Federated Completes SunTrust Deal
A press release entitled, "Federated Investors, Inc. Completes Transition of $14 billion in Money Market Assets from SunTrust Banks, Inc., says, "Federated Investors, Inc., one of the nation's largest investment managers, completed the transition of approximately $14 billion in money market assets. The assets were previously managed by SunTrust Banks Inc.'s RidgeWorth Capital Management Inc. The assets were transitioned into Federated money market funds with similar investment objectives through a series of closings that began in September 2010. The transactions were completed at the close of business on Wednesday, Nov. 24, 2010." "The transactions are the continuation of Federated's long-term relationship with SunTrust," said J. Christopher Donahue, president and chief executive officer of Federated Investors, Inc. "Federated's wide range of liquidity options and money market products combined with our dedicated customer service and experience in transitioning cash management business can benefit SunTrust and its customers." Crane Data has already removed the RidgeWorth funds from our Money Fund Intelligence Daily and we will be removing the funds from the December issue of our Money Fund Intelligence. In other news, note that this is the last day to receive the discounted $500 rate for Crane's Money Fund University, which will be January 13-14, 2011, at The Westin Jersey City Newport. Starting tonight at midnight, the rate increases to $600.
