Exhibit 99.1
| | |
 | | Press Release |
Federated Investors, Inc. Reports Third Quarter 2005 Results
| • | | Assets Under Management Reach Record $207.4 Billion |
| • | | Money Market Assets Reach Record $154.0 Billion |
(PITTSBURGH, Pa., October 27, 2005) — Federated Investors, Inc. (NYSE: FII), one of the nation’s largest investment managers, today reported earnings per diluted share from continuing operations of $0.61 for the quarter ended Sept. 30, 2005, compared with $0.43 for the same quarter last year. Federated’s Q3 and YTD 2005 financial results include an insurance reimbursement of $23.6 million, or $0.14 per diluted share after tax, related to costs incurred for various legal, regulatory and compliance matters. Income from continuing operations was $65.5 million for Q3 2005 compared to $47.5 million for Q3 2004.
Federated’s total managed assets were a period-end record $207.4 billion at Sept. 30, 2005, up $29.8 billion or 17 percent from $177.6 billion at Sept. 30, 2004, and up one percent from $204.7 billion at June 30, 2005. The increase in assets under management was due primarily to increases in money market assets and market appreciation in equity products.
“Federated continues to offer new and innovative portfolio solutions to address the needs of investors seeking diversified sources of income,” said J. Christopher Donahue, president and CEO. “During the quarter, Federated Strategic Value Fund, which launched in March 2005 and is based on a separately managed account strategy, topped $100 million in assets.”
Federated’s board of directors today declared a quarterly dividend of $0.15 per share. The dividend is payable on Nov. 15, 2005 to shareholders of record as of Nov. 8, 2005.
Through its mutual funds and separately managed accounts, Federated managed $53.5 billion in equity and fixed-income assets at Sept. 30, 2005, a three percent increase from $52.1 billion at Sept. 30, 2004. Average managed assets for Q3 2005 were $208.1 billion, up $26.3 billion from $181.8 billion reported for Q3 2004 and $15.0 billion higher than the $193.1 billion reported for Q2 2005.
Federated’s equity assets increased to $29.7 billion at Sept. 30, 2005, compared to $28.9 billion at June 30, 2005, and $26.2 billion at Sept. 30, 2004. For Q3 2005, Federated had $1.2 billion in gross equity fund sales and $1.9 billion in gross equity fund redemptions and exchanges resulting in $707 million in net equity fund redemptions and exchanges. The top selling equity funds, on a net basis, were Federated Muni and Stock Advantage Fund, Federated Market Opportunity Fund, Federated Strategic Value Fund and Federated Kaufmann Small Cap Fund.
| | | | |
| Contacts: | | | | |
| | |
| MEDIA | | MEDIA | | ANALYSTS |
| Meghan McAndrew | | J.T. Tuskan | | Ray Hanley |
| (412) 288-8103 | | (412) 288-7895 | | (412) 288-1920 |
| mmcandrew@federatedinv.com | | jtuskan@federatedinv.com | | rhanley@federatedinv.com |
Federated Investors Reports Q3 Results
October 27, 2005
Page 2 of 7
Additionally, Federated’s equity separately managed account product had $207.2 million in gross sales and $160.7 million in net sales during Q3 2005 as overall assets in the product grew to nearly $1.5 billion. Separately managed account product sales continued to be led by the Strategic Value strategy.
Federated’s fixed-income assets were $23.8 billion at Sept. 30, 2005, down $0.6 billion from June 30, 2005, and down $2.1 billion from Sept. 30, 2004. For Q3 2005, Federated had $1.2 billion in gross fixed-income fund sales and $1.6 billion in gross fixed-income fund redemptions and exchanges resulting in $467 million in net fixed-income fund redemptions and exchanges. The top selling fixed-income funds, on a net basis, were Federated Total Return Bond Fund, Federated Municipal High Yield Advantage Fund, Inc., Federated Strategic Income Fund and Federated Mortgage Fund.
Money market assets totaled a record $154.0 billion at the end of Q3 2005, up $28.5 billion or 23 percent from $125.5 billion at the end of Q3 2004 and up $2.6 billion or two percent from $151.4 billion at the end of Q2 2005. Money market mutual fund assets increased to $139.6 billion at the end of Q3 2005, up 24 percent from $112.7 billion at the end of Q3 2004 and up two percent from $136.9 billion at the end of Q2 2005. Money market separate account assets were $14.4 billion at the end of Q3 2005, up 13 percent from $12.8 billion at the end of Q3 2004 and down one percent from $14.6 billion at the end of Q2 2005.
