Exhibit 99.1
Federated Investors, Inc. Reports Third Quarter 2006 Earnings
• | Assets Under Management Reach a Record $222 Billion |
• | Equity and Fixed-Income Assets Reach $60 Billion |
• | Board declares quarterly dividend of $0.18 |
(PITTSBURGH, Pa., October 26, 2006) — Federated Investors, Inc. (NYSE: FII), one of the nation’s largest investment managers, today reported earnings per diluted share from continuing operations (EPS) of $0.43 for the quarter ended Sept. 30, 2006. Federated’s Q3 2006 financial results include a charge of $2.3 million pre-tax, or $0.01 per share after tax, related to the estimated cost of distributing Federated’s 2005 regulatory settlement amount. For Q3 2005, Federated reported EPS of $0.60, which included the recognition of an insurance reimbursement of $23.6 million, or $0.14 per share after tax. For the nine months ended Sept. 30, 2006, Federated reported EPS of $1.29 compared to $1.01 for the same period in 2005.
Federated’s income from continuing operations was $45.2 million for Q3 2006 compared to $64.8 million for Q3 2005. For the nine months ended Sept. 30, 2006, income from continuing operations was $137.9 million compared to $109.6 million for the same period in 2005.
Federated’s total managed assets reached a record $222.7 billion at Sept. 30, 2006, up $15.3 billion or 7 percent from $207.4 billion at Sept. 30, 2005 and up $12.2 billion or 6 percent from the $210.5 billion reported at June 30, 2006. Through its mutual funds and separately managed accounts, Federated managed a record $59.9 billion in equity and fixed-income assets as of Sept. 30, 2006, a $6.4 billion or 12 percent increase from $53.5 billion as of Sept. 30, 2005. Average managed assets for Q3 2006 were $219.7 billion, up $11.6 billion or 6 percent from $208.1 billion reported for Q3 2005 and up $5.8 billion or 3 percent from $213.9 billion in average managed assets reported for Q2 2006. Early in Q3 2006, Federated completed the acquisition of the $6.7 billion quantitative equity firm MDTA LLC. MDTA assets increased to $7.1 billion at Sept. 30, 2006.
“During the quarter, Federated’s equity assets under management grew by nearly $8 billion to over $38 billion at the end of the quarter due to our acquisition of MDTA, improving equity product sales and market appreciation,” said President and CEO J. Christopher Donahue. “In addition, Federated grew its money market assets under management as demand increased among broker/dealer and trust clients. With a backdrop of a more favorable interest rate environment, we believe that we will continue to grow money market assets over time.”
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 Q3 Earnings
Oct. 26, 2006
Page 2 of 8
During Q3 2006, Federated purchased 787,221 shares of class B common stock for $23.1 million. The board of directors declared a quarterly dividend of $0.18 per share. The dividend is payable on Nov. 15, 2006 to shareholders of record as of Nov. 8, 2006.
Federated’s equity assets were a record $38.3 billion at Sept. 30, 2006, up $8.6 billion or 29 percent from $29.7 billion at Sept. 30, 2005 and up $7.8 billion or 26 percent from $30.5 billion at June 30, 2006. Federated’s top selling equity mutual funds on a net basis were: Federated Strategic Value Fund, Federated Market Opportunity Fund, Federated Kaufmann Small Cap Fund, MDT All Cap Core Fund and MDT Balanced Fund.
Federated’s fixed-income assets were $21.7 billion at Sept. 30, 2006, down $2.1 billion or 9 percent from $23.8 billion at Sept. 30, 2005 and down slightly from June 30, 2006. Federated’s top selling fixed-income mutual funds on a net basis were: Federated Total Return Bond Fund, Federated Total Return Government Bond Fund, Federated International High Income Fund and Federated Municipal High Yield Advantage Fund, Inc.
Money market assets in both funds and separate accounts were $162.8 billion at Sept. 30, 2006, up $8.8 billion or 6 percent from $154.0 billion at Sept. 30, 2005 and up $4.5 billion or 3 percent from $158.3 billion at June 30, 2006. Money market mutual fund assets were $146.8 billion at the end of Q3 2006, up $7.2 billion or 5 percent from $139.6 billion at Sept. 30, 2005 and up $4.8 billion or 3 percent from $142.0 billion at June 30, 2006. Average money market mutual fund assets were $145.8 billion for Q3 2006, up $5.7 billion or 4 percent from $140.1 billion for Q3 2005 and up $2.0 billion or 1 percent from $143.8 billion for Q2 2006.
