Exhibit 99.1
 | Press Release |
Federated Investors, Inc. Reports Fourth Quarter and Year-End 2006 Earnings
| • | Assets Under Management Reach a Record $237.4 Billion |
| • | Equity Assets Reach a Record $40.9 Billion |
| • | Board Declares Quarterly Dividend of $0.18 |
(PITTSBURGH, Pa., January 25, 2007) — Federated Investors, Inc. (NYSE: FII), one of the nation’s largest investment managers, today reported earnings per diluted share from continuing operations (EPS) of $0.51 for the quarter ended Dec. 31, 2006, compared to $0.47 for Q4 2005. For the year ended Dec. 31, 2006, Federated reported EPS of $1.80 compared to $1.49 for 2005.
Federated’s income from continuing operations was $53.1 million for Q4 2006 compared to $51.4 million for Q4 2005. For the year ended Dec. 31, 2006, income from continuing operations was $191.0 million compared to $161.0 million for 2005.
Federated’s total managed assets reached a record $237.4 billion at Dec. 31, 2006, up $24.0 billion or 11 percent from $213.4 billion at Dec. 31, 2005 and up $14.7 billion or 7 percent from $222.7 billion at Sept. 30, 2006. Through its mutual funds and separate accounts, Federated managed a record $63.8 billion in equity and fixed-income assets as of Dec. 31, 2006, an $11.0 billion or 21 percent increase from $52.8 billion as of Dec. 31, 2005 and a $3.9 billion or 7 percent increase from $59.9 billion as of Sept. 30, 2006. Average managed assets for Q4 2006 were $231.7 billion, up $21.6 billion or 10 percent from $210.1 billion reported for Q4 2005 and up $12.0 billion or 5 percent from $219.7 billion reported for Q3 2006.
“Catalysts for Federated’s equity asset growth during 2006 included strong equity market conditions in the second half of the year, the acquisition of MDTA LLC (MDT) and improved performance in some of our key equity products,” said President and CEO J. Christopher Donahue. “Additionally, as money market yields increased over the course of the year, Federated continued to see growth in its money market assets as demand increased among broker/dealers and trust clients.”
The company also announced that its board of directors declared a quarterly dividend of $0.18 per share. The dividend is payable on Feb. 15, 2007 to shareholders of record as of Feb. 8, 2007. During Q4 2006, Federated purchased 1,348,500 shares of Federated class B common stock for $45.0 million. For 2006, the company purchased 5,236,344 shares for $168.9 million.
| 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 Q4 and Year-End 2006 Earnings
Jan. 25, 2007
Page 2 of 8
Federated’s equity assets were a record $40.9 billion at Dec. 31, 2006, up $11.1 billion or 37 percent from $29.8 billion at Dec. 31, 2005 and up $2.6 billion or 7 percent from $38.3 billion at Sept. 30, 2006. Federated’s top selling equity mutual funds on a net basis were: Federated Strategic Value Fund, Federated Kaufmann Small Cap Fund, Federated Muni and Stock Advantage Fund and Federated MDT All Cap Core Fund. Federated saw solid organic growth in its equity separate account products, which had $154 million in net sales during Q4 2006.
Federated’s fixed-income assets were $22.9 billion at Dec. 31, 2006, down slightly from $23.0 billion at Dec. 31, 2005 and up $1.2 billion or 6 percent from $21.7 billion at Sept. 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 Ultrashort Bond Fund and Federated Institutional High Yield Bond Fund.
Money market assets were $173.6 billion at Dec. 31, 2006, up $13.0 billion or 8 percent from $160.6 billion at Dec. 31, 2005 and up $10.8 billion or 7 percent from $162.8 billion at Sept. 30, 2006. Money market mutual fund assets were $155.2 billion at the end of Q4 2006, up $9.9 billion or 7 percent from $145.3 billion at Dec. 31, 2005 and up $8.4 billion or 6 percent from $146.8 billion at Sept. 30, 2006. Average money market mutual fund assets were $152.2 billion for Q4 2006, up $8.5 billion or 6 percent from $143.7 billion for Q4 2005 and up $6.4 billion or 4 percent from $145.8 billion for Q3 2006.