Financial Summary
For the quarter ended Sept. 30, 2005, revenue increased 18 percent to $241.4 million compared to $204.4 million for Q3 2004. Major drivers of revenue growth during the quarter included increased average money market assets resulting from Federated’s acquisition of Alliance Capital Management L.P.’s cash management assets in Q2 2005, growth of average equity assets and organic growth of money market assets, which generated $25.5 million, $12.3 million and $6.7 million in revenue, respectively. These revenue increases were partially offset by a $3.8 million decline in revenue from fixed-income products due to an eight percent decrease in average fixed-income assets. For Q3 2005, Federated derived 46 percent of its total revenue from money market assets, 37 percent from equity assets, 15 percent from fixed-income assets and two percent from other sources.
Operating expenses for Q3 2005 of $133.1 million increased $10.5 million or nine percent from $122.6 million for Q3 2004. The increase was due primarily to $20.7 million in marketing and distribution expenses resulting from new assets acquired in connection with the Alliance acquisition. Operating expenses for Q3 also included the $23.6 million insurance reimbursement, which was recorded as a reduction to the income statement line items where the costs were initially recorded.
Federated’s financial results reflect the sale of InvestLink Technologies, Inc. to Bluff Point LLC. The results of this sale and InvestLink’s operations for all periods presented have been classified as discontinued operations. For Q3 2005, Federated reported a loss from discontinued operations, net of tax, of $1.8 million or $0.02 per diluted share.
Federated Investors Reports Q3 Results
October 27, 2005
Page 3 of 7
Federated will host an earnings conference call at 9 a.m. Eastern on Friday, October 28, 2005. Investors are invited to listen to Federated’s Q3 earnings teleconference by calling 888-412-9259 (domestic) or 706-679-0848 (international) prior to the 9 a.m. start time for the teleconference. The call may also be accessed in real time on the Internet via theAbout Us section ofFederatedInvestors.com. A replay will be available after 12:30 p.m. and until Nov. 4, 2005, by calling 800-642-1687 (domestic) or 706-645-9291 (international) and entering code 1436365.
Federated Investors, Inc. is one of the largest investment managers in the United States, managing $207.4 billion in assets as of Sept. 30, 2005. With 138 mutual funds and separately managed accounts in a wide range of investment strategies, Federated provides comprehensive investment management to nearly 5,600 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Federated ranks in the top two percent of money market fund managers in the industry and in the top six percent of both fixed-income and equity fund managers1. For more information, visitFederatedInvestors.com.
###
1 Strategic Insight, Aug. 31, 2005. Based on assets in open-end funds.
Certain statements in this press release, such as those related to the company’s continued launch of new products constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the company, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Among other risks and uncertainties is the ability of the company to successfully launch new products and the risk factors discussed in the company’s annual and quarterly reports as filed with the Securities and Exchange Commission. Many of these factors may be more likely to occur as a result of the ongoing threat of terrorism. As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the company nor any other person assumes responsibility for the accuracy and completeness of such statements.
For more complete information on Federated funds, please visitFederatedInvestors.com for prospectuses. Investors should consider the fund’s investment objectives, risks, charges and expenses carefully before investing. Information about these and other important subjects is in the fund’s prospectus, which should be read carefully before investing.
Federated Securities Corp. is distributor of the Federated funds.
Separately managed accounts are made available through Federated Investment Counseling, a registered investment advisor.
An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.
