Federated posts strong first quarter

The Pittsburgh-based money manager reported that its preliminary net income rose to $55.8 million, or 55 cents per share.
APR 14, 2008
Federated Investors Inc. posted an 8% increase in quarterly profit on stronger demand for its money market funds. The Pittsburgh-based money manager reported that its preliminary net income rose to $55.8 million, or 55 cents per share, in the first quarter. That compared to $51.8 million, or 50 cents per share, a year ago, the company said. Total assets under management increased 35% to $338.5 million, as investors added an additional $40.9 billion to the company's money market funds during the quarter. Shares of Federated were down $1.23, or 3.6% to $32.96, in morning trading.

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