Federated Completes R&T Deal
A press release entitled, "Federated Investors, Inc. Completes Transition of Shareholder Assets from Reich & Tang Money Market Funds," tells us, "Federated Investors, Inc. (NYSE: FII), one of the nation's largest investment managers, today completed the transition of shareholder assets from Reich & Tang's domestic and offshore money market funds. In connection with the transition, approximately $4 billion in shareholder accounts from six Reich & Tang money market funds were transitioned into Federated funds with similar investment strategies. With approximately $242 billion in money market assets under management as of June 30, 2015, Federated offers a variety of prime, government, municipal and non-U.S. liquidity management products. Federated is among the top 3 percent of money market managers and has been an industry leader in liquidity management for more than 40 years and offers a highly defined process of portfolio construction, intense credit review and experienced investment professionals." Joe Machi, director of alliances at Federated, comments, "Our history of completing these types of transactions and our wide range of liquidity management products make Federated an ideal home for these money market assets. We continue to assess acquisition and alliance opportunities with asset managers, banks, insurance companies and broker/dealers in the United States and around the world." (See also our March 12 LOTD, "Reich & Tang Announces Liquidation of Money Market Mutual Funds," our March 17 "News", "Federated In Talks with Reich & Tang Over MMF Assets," and our March 23 LOTD, "Federated to Acquire Touchstone Ohio Tax Free Money Market Fund Assets.