Federated Investors Reports Q3 Results
October 27, 2005
Page 4 of 7
Unaudited Condensed Consolidated Statements of Income1
(in thousands, except per share data)
| | | | | | | | | | | | | | | | | | |
| | | Quarter Ended Sept. 30,
| | | % Change
Q3 2004 to
Q3 2005
| | | Quarter
Ended June 30,
2005
| | | % Change
Q2 2005 to
Q3 2005
| |
| | | 2005
| | | 2004
| | | | |
Revenue | | | | | | | | | | | | | | | | | | |
Investment advisory fees, net | | $ | 148,285 | | | $ | 131,716 | | | 13 | % | | $ | 138,890 | | | 7 | % |
Administrative service fees, net | | | 36,061 | | | | 33,497 | | | 8 | | | | 32,726 | | | 10 | |
Other service fees, net | | | 55,256 | | | | 37,227 | | | 48 | | | | 46,934 | | | 18 | |
Other, net | | | 1,757 | | | | 1,974 | | | (11 | ) | | | 2,182 | | | (19 | ) |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
Total Revenue | | | 241,359 | | | | 204,414 | | | 18 | | | | 220,732 | | | 9 | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
Operating Expenses | | | | | | | | | | | | | | | | | | |
Compensation and related | | | 45,642 | | | | 41,568 | | | 10 | | | | 43,584 | | | 5 | |
General and administrative | | | | | | | | | | | | | | | | | | |
Marketing and distribution | | | 65,538 | | | | 37,336 | | | 76 | | | | 52,320 | | | 25 | |
Professional service fees | | | (15,054 | ) | | | 6,432 | | | (334 | ) | | | 7,486 | | | (301 | ) |
Office and occupancy | | | 3,672 | | | | 5,342 | | | (31 | ) | | | 5,462 | | | (33 | ) |
Systems and communications | | | 4,763 | | | | 4,868 | | | (2 | ) | | | 5,534 | | | (14 | ) |
Advertising and promotional | | | 4,774 | | | | 3,642 | | | 31 | | | | 4,414 | | | 8 | |
Travel and related | | | 2,981 | | | | 2,929 | | | 2 | | | | 3,176 | | | (6 | ) |
Other | | | 3,761 | | | | 4,263 | | | (12 | ) | | | 7,769 | | | (52 | ) |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
Total general and administrative | | | 70,435 | | | | 64,812 | | | 9 | | | | 86,161 | | | (18 | ) |
Amortization of deferred sales commissions | | | 12,947 | | | | 13,526 | | | (4 | ) | | | 12,940 | | | 0 | |
Amortization of intangible assets | | | 4,035 | | | | 2,669 | | | 51 | | | | 3,525 | | | 14 | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
Total Operating Expenses | | | 133,059 | | | | 122,575 | | | 9 | | | | 146,210 | | | (9 | ) |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
Operating Income | | | 108,300 | | | | 81,839 | | | 32 | | | | 74,522 | | | 45 | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
Nonoperating Income (Expenses) | | | | | | | | | | | | | | | | | | |
Investment income, net | | | 2,447 | | | | 759 | | | 222 | | | | 1,811 | | | 35 | |
Debt expense––recourse | | | (102 | ) | | | (108 | ) | | (6 | ) | | | (91 | ) | | 12 | |
Debt expense––nonrecourse | | | (4,327 | ) | | | (5,082 | ) | | (15 | ) | | | (4,444 | ) | | (3 | ) |
Other | | | 103 | | | | 5 | | | 1,960 | | | | (8 | ) | | 1,388 | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
Total Nonoperating Expenses, net | | | (1,879 | ) | | | (4,426 | ) | | (58 | ) | | | (2,732 | ) | | (31 | ) |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
Minority interest | | | 2,563 | | | | 2,477 | | | 3 | | | | 2,478 | | | 3 | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
Income from continuing operations before income taxes | | | 103,858 | | | | 74,936 | | | 39 | | | | 69,312 | | | 50 | |
Income tax provision | | | 38,360 | | | | 27,432 | | | 40 | | | | 30,870 | | | 24 | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
