Federated buys assets of $4.4B from Fifth Third
Federated Investors Inc. is acquiring about $4.4 billion in assets from four Fifth Third Asset Management Inc. money-market funds, the two companies announced Monday.
The assets will be transferred into four Federated money-market funds with similar investment objectives, the companies said.
The deal is not expected to have a material impact on Fifth Third's results.
Pittsburgh-based Federated had $355.9 billion in assets under management and 138 funds as of June 30. Fifth Third Asset Management is a subsidiary of Fifth Third Bancorp, a financial services company based in Cincinnati with $118 billion in assets as of June 30.