to unvested restricted shareholders for the quarterly periods ended June 30, 2018, June 30, 2017 and March 31, 2018, 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, 2018

June 30, 2017

% Change

Revenue




Investment advisory fees, net

$

342,393

$

360,639

(5)%

Administrative service fees, net—affiliates

97,393

92,302

6

Other service fees, net

80,059

93,356

(14)

   Total Revenue

519,845

546,297

(5)





Operating Expenses




Compensation and related

152,521

144,772

5

Distribution

141,945

177,533

(20)

Professional service fees

18,908

13,194

43

Systems and communications

16,184

16,266

(1)

Office and occupancy

14,906

14,513

3

Advertising and promotional

6,465

6,051

7

Travel and related

6,344

5,893

8

Other

2,144

6,091

(65)

   Total Operating Expenses

359,417

384,313

(6)

Operating Income

160,428

161,984

(1)





Nonoperating (Expenses) Income




  Investment income, net

2,095

8,151

(74)

  Debt expense

(2,761)

(2,283)

21

  Other, net

(29,117)

(34)

NM

  Total Nonoperating (Expenses) Income, net

(29,783)

5,834

NM

  Income before income taxes

130,645

167,818

(22)

  Income tax provision1

31,972

62,132

(49)

  Net income including the noncontrolling interests in subsidiaries

98,673

105,686

(7)

   Less: Net (loss) income attributable to the noncontrolling interests in subsidiaries

(480)

2,594

(119)

  Net Income

$

99,153

$

103,092

(4)%





Amounts Attributable to Federated Investors, Inc.




Earnings Per Share2




  Basic and diluted

$

0.98

$

1.01

(3)%

Weighted-average shares outstanding




  Basic

97,191

97,722


  Diluted

97,192

97,723


Dividends declared per share

$

0.52

$

0.50




1)

June 30, 2018 reflects a lower effective tax rate due to the enactment of the Tax Act.

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 $3.9 million and $4.1 million available to unvested restricted shareholders for the six months ended June 30, 2018 and June 30, 2017, respectively, was excluded from the computation of earnings per share.

 

Unaudited Condensed Consolidated Balance Sheets



(in thousands)

June 30, 2018

Dec. 31, 2017

Assets



  Cash and other investments

$

417,561


$

369,538


  Other current assets

66,619


67,736


  Intangible assets, net, including goodwill

736,629


736,915


  Other long-term assets

55,506


57,221


  Total Assets

$

1,276,315


$

1,231,410





Liabilities, Redeemable Noncontrolling Interests and Equity



  Current liabilities

$

135,060


$

128,849


  Long-term debt

178,000


170,000


  Other long-term liabilities

143,146


141,183


  Redeemable noncontrolling interests

20,984


30,163


  Equity excluding treasury stock

1,087,402


1,039,947


  Treasury stock

(288,277)


(278,732)


  Total Liabilities, Redeemable Noncontrolling Interests and Equity

$

1,276,315


$

1,231,410


 

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

(in millions)






Quarter Ended


Six Months Ended


June 30, 2018

March 31, 2018

June 30, 2017


June 30, 2018

June 30, 2017

Equity funds







Beginning assets

$

36,421


$

38,101


$

37,159



$

38,101


$

36,231


  Sales

1,778


1,849


1,411



3,627


3,114


  Redemptions

(2,729)


(3,059)


(2,394)



(5,788)


(5,441)


  Net redemptions

(951)


(1,210)


(983)



(2,161)


(2,327)


  Net exchanges

200


(128)


(74)



72


(14)


  Acquisition-related

0


0


0



0


287


  Market gains and losses1

792


(342)


1,123



450


3,048


Ending assets

$

36,462


$

36,421


$

37,225



$

36,462


$

37,225









Equity separate accounts2







Beginning assets

$

27,546


$

30,038


$

27,611



$

30,038


$

26,150


  Sales3

1,095


1,514


1,852



2,609


3,764


  Redemptions3

(2,622)


(2,493)


(1,835)



(5,115)


(3,829)


  Net (redemptions) sales3

(1,527)


(979)


17



(2,506)


(65)


  Net exchanges

(2)