Income from continuing operations | | | 65,498 | | | | 47,504 | | | 38 | | | | 38,442 | | | 70 | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
Discontinued operations, net of tax | | | (1,831 | ) | | | (453 | ) | | 304 | | | | (681 | ) | | 169 | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
Net Income | | $ | 63,667 | | | $ | 47,051 | | | 35 | % | | $ | 37,761 | | | 69 | % |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
Earnings Per Share—Basic2 | | | | | | | | | | | | | | | | | | |
Income from continuing operations | | $ | 0.62 | | | $ | 0.44 | | | 41 | % | | $ | 0.36 | | | 72 | % |
Loss from discontinued operations | | | (0.02 | ) | | | (0.00 | ) | | — | | | | (0.00 | ) | | — | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
Net Income | | $ | 0.60 | | | $ | 0.44 | | | 36 | % | | $ | 0.36 | | | 67 | % |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
Earnings Per Share—Diluted2 | | | | | | | | | | | | | | | | | | |
Income from continuing operations | | $ | 0.61 | | | $ | 0.43 | | | 42 | % | | $ | 0.35 | | | 74 | % |
Loss from discontinued operations | | | (0.02 | ) | | | (0.00 | ) | | — | | | | (0.00 | ) | | — | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
Net Income | | $ | 0.59 | | | $ | 0.43 | | | 37 | % | | $ | 0.35 | | | 69 | % |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
Weighted-average shares outstanding | | | | | | | | | | | | | | | | | | |
Basic | | | 106,109 | | | | 107,591 | | | | | | | 105,908 | | | | |
Diluted | | | 108,236 | | | | 109,848 | | | | | | | 107,857 | | | | |
| | |
|
|
| |
|
|
| | | | |
|
|
| | | |
Dividends declared per share | | $ | 0.150 | | | $ | 0.102 | | | | | | $ | 0.150 | | | | |
| | |
|
|
| |
|
|
| | | | |
|
|
| | | |
| 1) | Discontinued operations reflects the after-tax effects of the sale of InvestLink Technologies, Inc. in Q3 2005 and Federated’s transfer agency business in Q2 2004 and their related operations. |
| 2) | Federated’s Q3 2005, Q3 2004 and Q2 2005 results include pretax charges to income, net of insurance recoveries for various legal, regulatory and compliance matters, of ($21.9) million, $2.0 million and $6.9 million, respectively, which impacted earnings per diluted share by $0.13, ($0.01) and ($0.09) respectively. |
Federated Investors Reports Q3 Results
October 27, 2005
Page 5 of 7
Unaudited Condensed Consolidated Statements of Income1
(in thousands, except per share data)
| | | | | | | | | | | |
| | | Nine Months Ended Sept. 30,
| | | % Change
| |
| | | 2005
| | | 2004
| | |
Revenue | | | | | | | | | | | |
Investment advisory fees, net | | $ | 422,052 | | | $ | 410,419 | | | 3 | % |
Administrative service fees, net | | | 98,843 | | | | 103,778 | | | (5 | ) |
Other service fees, net | | | 140,837 | | | | 116,250 | | | 21 | |
Other, net | | | 5,725 | | | | 5,657 | | | 1 | |
| | |
|
|
| |
|
|
| |
|
|
Total Revenue | | | 667,457 | | | | 636,104 | | | 5 | |
| | |
|
|
| |
|
|
| |
|
|
Operating Expenses | | | | | | | | | | | |
Compensation and related | | | 133,168 | | | | 128,548 | | | 4 | |
General and administrative | | | | | | | | | | | |
Marketing and distribution | | | 156,213 | | | | 119,379 | | | 31 | |
Professional service fees | | | 178 | | | | 25,278 | | | (99 | ) |
Office and occupancy | | | 14,662 | | | | 15,536 | | | (6 | ) |
Systems and communications | | | 14,731 | | | | 14,399 | | | 2 | |
Advertising and promotional | | | 12,404 | | | | 11,690 | | | 6 | |
Travel and related | | | 8,628 | | | | 8,579 | | | 1 | |
Other | | | 65,169 | | | | 9,435 | | | 591 | |
| | |
|
|
| |
|
|
| |
|
|
Total general and administrative | | | 271,985 | | | | 204,296 | | | 33 | |
