Exhibit 99.1
![]() | Press Release |
Federated Investors, Inc. Reports Second Quarter 2006 Earnings
• | Equity assets top $36 billion with MDT Advisers acquisition in July |
• | Board authorizes new 7.5 million share repurchase program |
• | Board declares quarterly dividend of $0.18 |
(PITTSBURGH, Pa., July 27, 2006) — Federated Investors, Inc. (NYSE: FII), one of the nation’s largest investment managers, today reported earnings per diluted share (EPS) of $0.47 for the quarter ended June 30, 2006. These results include net earnings of $3.3 million or $0.03 per share classified as income from discontinued operations, net of tax, related to the sale of the company’s trade-clearing operation. Federated’s EPS from continuing operations was $0.44 for the quarter ended June 30, 2006 compared with $0.35 for the same quarter last year. Federated reported YTD 2006 EPS from continuing operations of $0.86 compared to $0.41 for the same period in 2005. Income from continuing operations was $46.7 million for Q2 2006 compared to $38.0 million for Q2 2005. For the six months ended June 30, 2006, income from continuing operations was $92.7 million compared to $44.8 million for the same period in 2005.
Federated’s total managed assets were $210.5 billion at June 30, 2006, up $5.8 billion or 3 percent from $204.7 billion at June 30, 2005 and down $7.0 billion or 3 percent from the $217.5 billion reported at March 31, 2006. Through its mutual funds and separately managed accounts, Federated managed $52.2 billion in equity and fixed-income assets as of June 30, 2006, a $1.0 billion or 2 percent decrease from $53.2 billion as of June 30, 2005. Average managed assets for Q2 2006 were $213.9 billion, up $20.8 billion or 11 percent from $193.1 billion reported for Q2 2005 and down $3.6 billion or 2 percent from $217.5 billion in average managed assets reported for Q1 2006. On July 14, Federated increased its total assets under management by $6.7 billion through its acquisition of MDT Advisers.
“With the acquisition of MDT Advisers, Federated added fundamentally based, quantitatively driven portfolios to our offerings,” said President and CEO J. Christopher Donahue. “Combined with the strength of our equity products such as the Federated Kaufmann portfolios, the income-oriented Federated Strategic Value Fund, the unique Federated Market Opportunity Fund and others, the company offers a variety of solid equity funds to our intermediary clients.”
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 Reports Q2 Earnings
July 27, 2006
Page 2 of 7
Federated’s board of directors authorized a share repurchase program that allows Federated to buy back as many as 7.5 million additional shares of class B common stock through 2008. During Q2 2006, Federated purchased 2,468,016 shares of class B common stock for $77.9 million. The board of directors declared a quarterly dividend of $0.18 per share. The dividend is payable on Aug. 15, 2006 to shareholders of record as of Aug. 8, 2006.
Federated’s equity assets were $30.5 billion at June 30, 2006, up $1.6 billion or 6 percent from $28.9 billion at June 30, 2005 and down $1.1 billion or 3 percent, due in large part to equity market conditions, from $31.6 billion at March 31, 2006. Federated’s top selling equity mutual funds on a net basis were: Federated Market Opportunity Fund, Federated Kaufmann Small Cap Fund, Federated Kaufmann Fund, Federated Strategic Value Fund and Federated Muni and Stock Advantage Fund. With the addition of $6.7 billion in equity assets from Federated’s acquisition of MDT Advisers in July, overall equity assets increased to a record $36.8 billion as of July 25, 2006.
Federated’s fixed-income assets were $21.7 billion at June 30, 2006, down $2.7 billion or 11 percent from $24.4 billion at June 30, 2005 and down $0.6 billion or 3 percent from $22.3 billion at March 31, 2006. Federated’s top selling fixed-income mutual funds on a net basis were: Federated Total Return Bond Fund, Federated Pennsylvania Municipal Income Fund, Federated International Bond Fund, Federated Mortgage Fund and Federated Municipal High Yield Advantage Fund, Inc.