Financial Summary
For Q4 2006, revenue increased $21.1 million or 9 percent to $259.7 million compared to $238.6 million for the same quarter last year. The increase is primarily due to increases in revenue from average money market assets under management ($9.4 million); increases in average equity assets under management due to the acquisition of MDT ($8.4 million); and increases in average equity assets under management beyond MDT ($8.6 million). The increases were partially offset by a decrease in revenue from average fixed-income assets under management ($3.2 million). For Q4 2006, Federated derived 47 percent of its revenue from money market assets, 40 percent from equity assets, 12 percent from fixed-income assets and 1 percent from other products and services.
Revenue for 2006 increased $82.7 million or 9 percent to $978.9 million compared to $896.2 million for 2005, primarily due to the acquisition of the cash management business of Alliance Capital Management L.P. ($43.2 million) and other increases in average money market assets under management ($27.6 million); increases in average equity assets under management due to the acquisition of MDT ($15.2 million); and increases in average equity assets under management beyond MDT ($27.5 million). The increases were partially offset by a decrease in revenue from average fixed-income assets under management ($18.0 million). For 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.
Federated Reports Q4 and Year-End 2006 Earnings
Jan. 25, 2007
Page 3 of 8
Operating expenses for Q4 2006 increased by $21.8 million or 14 percent to $175.0 million, compared to $153.2 million for Q4 2005. This increase in operating expenses was caused primarily by marketing and distribution expenses related to increased money market assets ($7.5 million); expenses related to MDT ($6.0 million), which was acquired in July 2006; and increased incentive compensation ($3.3 million).
For 2006, operating expenses increased by $69.1 million or 11 percent to $670.4 million compared to $601.3 million for 2005. Operating expenses for 2005 included the recognition of a $23.6 million insurance reimbursement related to costs incurred for various legal, regulatory and compliance matters, which primarily reduced professional service fee expenses. Other increases in 2006 operating expenses, as compared to 2005, were caused primarily by marketing and distribution expenses related to both the Alliance acquisition ($36.3 million) and other increases in money market assets ($19.8 million); as well as increases to various operating expenses due to the MDT acquisition ($11.7 million).
Federated will host an earnings conference call at 9 a.m. Eastern on Friday, Jan. 26, 2007. Investors are invited to listen to Federated’s Q4 earnings teleconference by calling 877-407-0782 (domestic) or 201-689-8567 (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 Feb. 2, 2007 by calling 877-660-6853 (domestic) or 201-612-7415 (international) and entering access code 286 and conference ID code 227469.
Federated Investors, Inc. is one of the largest investment managers in the United States, managing $237.4 billion in assets as of Dec. 31, 2006. With 148 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 10 percent of fixed-income fund managers1. For more information, visitFederatedInvestors.com.
###
1 Strategic Insight, November 30, 2006. Based on assets under management in open-end funds.
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 Q4 and Year-End 2006 Earnings
Jan. 25, 2007
Page 4 of 8
Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