Amortization of deferred sales commissions | | | 39,486 | | | | 41,803 | | | (6 | ) |
Amortization of intangible assets | | | 10,040 | | | | 8,020 | | | 25 | |
| | |
|
|
| |
|
|
| |
|
|
Total Operating Expenses | | | 454,679 | | | | 382,667 | | | 19 | |
| | |
|
|
| |
|
|
| |
|
|
Operating Income | | | 212,778 | | | | 253,437 | | | (16 | ) |
| | |
|
|
| |
|
|
| |
|
|
Nonoperating Income (Expenses) | | | | | | | | | | | |
Investment income, net | | | 5,852 | | | | 2,085 | | | 181 | |
Debt expense––recourse | | | (276 | ) | | | (289 | ) | | (4 | ) |
Debt expense––nonrecourse | | | (13,358 | ) | | | (15,775 | ) | | (15 | ) |
Other | | | 51 | | | | (118 | ) | | 143 | |
| | |
|
|
| |
|
|
| |
|
|
Total Nonoperating Expenses, net | | | (7,731 | ) | | | (14,097 | ) | | (45 | ) |
| | |
|
|
| |
|
|
| |
|
|
Minority interest | | | 7,491 | | | | 7,466 | | | 0 | |
| | |
|
|
| |
|
|
| |
|
|
Income from continuing operations before income taxes | | | 197,556 | | | | 231,874 | | | (15 | ) |
Income tax provision | | | 86,091 | | | | 84,427 | | | 2 | |
| | |
|
|
| |
|
|
| |
|
|
Income from continuing operations | | | 111,465 | | | | 147,447 | | | (24 | ) |
| | |
|
|
| |
|
|
| |
|
|
Discontinued operations, net of tax | | | (3,009 | ) | | | 1,986 | | | (252 | ) |
| | |
|
|
| |
|
|
| |
|
|
Net Income | | $ | 108,456 | | | $ | 149,433 | | | (27 | )% |
| | |
|
|
| |
|
|
| |
|
|
Earnings Per Share—Basic2 | | | | | | | | | | | |
Income from continuing operations | | $ | 1.05 | | | $ | 1.37 | | | (23 | )% |
(Loss) Income from discontinued operations | | | (0.03 | ) | | | 0.02 | | | (250 | ) |
| | |
|
|
| |
|
|
| |
|
|
Net Income | | $ | 1.02 | | | $ | 1.39 | | | (27 | )% |
| | |
|
|
| |
|
|
| |
|
|
Earnings Per Share—Diluted2 | | | | | | | | | | | |
Income from continuing operations | | $ | 1.03 | | | $ | 1.33 | | | (23 | )% |
(Loss) Income from discontinued operations | | | (0.03 | ) | | | 0.02 | | | (250 | ) |
| | |
|
|
| |
|
|
| |
|
|
Net Income | | $ | 1.00 | | | $ | 1.35 | | | (26 | )% |
| | |
|
|
| |
|
|
| |
|
|
Weighted-average shares outstanding | | | | | | | | | | | |
Basic | | | 106,116 | | | | 107,880 | | | | |
Diluted | | | 108,139 | | | | 110,903 | | | | |
| | |
|
|
| |
|
|
| | | |
Dividends declared per share | | $ | 0.425 | | | $ | 0.289 | | | | |
| | |
|
|
| |
|
|
| | | |
| 1) | Discontinued operations reflects the after-tax effects of the sale of InvestLink Technologies, Inc. in Q3 2005 and Federated’s transfer agency business in Q2 2004 and their related operations. |
| 2) | Federated’s YTD 2005 and 2004 results include pretax charges to income, net of insurance recoveries for various legal, regulatory and compliance matters, of $38.4 million and $11.7 million respectively, which reduced earnings per diluted share by $0.35 and $0.06, respectively. |
Federated Investors Reports Q3 Results
October 27, 2005
Page 6 of 7
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
| | | | | | | | |
| | | Sept. 30, 2005
| | | Dec. 31, 2004
| |
Assets | | | | | | | | |
Cash, restricted cash and other short-term investments | | $ | 303,472 | | | $ | 258,271 | |
Other current assets | | | 68,495 | | | | 64,229 | |
Deferred sales commissions, net | | | 253,501 | | | | 286,650 | |
Intangible assets, net | | | 337,168 | | | | 311,974 | |
Other long-term assets | | | 28,719 | | | | 33,564 | |
| | |
|
|
| |
|
|
|
Total Assets | | $ | 991,355 | | | $ | 954,688 | |
| | |
|
|
| |
|
|
|
Liabilities, Minority Interest and Shareholders’ Equity | | | | | | | | |
Current liabilities | | $ | 192,816 | | | $ | 175,367 | |
Long-term debt—nonrecourse | | | 255,482 | | | | 284,915 | |