Financial Summary
For Q3 2006, revenue increased $5.9 million or 3 percent to $243.9 million compared to $238.0 million for the same quarter last year, primarily due to Federated’s acquisition of MDTA LLC in July. For Q3 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 and services. Revenue for the first nine months of 2006 increased $61.5 million or 9 percent to $719.1 million compared to $657.6 million for the first nine months of 2005, primarily due to the acquisition of the cash management business of Alliance Capital Management L.P. ($43.2 million); the acquisition of MDTA LLC ($6.8 million); and increases in average equity ($20.0 million) and money market ($18.2 million) assets under management, offset by a decrease in fixed-income assets ($14.8 million) under management. For YTD 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.
Operating expenses for Q3 2006 increased by $39.1 million or 30 percent to $170.0 million compared to $130.9 million for Q3 2005. Operating expenses for Q3 2005 included the recognition of a $23.6 million
Federated Reports Q3 Earnings
Oct. 26, 2006
Page 3 of 8
insurance reimbursement related to costs incurred for various legal, regulatory and compliance matters. For Q3 2006, as compared to Q3 2005, other increases to operating expenses were caused primarily by the marketing and distribution expenses related to the acquisition of MDTA LLC ($5.8 million) and increased money market ($5.3 million) and equity ($1.2 million) assets. For YTD 2006, operating expenses increased by $47.2 million or 11 percent to $495.4 million compared to $448.2 million for the same period last year. Increases in YTD 2006 operating expenses, as compared to YTD 2005, were caused primarily by the above-mentioned insurance reimbursement; the Alliance acquisition ($37.9 million); the marketing and distribution expenses related to increased equity ($4.3 million) and money market ($12.9 million) assets; and the acquisition of MDTA LLC ($5.8 million). These increases were partially offset by the $55.6 million of regulatory settlement expense, which was recorded in the first half of 2005.
Federated will host an earnings conference call at 9 a.m. Eastern on Friday, Oct. 27, 2006. 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. 3, 2006 by calling 800-642-1687 (domestic) or 706-645-9291 (international) and entering code 7815144.
Federated Investors, Inc. is one of the largest investment managers in the United States, managing $222.7 billion in assets as of Sept. 30, 2006. With 149 mutual funds and a variety of separately managed account options, Federated provides comprehensive investment management to more than 5,400 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Federated ranks in the top 2 percent of money market fund managers in the industry, the top 7 percent of equity fund managers and the top 9 percent of fixed-income fund managers1. For more information, visitFederatedInvestors.com.
###
1 | Strategic Insight, August 2006. Based on assets under management in open-end funds. |
Certain statements in this press release, such as those related to interest rates and growth of money market assets, 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 are the uncertainty of interest rate changes and the ability of the company to grow money market assets as a result of such changes, as well as 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 and Federated MDTA LLC, both registered investment advisors.
Federated Reports Q3 Earnings
Oct. 26, 2006
Page 4 of 8
Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Quarter Ended Sept. 30, | % Change Q3 2005 to Q3 2006 | Quarter June 30, | % Change Q2 2006 to Q3 2006 | |||||||||||||||