3


0



1


0


  Market gains and losses1

466


(1,516)


934



(1,050)


2,477


Ending assets

$

26,483


$

27,546


$

28,562



$

26,483


$

28,562









Total equity2







Beginning assets

$

63,967


$

68,139


$

64,770



$

68,139


$

62,381


  Sales3

2,873


3,363


3,263



6,236


6,878


  Redemptions3

(5,351)


(5,552)


(4,229)



(10,903)


(9,270)


  Net redemptions3

(2,478)


(2,189)


(966)



(4,667)


(2,392)


  Net exchanges

198


(125)


(74)



73


(14)


  Acquisition-related

0


0


0



0


287


  Market gains and losses1

1,258


(1,858)


2,057



(600)


5,525


Ending assets

$

62,945


$

63,967


$

65,787



$

62,945


$

65,787









Fixed-income funds







Beginning assets

$

40,578


$

41,200


$

40,239



$

41,200


$

39,434


  Sales

3,832


4,107


3,729



7,939


7,715


  Redemptions

(4,218)


(4,575)


(3,591)



(8,793)


(7,422)


  Net (redemptions) sales

(386)


(468)


138



(854)


293


  Net exchanges

(207)


127


10



(80)


(14)


  Acquisition-related

0


0


0



0


148


  Market gains and losses1

(58)


(281)


493



(339)


1,019


Ending assets

$

39,927


$

40,578


$

40,880



$

39,927


$

40,880









Fixed-income separate accounts2







Beginning assets

$

21,676


$

23,017


$

11,541



$

23,017


$

11,880


  Sales3

923


800


277



1,723


491


  Redemptions3

(716)


(2,027)


(401)



(2,743)


(1,096)


  Net sales (redemptions)3

207


(1,227)


(124)



(1,020)


(605)


  Net exchanges

0


0


0



0


(56)


  Market gains and losses1

(325)


(114)


210



(439)


408


Ending assets

$

21,558


$

21,676


$

11,627



$

21,558


$

11,627









Total fixed income2







Beginning assets

$

62,254


$

64,217


$

51,780



$

64,217


$

51,314


  Sales3

4,755


4,907


4,006



9,662


8,206


  Redemptions3

(4,934)


(6,602)


(3,992)



(11,536)


(8,518)


  Net (redemptions) sales3

(179)


(1,695)


14



(1,874)


(312)


  Net exchanges

(207)


127


10



(80)


(70)


  Acquisition-related

0


0


0



0


148


  Market gains and losses1

(383)


(395)


703



(778)


1,427


Ending assets

$

61,485


$

62,254


$

52,507



$

61,485


$

52,507




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 total investment return.

 

Unaudited Total Changes in Equity and Fixed-Income Assets

(in millions)






Quarter Ended


Six Months Ended


June 30, 2018

March 31, 2018

June 30, 2017


June 30, 2018

June 30, 2017








Funds







Beginning assets

$

76,999


$

79,301


$

77,398



$

79,301


$

75,665


Sales

5,610


5,956


5,140



11,566


10,829


Redemptions

(6,947)


(7,634)


(5,985)



(14,581)


(12,863)


Net redemptions

(1,337)


(1,678)


(845)



(3,015)


(2,034)


Net exchanges

(7)


(1)


(64)



(8)


(28)


Acquisition-related

0


0


0



0


435


Market gains and losses1

734


(623)


1,616



111


4,067


Ending assets

$

76,389


$

76,999


$

78,105



$

76,389


$

78,105









Separate accounts2







Beginning assets

$

49,222


$

53,055


$

39,152



$

53,055


$

38,030


Sales3

2,018


2,314


2,129



4,332


4,255


Redemptions3

(3,338)


(4,520)


(2,236)



(7,858)


(4,925)


Net redemptions3

(1,320)


(2,206)


(107)



(3,526)


(670)


Net exchanges

(2)


3


0



1


(56)


Market gains and losses1

141


(1,630)


1,144



(1,489)


2,885


Ending assets

$

48,041


$

49,222


$

40,189



$

48,041


$

40,189









Total assets2







Beginning assets

$

126,221


$

132,356


$

116,550



$

132,356


$

113,695


Sales3

7,628


8,270


7,269



15,898


15,084


Redemptions3

(10,285)


(12,154)


(8,221)



(22,439)


(17,788)


Net redemptions3

(2,657)


(3,884)


(952)



(6,541)


(2,704)


Net exchanges

(9)


2


(64)



(7)


(84)


Acquisition-related

0


0


0



0


435


Market gains and losses1

875


(2,253)


2,760



(1,378)


6,952


Ending assets

$

124,430


$

126,221


$

118,294



$

124,430


$

118,294




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 total investment return.