Other long-term liabilities and minority interest | | | 34,398 | | | | 36,653 | |
Shareholders’ equity excluding treasury stock | | | 1,053,236 | | | | 994,199 | |
Treasury stock | | | (544,577 | ) | | | (536,446 | ) |
| | |
|
|
| |
|
|
|
Total Liabilities, Minority Interest and Shareholders’ Equity | | $ | 991,355 | | | $ | 954,688 | |
| | |
|
|
| |
|
|
|
Changes in Equity and Fixed-Income Fund Managed Assets
(in millions)
| | | | | | | | | | | | | | | | |
| | | Three Months Ended Sept. 30,
| | | Nine Months Ended Sept. 30,
| |
| | | 2005
| | | 2004
| | | 2005
| | | 2004
| |
Equity Funds | | | | | | | | | | | | | | | | |
Beginning Assets | | $ | 25,573 | | | $ | 24,074 | | | $ | 25,951 | | | $ | 22,817 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Sales | | | 1,150 | | | | 1,152 | | | | 3,838 | | | | 4,538 | |
Redemptions | | | (1,854 | ) | | | (1,132 | ) | | | (4,870 | ) | | | (4,065 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net (redemptions) sales | | | (704 | ) | | | 20 | | | | (1,032 | ) | | | 473 | |
Net exchanges | | | (3 | ) | | | 116 | | | | 25 | | | | 229 | |
Acquisition related | | | 142 | | | | 105 | | | | 142 | | | | 105 | |
Other* | | | 1,090 | | | | (726 | ) | | | 1,012 | | | | (35 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Ending Assets | | $ | 26,098 | | | $ | 23,589 | | | $ | 26,098 | | | $ | 23,589 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Fixed-Income Funds | | | | | | | | | | | | | | | | |
Beginning Assets | | $ | 20,237 | | | $ | 21,473 | | | $ | 21,137 | | | $ | 24,004 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Sales | | | 1,166 | | | | 1,624 | | | | 4,038 | | | | 6,132 | |
Redemptions | | | (1,609 | ) | | | (2,447 | ) | | | (5,652 | ) | | | (9,206 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net redemptions | | | (443 | ) | | | (823 | ) | | | (1,614 | ) | | | (3,074 | ) |
Net exchanges | | | (24 | ) | | | 220 | | | | (65 | ) | | | 24 | |
Acquisition related | | | 0 | | | | 220 | | | | 50 | | | | 220 | |
Other* | | | (26 | ) | | | 225 | | | | 236 | | | | 141 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Ending Assets | | $ | 19,744 | | | $ | 21,315 | | | $ | 19,744 | | | $ | 21,315 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| * | Includes changes in the market value of securities held by the funds, reinvested dividends and distributions and net investment income. |
Federated Investors Reports Q3 Results
October 27, 2005
Page 7 of 7
(in millions)
| | | | | | | | | | | | | | | |
MANAGED ASSETS
| | Sept. 30,
2005
| | June 30,
2005
| | March 31,
2005
| | Dec. 31,
2004
| | Sept. 30, 2004
|
| By Asset Class | | | | | | | | | | | | | | | |
Equity | | $ | 29,650 | | $ | 28,886 | | $ | 28,345 | | $ | 29,013 | | $ | 26,217 |
Fixed-income | | | 23,800 | | | 24,357 | | | 24,879 | | | 25,953 | | | 25,926 |
Money market | | | 153,985 | | | 151,431 | | | 125,747 | | | 124,302 | | | 125,474 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
Total Managed Assets | | $ | 207,435 | | $ | 204,674 | | $ | 178,971 | | $ | 179,268 | | $ | 177,617 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
| By Market | | | | | | | | | | | | | | | |
Trust | | $ | 90,146 | | $ | 91,555 | | $ | 84,681 | | $ | 86,947 | | $ | 86,968 |
Broker/dealer | | | 73,582 | | | 68,780 | | | 49,283 | | | 47,706 | | | 45,103 |
Institutional | | | 22,329 | | | 22,805 | | | 21,971 | | | 23,135 | | | 23,400 |
International | | | 2,781 | | | 2,798 | | | 2,957 | | | 2,855 | | | 2,606 |