| Quarter Ended Dec. 31, | % Change Q4 2005 to Q4 2006 | Quarter Sept. 30, | % Change Q3 2006 to Q4 2006 | |||||||||||||||
| 2006 | 2005 | |||||||||||||||||
Revenue | ||||||||||||||||||
Investment advisory fees, net | $ | 166,182 | $ | 148,643 | 12 | % | $ | 153,713 | 8 | % | ||||||||
Administrative service fees, net | 38,820 | 36,227 | 7 | 36,864 | 5 | |||||||||||||
Other service fees, net | 53,294 | 52,188 | 2 | 51,813 | 3 | |||||||||||||
Other, net | 1,440 | 1,533 | (6 | ) | 1,545 | (7 | ) | |||||||||||
Total Revenue | 259,736 | 238,591 | 9 | 243,935 | 6 | |||||||||||||
Operating Expenses | ||||||||||||||||||
Compensation and related | 49,626 | 41,474 | 20 | 48,099 | 3 | |||||||||||||
General and administrative | ||||||||||||||||||
Marketing and distribution | 74,413 | 65,653 | 13 | 72,172 | 3 | |||||||||||||
Professional service fees | 9,516 | 8,443 | 13 | 10,040 | (5 | ) | ||||||||||||
Office and occupancy | 5,366 | 6,551 | (18 | ) | 5,917 | (9 | ) | |||||||||||
Systems and communications | 5,461 | 5,011 | 9 | 5,757 | (5 | ) | ||||||||||||
Advertising and promotional | 3,745 | 2,969 | 26 | 3,650 | 3 | |||||||||||||
Travel and related | 3,502 | 3,370 | 4 | 2,900 | 21 | |||||||||||||
Settlement expense | — | 42 | (100 | ) | — | — | ||||||||||||
Other | 5,455 | 3,290 | 66 | 3,460 | 58 | |||||||||||||
Total general and administrative | 107,458 | 95,329 | 13 | 103,896 | 3 | |||||||||||||
Amortization of deferred sales commissions | 12,697 | 12,246 | 4 | 12,600 | 1 | |||||||||||||
Amortization of intangible assets | 5,176 | 4,126 | 25 | 5,389 | (4 | ) | ||||||||||||
Total Operating Expenses | 174,957 | 153,175 | 14 | 169,984 | 3 | |||||||||||||
Operating Income | 84,779 | 85,416 | (1 | ) | 73,951 | 15 | ||||||||||||
Nonoperating (Expenses) Income | ||||||||||||||||||
Investment income, net | 1,841 | 3,144 | (41 | ) | 1,958 | (6 | ) | |||||||||||
Debt expense—recourse | (195 | ) | (93 | ) | 110 | (157 | ) | 24 | ||||||||||
Debt expense—nonrecourse | (1,688 | ) | (4,158 | ) | (59 | ) | (1,846 | ) | (9 | ) | ||||||||
Other, net | (3 | ) | — | 100 | — | 100 | ||||||||||||
Total Nonoperating (Expenses) Income, net | (45 | ) | (1,107 | ) | (96 | ) | (45 | ) | — | |||||||||
Minority interest | 1,406 | 2,715 | (48 | ) | 1,359 | 3 | ||||||||||||
Income from continuing operations before income taxes | 83,328 | 81,594 | 2 | 72,547 | 15 | |||||||||||||
Income tax provision | 30,185 | 30,244 | (0 | ) | 27,383 | 10 | ||||||||||||
Income from continuing operations | 53,143 | 51,350 | 3 | 45,164 | 18 | |||||||||||||
Discontinued operations, net of tax | 135 | 477 | (72 | ) | 445 | (70 | ) | |||||||||||
Net Income | $ | 53,278 | $ | 51,827 | 3 | % | $ | 45,609 | 17 | % | ||||||||
Earnings Per Share—Basic | ||||||||||||||||||
Income from continuing operations | $ | 0.52 | $ | 0.48 | 8 | % | $ | 0.44 | 18 | % | ||||||||
Income from discontinued operations | $ | 0.00 | $ | 0.00 | — | $ | 0.00 | — | ||||||||||
Net Income* | $ | 0.52 | $ | 0.49 | 6 | % | $ | 0.44 | 18 | % | ||||||||
Earnings Per Share—Diluted | ||||||||||||||||||
Income from continuing operations | $ | 0.51 | $ | 0.47 | 9 | % | $ | 0.43 | 19 | % | ||||||||
Income from discontinued operations | $ | 0.00 | $ | 0.00 | — | $ | 0.00 | — | ||||||||||
Net Income* | $ | 0.51 | $ | 0.48 | 6 | % | $ | 0.43 | 19 | % | ||||||||
Weighted-average shares outstanding | ||||||||||||||||||
Basic | 103,050 | 106,108 | 103,587 | |||||||||||||||
Diluted | 104,636 | 108,587 | 105,342 | |||||||||||||||
Dividends declared per share | $ | 0.180 | $ | 0.150 | $ | 0.180 | ||||||||||||
| * | May not sum due to rounding. |
Federated Reports Q4 and Year-End 2006 Earnings