Money market assets in both funds and separate accounts were $158.3 billion at June 30, 2006, up $6.9 billion or 5 percent from $151.4 billion at June 30, 2005 and down $5.3 billion or 3 percent from $163.6 billion at March 31, 2006. Money market mutual fund assets were $142.0 billion at the end of Q2 2006, up $5.1 billion or 4 percent from $136.9 billion at June 30, 2005 and down $4.0 billion or 3 percent from $146.0 billion at March 31, 2006. Average money market mutual fund assets were $143.8 billion for Q2 2006, up $18.8 billion or 15 percent from $125.0 billion for Q2 2005 and down $2.3 billion or 2 percent from $146.1 billion for Q1 2006.
Financial Summary
For Q2 2006, revenue increased $18.7 million or 9 percent to $236.4 million compared to $217.7 million for the same quarter last year, primarily due to Federated’s acquisition of Alliance Capital Management L.P.’s cash management business, organic money market growth and increased equity assets under management. For Q2 2006, Federated derived 47 percent of its revenue from money market assets, 39 percent from equity assets, 13 percent from fixed-income assets and 1 percent from other products. Revenue for the first half of 2006 increased $55.5 million or 13 percent to $475.2 million compared to $419.7 million for the first half of 2005. For YTD 2006, Federated derived 47 percent of its revenue from money market assets, 38 percent from equity assets, 14 percent from fixed-income assets and 1 percent from other products.
Operating expenses for Q2 2006 increased by $16.8 million or 12 percent to $160.8 million compared to $144.0 million for Q2 2005. For the first half of 2006, operating expenses increased by $8.1 million or 3
Federated Reports Q2 Earnings
July 27, 2006
Page 3 of 7
percent to $325.4 million compared to $317.3 million for the same period last year. Increases in operating expenses were affected by higher marketing and distribution expenses associated with the Alliance acquisition and increased compensation and related expenses.
The discontinued operations line item for Q2 2006 reflects $3.3 million or $0.03 per share of primarily after-tax gain related to the sale of Federated’s trade-clearing operation, which the company substantially divested in Q2 2006. Discontinued operations for YTD 2006 reflects $6.1 million or $0.06 per share related to the after-tax gain on the sale of the trade-clearing operation ($3.2 million), the reversal of a related deferred tax asset valuation allowance ($1.8 million) and after-tax operating income ($1.1 million) from the trade-clearing operation.
Federated will host an earnings conference call at 9 a.m. Eastern on July 28, 2006. Investors are invited to listen to Federated’s Q2 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 August 4, 2006 by calling 800-642-1687 (domestic) or 706-645-9291 (international) and entering code 2751637.
Federated Investors, Inc. is one of the largest investment managers in the United States, managing $210.5 billion in assets as of June 30, 2006. With 143 mutual funds and a variety of separately managed account options, Federated provides comprehensive investment management to nearly 5,500 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, the top eight percent of fixed-income fund managers and the top seven percent of equity fund managers1. For more information, visitFederatedInvestors.com.
###
1 | Strategic Insight, May 31, 2006. Based on assets under management in open-end funds. |
Certain statements in this press release, such as those related to the share repurchase program, 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 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 repurchase shares at a desirable price 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 impacted 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 in the future.
Federated Securities Corp. is distributor of the Federated funds.
Separately managed accounts are made available through Federated Investment Counseling, a registered investment advisor.