2006 | 2005 | |||||||||||||||||
Revenue | ||||||||||||||||||
Investment advisory fees, net | $ | 153,713 | $ | 148,284 | 4 | % | $ | 146,487 | 5 | % | ||||||||
Administrative service fees, net | 36,864 | 36,061 | 2 | 36,082 | 2 | |||||||||||||
Other service fees, net | 51,813 | 51,867 | (0 | ) | 52,099 | (1 | ) | |||||||||||
Other, net | 1,545 | 1,757 | (12 | ) | 1,738 | (11 | ) | |||||||||||
Total Revenue | 243,935 | 237,969 | 3 | 236,406 | 3 | |||||||||||||
Operating Expenses | ||||||||||||||||||
Compensation and related | 48,099 | 44,868 | 7 | 44,780 | 7 | |||||||||||||
General and administrative | ||||||||||||||||||
Marketing and distribution | 72,172 | 64,818 | 11 | 70,430 | 2 | |||||||||||||
Professional service fees | 10,040 | (15,135 | ) | 166 | 8,422 | 19 | ||||||||||||
Office and occupancy | 5,917 | 3,560 | 66 | 4,976 | 19 | |||||||||||||
Systems and communications | 5,757 | 4,552 | 26 | 4,952 | 16 | |||||||||||||
Advertising and promotional | 3,650 | 4,732 | (23 | ) | 3,794 | (4 | ) | |||||||||||
Travel and related | 2,900 | 2,959 | (2 | ) | 3,346 | (13 | ) | |||||||||||
Other | 3,460 | 3,546 | (2 | ) | 2,898 | 19 | ||||||||||||
Total general and administrative | 103,896 | 69,032 | 51 | 98,818 | 5 | |||||||||||||
Amortization of deferred sales commissions | 12,600 | 12,947 | (3 | ) | 13,018 | (3 | ) | |||||||||||
Amortization of intangible assets | 5,389 | 4,035 | 34 | 4,220 | 28 | |||||||||||||
Total Operating Expenses | 169,984 | 130,882 | 30 | 160,836 | 6 | |||||||||||||
Operating Income | 73,951 | 107,087 | (31 | ) | 75,570 | (2 | ) | |||||||||||
Nonoperating (Expenses) Income | ||||||||||||||||||
Investment income, net | 1,958 | 2,448 | (20 | ) | 3,074 | (36 | ) | |||||||||||
Debt expense––recourse | (157 | ) | (82 | ) | 91 | (65 | ) | 142 | ||||||||||
Debt expense––nonrecourse | (1,846 | ) | (4,327 | ) | (57 | ) | (2,019 | ) | (9 | ) | ||||||||
Other, net | — | 103 | (100 | ) | (1 | ) | (100 | ) | ||||||||||
Total Nonoperating (Expenses) Income, net | (45 | ) | (1,858 | ) | (98 | ) | 989 | (105 | ) | |||||||||
Minority interest | 1,359 | 2,563 | (47 | ) | 1,333 | 2 | ||||||||||||
Income from continuing operations before income taxes | 72,547 | 102,666 | (29 | ) | 75,226 | (4 | ) | |||||||||||
Income tax provision | 27,383 | 37,833 | (28 | ) | 28,570 | (4 | ) | |||||||||||
Income from continuing operations | 45,164 | 64,833 | (30 | ) | 46,656 | (3 | ) | |||||||||||
Discontinued operations, net of tax* | 445 | (1,166 | ) | 138 | 3,265 | (86 | ) | |||||||||||
Net Income | $ | 45,609 | $ | 63,667 | (28 | )% | $ | 49,921 | (9 | )% | ||||||||
Earnings Per Share—Basic | ||||||||||||||||||
Income from continuing operations | $ | 0.44 | $ | 0.61 | (28 | )% | $ | 0.44 | 0 | % | ||||||||
Income (loss) from discontinued operations* | $ | 0.00 | $ | (0.01 | ) | 100 | $ | 0.03 | (100 | )% | ||||||||
Net Income** | $ | 0.44 | $ | 0.60 | (27 | )% | $ | 0.48 | (8 | )% | ||||||||
Earnings Per Share—Diluted | ||||||||||||||||||
Income from continuing operations | $ | 0.43 | $ | 0.60 | (28 | )% | $ | 0.44 | (2 | )% | ||||||||
Income (loss) from discontinued operations* | $ | 0.00 | $ | (0.01 | ) | 100 | $ | 0.03 | (100 | )% | ||||||||
Net Income | $ | 0.43 | $ | 0.59 | (27 | )% | $ | 0.47 | (9 | )% | ||||||||
Weighted-average shares outstanding | ||||||||||||||||||
Basic | 103,587 | 106,109 | 104,923 | |||||||||||||||
Diluted | 105,342 | 108,236 | 107,078 | |||||||||||||||
Dividends declared per share | $ | 0.180 | $ | 0.150 | $ | 0.180 | ||||||||||||