 

Unaudited Managed Assets

(in millions)

June 30, 2018

March 31, 2018

Dec. 31, 2017

Sept. 30, 2017

June 30, 2017

By Asset Class






Equity

$

62,945


$

63,967


$

68,139


$

67,055


$

65,787


Fixed-income

61,485


62,254


64,217


52,772


52,507


Money market

255,247


265,944


265,214


243,840


242,096


Total Managed Assets

$

379,677


$

392,165


$

397,570


$

363,667


$

360,390


By Product Type






Funds:






Equity

$

36,462


$

36,421


$

38,101


$

37,741


$

37,225


Fixed-income

39,927


40,578


41,200


41,214


40,880


Money market

172,671


182,437


185,536


177,865


173,338


Total Fund Assets

$

249,060


$

259,436


$

264,837


$

256,820


$

251,443


Separate Accounts:






Equity

$

26,483


$

27,546


$

30,038


$

29,314


$

28,562


Fixed-income

21,558


21,676


23,017


11,558


11,627


Money market

82,576


83,507


79,678


65,975


68,758


Total Separate Account Assets

$

130,617


$

132,729


$

132,733


$

106,847


$

108,947


Total Managed Assets

$

379,677


$

392,165


$

397,570


$

363,667


$

360,390



Unaudited Average Managed Assets

Quarter Ended

(in millions)

June 30, 2018

March 31, 2018

Dec. 31, 2017

Sept. 30, 2017

June 30, 2017

By Asset Class






Equity

$

63,911


$

66,833


$

67,466


$

66,127


$

65,399


Fixed-income

61,698


63,594


64,351


52,631


52,291


Money market

260,371


267,546


250,197


241,749


242,298


Total Avg. Managed Assets

$

385,980


$

397,973


$

382,014


$

360,507


$

359,988


By Product Type






Funds:






Equity

$

36,784


$

37,728


$

37,926


$

37,301


$

37,325


Fixed-income

40,249


41,078


41,240


40,967


40,670


Money market

175,885


181,856


176,918


174,358


172,626


Total Avg. Fund Assets

$

252,918


$

260,662


$

256,084


$

252,626


$

250,621


Separate Accounts:






Equity

$

27,127


$

29,105


$

29,540


$

28,826


$

28,074


Fixed-income

21,449


22,516


23,111


11,664


11,621


Money market

84,486


85,690


73,279


67,391


69,672


Total Avg. Separate Account Assets

$

133,062


$

137,311


$

125,930


$

107,881


$

109,367


Total Avg. Managed Assets

$

385,980


$

397,973


$

382,014


$

360,507


$

359,988


 

Unaudited Average Managed Assets


Six Months Ended

(in millions)


June 30, 2018


June 30, 2017

By Asset Class





Equity


$

65,372



$

64,590


Fixed-income


62,646



52,047


Money market


263,958



244,944


Total Avg. Managed Assets


$

391,976



$

361,581


By Product Type





Funds:





Equity


$

37,256



$

37,141


Fixed-income


40,664



40,378


Money market


178,870



177,522


Total Avg. Fund Assets


$

256,790



$

255,041


Separate Accounts:





Equity


$

28,116



$

27,449


Fixed-income


21,982



11,669


Money market


85,088



67,422


Total Avg. Separate Account Assets


$

135,186



$

106,540


Total Avg. Managed Assets


$

391,976



$

361,581


 

Cision View original content:http://www.prnewswire.com/news-releases/federated-investors-inc-reports-second-quarter-2018-earnings-300687476.html

SOURCE Federated Investors, Inc.

View Comments and Join the Discussion!