Federated Reports Q2 Earnings
July 27, 2006
Page 4 of 7
Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Quarter Ended June 30, | % Change Q2 2005 to Q2 2006 | Quarter March 31, | % Change Q1 2006 to Q2 2006 | |||||||||||||||
2006 | 2005 | |||||||||||||||||
Revenue | ||||||||||||||||||
Investment advisory fees, net | $ | 146,487 | $ | 138,890 | 5 | % | $ | 148,055 | (1 | )% | ||||||||
Administrative service fees, net | 36,082 | 32,726 | 10 | 36,098 | (0 | ) | ||||||||||||
Other service fees, net | 52,099 | 43,935 | 19 | 52,877 | (1 | ) | ||||||||||||
Other, net | 1,738 | 2,181 | (20 | ) | 1,751 | (1 | ) | |||||||||||
Total Revenue | 236,406 | 217,732 | 9 | 238,781 | (1 | ) | ||||||||||||
Operating Expenses | ||||||||||||||||||
Compensation and related | 44,780 | 42,857 | 4 | 49,576 | (10 | ) | ||||||||||||
General and administrative | ||||||||||||||||||
Marketing and distribution | 70,313 | 51,364 | 37 | 69,952 | 1 | |||||||||||||
Professional service fees | 8,422 | 7,487 | 12 | 7,587 | 11 | |||||||||||||
Office and occupancy | 4,976 | 5,300 | (6 | ) | 5,526 | (10 | ) | |||||||||||
Systems and communications | 4,952 | 5,322 | (7 | ) | 4,756 | 4 | ||||||||||||
Advertising and promotional | 3,794 | 4,337 | (13 | ) | 3,952 | (4 | ) | |||||||||||
Travel and related | 3,346 | 3,151 | 6 | 2,614 | 28 | |||||||||||||
Settlement expense | 0 | 5,000 | (100 | ) | 0 | — | ||||||||||||
Other | 3,015 | 2,723 | 11 | 2,912 | 4 | |||||||||||||
Total general and administrative | 98,818 | 84,684 | 17 | 97,299 | 2 | |||||||||||||
Amortization of deferred sales commissions | 13,018 | 12,940 | 1 | 13,508 | (4 | ) | ||||||||||||
Amortization of intangible assets | 4,220 | 3,525 | 20 | 4,227 | (0 | ) | ||||||||||||
Total Operating Expenses | 160,836 | 144,006 | 12 | 164,610 | (2 | ) | ||||||||||||
Operating Income | 75,570 | 73,726 | 3 | 74,171 | 2 | |||||||||||||
Nonoperating Income (Expenses) | ||||||||||||||||||
Investment income, net | 3,074 | 1,811 | 70 | 3,214 | (4 | ) | ||||||||||||
Debt expense––recourse | (65 | ) | (91 | ) | (29 | ) | (65 | ) | 0 | |||||||||
Debt expense––nonrecourse | (2,019 | ) | (4,444 | ) | (55 | ) | (2,153 | ) | (6 | ) | ||||||||
Other, net | (1 | ) | (8 | ) | (88 | ) | (1 | ) | 0 | |||||||||
Total Nonoperating Income (Expenses), net | 989 | (2,732 | ) | (136 | ) | 995 | (1 | ) | ||||||||||
Minority interest | 1,333 | 2,478 | (46 | ) | 1,501 | (11 | ) | |||||||||||
Income from continuing operations before income taxes | 75,226 | 68,516 | 10 | 73,665 | 2 | |||||||||||||
Income tax provision | 28,570 | 30,516 | (6 | ) | 27,580 | 4 | ||||||||||||
Income from continuing operations | 46,656 | 38,000 | 23 | 46,085 | 1 | |||||||||||||
Discontinued operations, net of tax* | 3,265 | (239 | ) | 1,466 | 2,836 | 15 | ||||||||||||
Net Income | $ | 49,921 | $ | 37,761 | 32 | % | $ | 48,921 | 2 | % | ||||||||
Earnings Per Share—Basic | ||||||||||||||||||
Income from continuing operations | $ | 0.44 | $ | 0.36 | 22 | % | $ | 0.44 | 0 | % | ||||||||
Income (loss) from discontinued operations* | $ | 0.03 | $ | (0.00 | ) | — | $ | 0.03 | 0 | % | ||||||||
Net Income** | $ | 0.48 | $ | 0.36 | 33 | % | $ | 0.46 | 4 | % | ||||||||
Earnings Per Share—Diluted | ||||||||||||||||||
Income from continuing operations | $ | 0.44 | $ | 0.35 | 26 | % | $ | 0.43 | 2 | % | ||||||||