* | Discontinued operations primarily reflects the after-tax gain on the sale of Federated’s trade-clearing business of $0.6 million and $3.2 million in Q3 and Q2 2006 respectively. Discontinued operations in Q3 2005 primarily reflects the after-tax loss on the sale of InvestLink Technologies, Inc. ($1.7 million) partially offset by operating income for Federated’s trade-clearing business ($0.7 million). |
** | May not sum due to rounding. |
Federated Reports Q3 Earnings
Oct. 26, 2006
Page 5 of 8
Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Nine Months Ended Sept. 30, | % Change | ||||||||||
2006 | 2005 | ||||||||||
Revenue | |||||||||||
Investment advisory fees, net | $ | 448,254 | $ | 422,052 | 6 | % | |||||
Administrative service fees, net | 109,045 | 98,843 | 10 | ||||||||
Other service fees, net | 156,789 | 131,026 | 20 | ||||||||
Other, net | 5,035 | 5,725 | (12 | ) | |||||||
Total Revenue | 719,123 | 657,646 | 9 | ||||||||
Operating Expenses | |||||||||||
Compensation and related | 142,456 | 130,938 | 9 | ||||||||
General and administrative | |||||||||||
Marketing and distribution | 212,617 | 153,828 | 38 | ||||||||
Professional service fees | 26,050 | 125 | 20,740 | ||||||||
Office and occupancy | 16,419 | 14,223 | 15 | ||||||||
Systems and communications | 15,465 | 14,091 | 10 | ||||||||
Advertising and promotional | 11,396 | 12,241 | (7 | ) | |||||||
Travel and related | 8,860 | 8,573 | 3 | ||||||||
Settlement expense | — | 55,550 | (100 | ) | |||||||
Other, net | 9,206 | 9,074 | 1 | ||||||||
Total general and administrative | 300,013 | 267,705 | 12 | ||||||||
Amortization of deferred sales commissions | 39,126 | 39,486 | (1 | ) | |||||||
Amortization of intangible assets | 13,835 | 10,039 | 38 | ||||||||
Total Operating Expenses | 495,430 | 448,168 | 11 | ||||||||
Operating Income | 223,693 | 209,478 | 7 | ||||||||
Nonoperating Income (Expenses) | |||||||||||
Investment income, net | 8,245 | 5,852 | 41 | ||||||||
Debt expense––recourse | (287 | ) | (256 | ) | 12 | ||||||
Debt expense––nonrecourse | (6,017 | ) | (13,358 | ) | (55 | ) | |||||
Other, net | (2 | ) | 51 | (104 | ) | ||||||
Total Nonoperating Income (Expenses), net | 1,939 | (7,711 | ) | 125 | |||||||
Minority interest | 4,193 | 7,491 | (44 | ) | |||||||
Income from continuing operations before income taxes | 221,439 | 194,276 | 14 | ||||||||
Income tax provision | 83,533 | 84,652 | (1 | ) | |||||||
Income from continuing operations | 137,906 | 109,624 | 26 | ||||||||
Discontinued operations, net of tax* | 6,545 | (1,168 | ) | 660 | |||||||
Net Income | $ | 144,451 | $ | 108,456 | 33 | % | |||||
Earnings Per Share—Basic | |||||||||||
Income from continuing operations | $ | 1.32 | $ | 1.03 | 28 | % | |||||
Income (loss) from discontinued operations* | $ | 0.06 | $ | (0.01 | ) | 700 | % | ||||
Net Income | $ | 1.38 | $ | 1.02 | 35 | % | |||||
Earnings Per Share—Diluted | |||||||||||
Income from continuing operations | $ | 1.29 | $ | 1.01 | 28 | % | |||||
Income (loss) from discontinued operations* | $ | 0.06 | $ | (0.01 | ) | 700 | % | ||||
Net Income | $ | 1.35 | $ | 1.00 | 35 | % | |||||
Weighted-average shares outstanding | |||||||||||
Basic | 104,711 | 106,116 | |||||||||
Diluted | 106,843 | 108,139 | |||||||||
Dividends declared per share | $ | 0.510 | $ | 0.425 | |||||||
* | Discontinued operations for YTD 2006 reflects the after-tax gain on the sale of Federated’s trade-clearing business ($3.7 million), the reversal of a related deferred tax asset valuation allowance ($1.8 million) and after-tax operating income ($1.0 million) of Federated’s trade-clearing operations. Discontinued operations for YTD 2005 primarily reflects the after-tax loss on the sale ($1.7 million) and after-tax operating loss ($1.1 million) of InvestLink Technologies, Inc., partially offset by after-tax operating income of Federated’s trade-clearing operations ($1.8 million). |