Other | | | 18,597 | | | 18,736 | | | 20,079 | | | 18,625 | | | 19,540 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
Total Managed Assets | | $ | 207,435 | | $ | 204,674 | | $ | 178,971 | | $ | 179,268 | | $ | 177,617 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
| By Product Type | | | | | | | | | | | | | | | |
Mutual Funds: | | | | | | | | | | | | | | | |
Equity | | $ | 26,098 | | $ | 25,573 | | $ | 25,279 | | $ | 25,951 | | $ | 23,589 |
Fixed-income | | | 19,744 | | | 20,237 | | | 20,596 | | | 21,137 | | | 21,315 |
Money market | | | 139,621 | | | 136,852 | | | 109,895 | | | 110,559 | | | 112,672 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
Total Fund Assets | | $ | 185,463 | | $ | 182,662 | | $ | 155,770 | | $ | 157,647 | | $ | 157,576 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
Separate Accounts: | | | | | | | | | | | | | | | |
Equity | | $ | 3,552 | | $ | 3,313 | | $ | 3,066 | | $ | 3,062 | | $ | 2,628 |
Fixed-income | | | 4,056 | | | 4,121 | | | 4,283 | | | 4,816 | | | 4,611 |
Money market | | | 14,364 | | | 14,578 | | | 15,852 | | | 13,743 | | | 12,802 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
Total Separate Accounts | | $ | 21,972 | | $ | 22,012 | | $ | 23,201 | | $ | 21,621 | | $ | 20,041 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
Total Managed Assets | | $ | 207,435 | | $ | 204,674 | | $ | 178,971 | | $ | 179,268 | | $ | 177,617 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
| |
| | | Quarter Ended
|
AVERAGE MANAGED ASSETS
| | Sept. 30,
2005
| | June 30,
2005
| | March 31,
2005
| | Dec. 31,
2004
| | Sept. 30,
2004
|
| By Asset Class | | | | | | | | | | | | | | | |
Equity | | $ | 29,542 | | $ | 28,279 | | $ | 28,558 | | $ | 27,659 | | $ | 25,746 |
Fixed-income | | | 24,102 | | | 24,590 | | | 25,463 | | | 26,014 | | | 26,079 |
Money market | | | 154,416 | | | 140,191 | | | 125,385 | | | 125,272 | | | 129,933 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
Total Avg. Assets | | $ | 208,060 | | $ | 193,060 | | $ | 179,406 | | $ | 178,945 | | $ | 181,758 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
| By Product Type | | | | | | | | | | | | | | | |
Mutual Funds: | | | | | | | | | | | | | | | |
Equity | | $ | 26,043 | | $ | 25,114 | | $ | 25,521 | | $ | 24,793 | | $ | 23,207 |
Fixed-income | | | 20,007 | | | 20,410 | | | 21,013 | | | 21,262 | | | 21,606 |
Money market | | | 140,060 | | | 125,037 | | | 109,334 | | | 112,373 | | | 116,753 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
Total Avg. Fund Assets | | $ | 186,110 | | $ | 170,561 | | $ | 155,868 | | $ | 158,428 | | $ | 161,566 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
Separate Accounts: | | | | | | | | | | | | | | | |
Equity | | $ | 3,499 | | $ | 3,165 | | $ | 3,037 | | $ | 2,866 | | $ | 2,539 |
Fixed-income | | | 4,095 | | | 4,180 | | | 4,450 | | | 4,752 | | | 4,473 |
Money market | | | 14,356 | | | 15,154 | | | 16,051 | | | 12,899 | | | 13,180 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
Total Avg. Separate Acct. | | $ | 21,950 | | $ | 22,499 | | $ | 23,538 | | $ | 20,517 | | $ | 20,192 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
Total Avg. Assets | | $ | 208,060 | | $ | 193,060 | | $ | 179,406 | | $ | 178,945 | | $ | 181,758 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
| |
| | | Quarter Ended
|
ADMINISTERED ASSETS
| | Sept. 30,
2005
| | June 30,
2005
| | March 31,
2005
| | Dec. 31,
2004
| | Sept. 30,
2004
|
Period End | | $ | 18,632 | | $ | 17,612 | | $ | 18,169 | | $ | 37,164 | | $ | 36,289 |
Average | | $ | 18,020 | | $ | 17,661 | | $ | 19,365 | | $ | 36,558 | | $ | 41,024 |