Income (loss) from discontinued operations* | $ | 0.03 | $ | (0.00 | ) | — | $ | 0.03 | 0 | % | ||||||||
Net Income** | $ | 0.47 | $ | 0.35 | 34 | % | $ | 0.45 | 4 | % | ||||||||
Weighted-average shares outstanding | ||||||||||||||||||
Basic | 104,923 | 105,908 | 105,639 | |||||||||||||||
Diluted | 107,078 | 107,857 | 108,125 | |||||||||||||||
Dividends declared per share | $ | 0.180 | $ | 0.150 | $ | 0.150 | ||||||||||||
* | Discontinued operations reflects the after-tax gain on the sale of Federated’s trade-clearing business ($3.2 million) and after-tax operating income ($0.1 million) in Q2 2006, in addition to after-tax operating income ($1.0 million) and the related reversal of a deferred tax asset valuation allowance ($1.8 million) in Q1 2006. |
** | May not sum due to rounding. |
Federated Reports Q2 Earnings
July 27, 2006
Page 5 of 7
Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Six Months Ended June 30, | % Change | ||||||||||
2006 | 2005 | ||||||||||
Revenue | |||||||||||
Investment advisory fees, net | $ | 294,541 | $ | 273,768 | 8 | % | |||||
Administrative service fees, net | 72,181 | 62,781 | 15 | ||||||||
Other service fees, net | 104,976 | 79,160 | 33 | ||||||||
Other, net | 3,490 | 3,968 | (12 | ) | |||||||
Total Revenue | 475,188 | 419,677 | 13 | ||||||||
Operating Expenses | |||||||||||
Compensation and related | 94,356 | 86,071 | 10 | ||||||||
General and administrative | |||||||||||
Marketing and distribution | 140,265 | 88,721 | 58 | ||||||||
Professional service fees | 16,009 | 15,260 | 5 | ||||||||
Office and occupancy | 10,502 | 10,663 | (2 | ) | |||||||
Systems and communications | 9,709 | 9,539 | 2 | ||||||||
Advertising and promotional | 7,746 | 7,510 | 3 | ||||||||
Travel and related | 5,960 | 5,614 | 6 | ||||||||
Settlement expense | 0 | 55,550 | (100 | ) | |||||||
Other, net | 5,927 | 5,816 | 2 | ||||||||
Total general and administrative | 196,118 | 198,673 | (1 | ) | |||||||
Amortization of deferred sales commissions | 26,526 | 26,539 | (0 | ) | |||||||
Amortization of intangible assets | 8,446 | 6,004 | 41 | ||||||||
Total Operating Expenses | 325,446 | 317,287 | 3 | ||||||||
Operating Income | 149,742 | 102,390 | 46 | ||||||||
Nonoperating Income (Expenses) | |||||||||||
Investment income, net | 6,287 | 3,404 | 85 | ||||||||
Debt expense––recourse | (130 | ) | (174 | ) | (25 | ) | |||||
Debt expense––nonrecourse | (4,171 | ) | (9,031 | ) | (54 | ) | |||||
Other, net | (2 | ) | (52 | ) | (96 | ) | |||||
Total Nonoperating Income (Expenses), net | 1,984 | (5,853 | ) | (134 | ) | ||||||
Minority interest | 2,834 | 4,927 | (42 | ) | |||||||
Income from continuing operations before income taxes | 148,892 | 91,610 | 63 | ||||||||
Income tax provision | 56,151 | 46,819 | 20 | ||||||||
Income from continuing operations | 92,741 | 44,791 | 107 | ||||||||
Discontinued operations, net of tax* | 6,101 | (2 | ) | 305,150 | |||||||
Net Income | $ | 98,842 | $ | 44,789 | 121 | % | |||||
Earnings Per Share—Basic | |||||||||||
Income from continuing operations | $ | 0.88 | $ | 0.42 | 110 | % | |||||
Income (loss) from discontinued operations* | $ | 0.06 | $ | (0.00 | ) | — | |||||
Net Income | $ | 0.94 | $ | 0.42 | 124 | % | |||||
Earnings Per Share—Diluted | |||||||||||
Income from continuing operations | $ | 0.86 | $ | 0.41 | 110 | % | |||||
Income (loss) from discontinued operations* | $ | 0.06 | $ | (0.00 | ) | — | |||||