Federated Reports Q3 Earnings
Oct. 26, 2006
Page 6 of 8
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
Sept. 30, 2006 | Dec. 31, 2005 | |||||||
Assets | ||||||||
Cash, restricted cash and other short-term investments | $ | 113,520 | $ | 284,805 | ||||
Other current assets | 63,177 | 61,618 | ||||||
Deferred sales commissions, net | 123,376 | 157,562 | ||||||
Intangible assets, net, and goodwill | 489,709 | 370,026 | ||||||
Other long-term assets | 26,221 | 22,610 | ||||||
Total Assets | $ | 816,003 | $ | 896,621 | ||||
Liabilities, Minority Interest and Shareholders’ Equity | ||||||||
Current liabilities | $ | 119,492 | $ | 166,300 | ||||
Long-term debt—nonrecourse | 124,294 | 159,784 | ||||||
Other long-term liabilities and minority interest | 37,719 | 30,208 | ||||||
Shareholders’ equity excluding treasury stock | 1,186,283 | 1,090,915 | ||||||
Treasury stock | (651,785 | ) | (550,586 | ) | ||||
Total Liabilities, Minority Interest and Shareholders’ Equity | $ | 816,003 | $ | 896,621 | ||||
Federated Reports Q3 Earnings
Oct. 26, 2006
Page 7 of 8
Changes in Equity and Fixed-Income Fund Managed Assets
(in millions)
Three Months Ended Sept. 30, | Nine Months Ended Sept. 30, | |||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
Equity Funds | ||||||||||||||||
Beginning assets | $ | 26,488 | $ | 25,573 | $ | 26,031 | $ | 25,951 | ||||||||
Sales | 1,457 | 1,150 | 4,450 | 3,838 | ||||||||||||
Redemptions | (1,610 | ) | (1,854 | ) | (5,291 | ) | (4,870 | ) | ||||||||
Net redemptions | (153 | ) | (704 | ) | (841 | ) | (1,032 | ) | ||||||||
Net exchanges | (7 | ) | (3 | ) | 8 | 25 | ||||||||||
Acquisition related | 267 | 142 | 643 | 142 | ||||||||||||
Other* | 576 | 1,090 | 1,330 | 1,012 | ||||||||||||
Ending assets | $ | 27,171 | $ | 26,098 | $ | 27,171 | $ | 26,098 | ||||||||
Fixed-Income Funds | ||||||||||||||||
Beginning assets | $ | 17,967 | $ | 20,237 | $ | 19,037 | $ | 21,137 | ||||||||
Sales | 1,039 | 1,166 | 3,448 | 4,038 | ||||||||||||
Redemptions | (1,453 | ) | (1,609 | ) | (4,875 | ) | (5,652 | ) | ||||||||
Net redemptions | (414 | ) | (443 | ) | (1,427 | ) | (1,614 | ) | ||||||||
Net exchanges | (5 | ) | (24 | ) | (58 | ) | (65 | ) | ||||||||
Acquisition related | 34 | 0 | 34 | 50 | ||||||||||||
Other* | 430 | (26 | ) | 426 | 236 | |||||||||||
Ending assets | $ | 18,012 | $ | 19,744 | $ | 18,012 | $ | 19,744 | ||||||||
* | Includes the approximate effect of changes in the market value of securities held by the funds, reinvested dividends and distributions and net investment income. |
Changes in Equity and Fixed-Income Separate Account Assets*
(in millions)
Three Months Ended Sept. 30, 2006 | ||||
Equity Separate Accounts | ||||
Beginning assets | $ | 4,035 | ||
Net customer flows** | 201 | |||
Acquisition related | 6,420 | |||
Other** | 449 | |||
Ending assets | $ | 11,105 | ||
Fixed-Income Separate Accounts | ||||
Beginning assets | $ | 3,708 | ||
Net customer flows** | (170 | ) | ||
Acquisition related | 0 | |||
Other** | 109 | |||
Ending assets | $ | 3,647 | ||
* | Includes separately managed accounts (SMA), institutional accounts and sub-advised funds (variable annuity and other). |
** | For certain accounts, Net Customer Flows are calculated as the remaining difference between beginning and ending assets after the calculation of Other and the impact of Acquisition Related. Other includes the approximate effect of changes in the market value of securities held in the portfolios, reinvested dividends and distributions and net investment income. |
Prior period data is not available for Changes in Equity and Fixed-Income Separate Account Assets. |
