Federated to Manage WV LGIP
A press release published late yesterday entitled, "West Virginia Selects Federated Investors to Manage $1.2 Billion in State Money Market Pool," says, "Federated Investors, Inc., one of the nation's largest investment managers, today announced that the West Virginia Board of Treasury Investments has selected Federated Investment Counseling -- a Federated Investors subsidiary registered as an investment adviser -- to manage the $1.2 billion West Virginia Money Market Pool. In managing the statewide money market portfolio, Federated will be responsible for the investment of state and local government operating funds, with the objectives of maintaining sufficient liquidity for participants while providing above-inflation returns. "Federated emerged with the strongest of the 12 proposals submitted by investment managers seeking to administer West Virginia's money market pool," said John D. Perdue, state treasurer. "The evaluation committee’s selection was based upon technical evaluation of all proposals, oral presentations and site visits to the three finalists." Federated is the largest provider of liquidity management services to state pools and an experienced manager of state and municipality assets, providing portfolio management and credit analysis, as well as field marketing and participant point-of-contact services, for state and local governments nationwide. Federated also manages state investment pools for Florida, Massachusetts and Texas. Founded in 1955, Federated Investors, through its advisory subsidiaries, has managed money market products since 1974 and manages more than $258 billion in money market assets. "Federated has a longstanding history of working with state treasurers to deliver customized investment solutions, and we are honored that West Virginia has selected Federated to manage its money market pool," said J. Christopher Donahue, president and chief executive officer of Federated Investors, Inc. "We look forward to continuing to establish relationships that provide government investment pools with compelling high-quality liquidity management services, as well as fixed-income investment opportunities.""