Net Income | $ | 0.92 | $ | 0.41 | 124 | % | |||||
Weighted-average shares outstanding | |||||||||||
Basic | 105,279 | 106,116 | |||||||||
Diluted | 107,600 | 108,089 | |||||||||
Dividends declared per share | $ | 0.330 | $ | 0.275 | |||||||
* | Discontinued operations for YTD 2006 reflect the after-tax gain on sale ($3.2 million), the reversal of a related deferred tax asset valuation allowance ($1.8 million) and after-tax operating income ($1.1 million) of Federated’s trade-clearing operations. |
Federated Reports Q2 Earnings
July 27, 2006
Page 6 of 7
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
June 30, 2006 | Dec. 31, 2005 | |||||||
Assets | ||||||||
Cash, restricted cash and other short-term investments | $ | 191,387 | $ | 284,805 | ||||
Other current assets | 50,975 | 61,618 | ||||||
Deferred sales commissions, net | 133,848 | 157,562 | ||||||
Intangible assets, net, and goodwill | 376,449 | 370,026 | ||||||
Other long-term assets | 23,696 | 22,610 | ||||||
Total Assets | $ | 776,355 | $ | 896,621 | ||||
Liabilities, Minority Interest and Shareholders’ Equity | ||||||||
Current liabilities | $ | 97,175 | $ | 166,300 | ||||
Long-term debt—nonrecourse | 135,299 | 159,784 | ||||||
Other long-term liabilities and minority interest | 28,997 | 30,208 | ||||||
Shareholders’ equity excluding treasury stock | 1,155,115 | 1,090,915 | ||||||
Treasury stock | (640,231 | ) | (550,586 | ) | ||||
Total Liabilities, Minority Interest and Shareholders’ Equity | $ | 776,355 | $ | 896,621 | ||||
Changes in Equity and Fixed-Income Fund Managed Assets
(in millions)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
Equity Funds | ||||||||||||||||
Beginning assets | $ | 27,567 | $ | 25,279 | $ | 26,031 | $ | 25,951 | ||||||||
Sales | 1,475 | 1,309 | 2,992 | 2,688 | ||||||||||||
Redemptions | (1,758 | ) | (1,490 | ) | (3,680 | ) | (3,016 | ) | ||||||||
Net redemptions | (283 | ) | (181 | ) | (688 | ) | (328 | ) | ||||||||
Net exchanges | (5 | ) | 5 | 15 | 28 | |||||||||||
Acquisition related | 0 | 0 | 376 | 0 | ||||||||||||
Other* | (791 | ) | 470 | 754 | (78 | ) | ||||||||||
Ending assets | $ | 26,488 | $ | 25,573 | $ | 26,488 | $ | 25,573 | ||||||||
Fixed-Income Funds | ||||||||||||||||
Beginning assets | $ | 18,579 | $ | 20,596 | $ | 19,037 | $ | 21,137 | ||||||||
Sales | 1,112 | 1,387 | 2,409 | 2,872 | ||||||||||||
Redemptions | (1,685 | ) | (2,055 | ) | (3,422 | ) | (4,043 | ) | ||||||||
Net redemptions | (573 | ) | (668 | ) | (1,013 | ) | (1,171 | ) | ||||||||
Net exchanges | (25 | ) | (8 | ) | (52 | ) | (41 | ) | ||||||||
Acquisition related | 0 | 50 | 0 | 50 | ||||||||||||
Other* | (14 | ) | 267 | (5 | ) | 262 | ||||||||||
Ending assets | $ | 17,967 | $ | 20,237 | $ | 17,967 | $ | 20,237 | ||||||||
* | Includes changes in the market value of securities held by the funds, reinvested dividends and distributions and net investment income. |
Federated Reports Q2 Earnings
July 27, 2006
Page 7 of 7
(in millions)
MANAGED ASSETS | June 30, 2006 | March 31, 2006 | Dec. 31, 2005 | Sept. 30, 2005 | June 30, 2005 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 30,523 | $ | 31,552 | $ | 29,785 | $ | 29,650 | $ | 28,886 | |||||
Fixed-income | 21,675 | 22,342 | 23,017 | 23,800 | 24,357 | ||||||||||
Money market | 158,319 | 163,604 | 160,621 | 153,985 | 151,431 | ||||||||||