Federated Reports Q3 Earnings
Oct. 26, 2006
Page 8 of 8
(in millions)
MANAGED ASSETS | Sept. 30, 2006 | June 30, 2006 | March 31, 2006 | Dec. 31, 2005 | Sept. 30, 2005 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 38,276 | $ | 30,523 | $ | 31,552 | $ | 29,785 | $ | 29,650 | |||||
Fixed-income | 21,659 | 21,675 | 22,342 | 23,017 | 23,800 | ||||||||||
Money market | 162,808 | 158,319 | 163,604 | 160,621 | 153,985 | ||||||||||
Total Managed Assets | $ | 222,743 | $ | 210,517 | $ | 217,498 | $ | 213,423 | $ | 207,435 | |||||
By Market* | |||||||||||||||
Wealth Management & Trust | $ | 102,878 | $ | 100,935 | $ | 107,885 | $ | 105,918 | $ | 101,980 | |||||
Broker/Dealer | 95,144 | 84,316 | 82,969 | 82,886 | 82,171 | ||||||||||
Global Institutional | 18,905 | 19,507 | 20,441 | 18,592 | 17,300 | ||||||||||
Other | 5,816 | 5,759 | 6,203 | 6,027 | 5,984 | ||||||||||
Total Managed Assets | $ | 222,743 | $ | 210,517 | $ | 217,498 | $ | 213,423 | $ | 207,435 | |||||
By Product Type | |||||||||||||||
Mutual Funds: | |||||||||||||||
Equity | $ | 27,171 | $ | 26,488 | $ | 27,567 | $ | 26,031 | $ | 26,098 | |||||
Fixed-income | 18,012 | 17,967 | 18,579 | 19,037 | 19,744 | ||||||||||
Money market | 146,841 | 142,023 | 145,978 | 145,289 | 139,621 | ||||||||||
Total Fund Assets | $ | 192,024 | $ | 186,478 | $ | 192,124 | $ | 190,357 | $ | 185,463 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 11,105 | $ | 4,035 | $ | 3,985 | $ | 3,754 | $ | 3,552 | |||||
Fixed-income | 3,647 | 3,708 | 3,763 | 3,980 | 4,056 | ||||||||||
Money market | 15,967 | 16,296 | 17,626 | 15,332 | 14,364 | ||||||||||
Total Separate Accounts | $ | 30,719 | $ | 24,039 | $ | 25,374 | $ | 23,066 | $ | 21,972 | |||||
Total Managed Assets | $ | 222,743 | $ | 210,517 | $ | 217,498 | $ | 213,423 | $ | 207,435 | |||||
Quarter Ended | |||||||||||||||
AVERAGE MANAGED ASSETS | Sept. 30, 2006 | June 30, 2006 | March 31, 2006 | Dec. 31, 2005 | Sept. 30, 2005 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 36,429 | $ | 30,976 | $ | 30,696 | $ | 29,386 | $ | 29,542 | |||||
Fixed-income | 21,685 | 21,986 | 22,743 | 23,248 | 24,102 | ||||||||||
Money market | 161,558 | 160,977 | 164,061 | 157,433 | 154,416 | ||||||||||
Total Avg. Assets | $ | 219,672 | $ | 213,939 | $ | 217,500 | $ | 210,067 | $ | 208,060 | |||||
By Product Type | |||||||||||||||
Mutual Funds: | |||||||||||||||
Equity | $ | 26,550 | $ | 27,000 | $ | 26,779 | $ | 25,760 | $ | 26,043 | |||||
Fixed-income | 18,023 | 18,244 | 18,874 | 19,249 | 20,007 | ||||||||||
Money market | 145,840 | 143,794 | 146,096 | 143,691 | 140,060 | ||||||||||
Total Avg. Fund Assets | $ | 190,413 | $ | 189,038 | $ | 191,749 | $ | 188,700 | $ | 186,110 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 9,879 | $ | 3,976 | $ | 3,917 | $ | 3,626 | $ | 3,499 | |||||
Fixed-income | 3,662 | 3,742 | 3,869 | 3,999 | 4,095 | ||||||||||
Money market | 15,718 | 17,183 | 17,965 | 13,742 | 14,356 | ||||||||||
Total Avg. Separate Accts. | $ | 29,259 | $ | 24,901 | $ | 25,751 | $ | 21,367 | $ | 21,950 | |||||
Total Avg. Assets | $ | 219,672 | $ | 213,939 | $ | 217,500 | $ | 210,067 | $ | 208,060 | |||||
Quarter Ended | |||||||||||||||
ADMINISTERED ASSETS | Sept. 30, 2006 | June 30, 2006 | March 31, 2006 | Dec. 31, 2005 | Sept. 30, 2005 | ||||||||||
Period End | $ | 18,423 | $ | 18,224 | $ | 18,555 | $ | 18,271 | $ | 18,632 | |||||
Average | $ | 18,236 | $ | 18,298 | $ | 18,494 | $ | 17,908 | $ | 18,020 | |||||
* | 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. |