Total Managed Assets | $ | 210,517 | $ | 217,498 | $ | 213,423 | $ | 207,435 | $ | 204,674 | |||||
By Market* | |||||||||||||||
Wealth Management & Trust | $ | 100,935 | $ | 107,885 | $ | 105,918 | $ | 101,980 | $ | 104,190 | |||||
Broker/Dealer | 84,316 | 82,969 | 82,886 | 82,171 | 76,777 | ||||||||||
Global Institutional | 19,507 | 20,441 | 18,592 | 17,300 | 17,821 | ||||||||||
Other | 5,759 | 6,203 | 6,027 | 5,984 | 5,886 | ||||||||||
Total Managed Assets | $ | 210,517 | $ | 217,498 | $ | 213,423 | $ | 207,435 | $ | 204,674 | |||||
By Product Type | |||||||||||||||
Mutual Funds: | |||||||||||||||
Equity | $ | 26,488 | $ | 27,567 | $ | 26,031 | $ | 26,098 | $ | 25,573 | |||||
Fixed-income | 17,967 | 18,579 | 19,037 | 19,744 | 20,237 | ||||||||||
Money market | 142,023 | 145,978 | 145,289 | 139,621 | 136,852 | ||||||||||
Total Fund Assets | $ | 186,478 | $ | 192,124 | $ | 190,357 | $ | 185,463 | $ | 182,662 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 4,035 | $ | 3,985 | $ | 3,754 | $ | 3,552 | $ | 3,313 | |||||
Fixed-income | 3,708 | 3,763 | 3,980 | 4,056 | 4,121 | ||||||||||
Money market | 16,296 | 17,626 | 15,332 | 14,364 | 14,578 | ||||||||||
Total Separate Accounts | $ | 24,039 | $ | 25,374 | $ | 23,066 | $ | 21,972 | $ | 22,012 | |||||
Total Managed Assets | $ | 210,517 | $ | 217,498 | $ | 213,423 | $ | 207,435 | $ | 204,674 | |||||
Quarter Ended | |||||||||||||||
AVERAGE MANAGED ASSETS | June 30, 2006 | March 31, 2006 | Dec. 31, 2005 | Sept. 30, 2005 | June 30, 2005 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 30,976 | $ | 30,696 | $ | 29,386 | $ | 29,542 | $ | 28,279 | |||||
Fixed-income | 21,986 | 22,743 | 23,248 | 24,102 | 24,590 | ||||||||||
Money market | 160,977 | 164,061 | 157,433 | 154,416 | 140,191 | ||||||||||
Total Avg. Assets | $ | 213,939 | $ | 217,500 | $ | 210,067 | $ | 208,060 | $ | 193,060 | |||||
By Product Type | |||||||||||||||
Mutual Funds: | |||||||||||||||
Equity | $ | 27,000 | $ | 26,779 | $ | 25,760 | $ | 26,043 | $ | 25,114 | |||||
Fixed-income | 18,244 | 18,874 | 19,249 | 20,007 | 20,410 | ||||||||||
Money market | 143,794 | 146,096 | 143,691 | 140,060 | 125,037 | ||||||||||
Total Avg. Fund Assets | $ | 189,038 | $ | 191,749 | $ | 188,700 | $ | 186,110 | $ | 170,561 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 3,976 | $ | 3,917 | $ | 3,626 | $ | 3,499 | $ | 3,165 | |||||
Fixed-income | 3,742 | 3,869 | 3,999 | 4,095 | 4,180 | ||||||||||
Money market | 17,183 | 17,965 | 13,742 | 14,356 | 15,154 | ||||||||||
Total Avg. Separate Accts. | $ | 24,901 | $ | 25,751 | $ | 21,367 | $ | 21,950 | $ | 22,499 | |||||
Total Avg. Assets | $ | 213,939 | $ | 217,500 | $ | 210,067 | $ | 208,060 | $ | 193,060 | |||||
Quarter Ended | |||||||||||||||
ADMINISTERED ASSETS | June 30, 2006 | March 31, 2006 | Dec. 31, 2005 | Sept. 30, 2005 | June 30, 2005 | ||||||||||
Period End | $ | 18,224 | $ | 18,555 | $ | 18,271 | $ | 18,632 | $ | 17,612 | |||||
Average | $ | 18,298 | $ | 18,494 | $ | 17,908 | $ | 18,020 | $ | 17,661 |
* | Federated’s market definitions changed as of Jan. 1, 2006. Channels that had been included in the former Institutional market are now included in the Broker/Dealer and the Wealth Management & Trust markets. For further explanations of these changes and historical data, please see the Historical Assets Under New Market Definition chart on theAbout Us page ofFederatedInvestors.com. |