Jan. 25, 2007
Page 5 of 8
Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
| Year Ended Dec. 31, | % Change | ||||||||||
| 2006 | 2005 | ||||||||||
Revenue | |||||||||||
Investment advisory fees, net | $ | 614,436 | $ | 570,695 | 8 | % | |||||
Administrative service fees, net | 147,865 | 135,070 | 9 | ||||||||
Other service fees, net | 210,082 | 183,215 | 15 | ||||||||
Other, net | 6,475 | 7,258 | (11 | ) | |||||||
Total Revenue | 978,858 | 896,238 | 9 | ||||||||
Operating Expenses | |||||||||||
Compensation and related | 192,082 | 172,412 | 11 | ||||||||
General and administrative | |||||||||||
Marketing and distribution | 287,030 | 219,480 | 31 | ||||||||
Professional service fees | 35,566 | 8,569 | 315 | ||||||||
Office and occupancy | 21,785 | 20,774 | 5 | ||||||||
Systems and communications | 20,926 | 19,102 | 10 | ||||||||
Advertising and promotional | 15,141 | 15,210 | (0 | ) | |||||||
Travel and related | 12,362 | 11,944 | 3 | ||||||||
Settlement expense | — | 55,592 | (100 | ) | |||||||
Other | 14,661 | 12,364 | 19 | ||||||||
Total general and administrative | 407,471 | 363,035 | 12 | ||||||||
Amortization of deferred sales commissions | 51,822 | 51,732 | 0 | ||||||||
Amortization of intangible assets | 19,011 | 14,165 | 34 | ||||||||
Total Operating Expenses | 670,386 | 601,344 | 11 | ||||||||
Operating Income | 308,472 | 294,894 | 5 | ||||||||
Nonoperating Income (Expenses) | |||||||||||
Investment income, net | 10,086 | 8,995 | 12 | ||||||||
Debt expense—recourse | (482 | ) | (348 | ) | 39 | ||||||
Debt expense—nonrecourse | (7,704 | ) | (17,517 | ) | (56 | ) | |||||
Other, net | (6 | ) | 51 | (112 | ) | ||||||
Total Nonoperating Income (Expenses), net | 1,894 | (8,819 | ) | 121 | |||||||
Minority interest | 5,599 | 10,205 | (45 | ) | |||||||
Income from continuing operations before income taxes | 304,767 | 275,870 | 10 | ||||||||
Income tax provision | 113,719 | 114,896 | (1 | ) | |||||||
Income from continuing operations | 191,048 | 160,974 | 19 | ||||||||
Discontinued operations, net of tax* | 6,681 | (691 | ) | 1,067 | |||||||
Net Income | $ | 197,729 | $ | 160,283 | 23 | % | |||||
Earnings Per Share—Basic | |||||||||||
Income from continuing operations | $ | 1.83 | $ | 1.52 | 20 | % | |||||
Income (loss) from discontinued operations* | $ | 0.06 | $ | (0.01 | ) | 700 | % | ||||
Net Income** | $ | 1.90 | $ | 1.51 | 26 | % | |||||
Earnings Per Share—Diluted | |||||||||||
Income from continuing operations | $ | 1.80 | $ | 1.49 | 21 | % | |||||
Income (loss) from discontinued operations* | $ | 0.06 | $ | (0.01 | ) | 700 | % | ||||
Net Income | $ | 1.86 | $ | 1.48 | 26 | % | |||||
Weighted-average shares outstanding | |||||||||||
Basic | 104,293 | 106,114 | |||||||||
Diluted | 106,288 | 108,252 | |||||||||
Dividends declared per share | $ | 0.690 | $ | 0.575 | |||||||
| * | Discontinued operations for 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 ($2.1 million) and after-tax operating income ($0.9 million) of Federated’s trade-clearing operations. Discontinued operations for 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 ($2.3 million). |
| ** | May not sum due to rounding. |
Federated Reports Q4 and Year-End 2006 Earnings
Jan. 25, 2007
Page 6 of 8
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
Dec. 31, 2006 | Dec. 31, 2005 | |||||||
Assets | ||||||||
Cash, restricted cash and other short-term investments | $ | 134,943 | $ | 284,805 | ||||
Other current assets | 47,108 | 61,618 | ||||||
Deferred sales commissions, net | 112,286 | 157,562 | ||||||
Intangible assets, net, and goodwill | 488,650 | 370,026 | ||||||
Other long-term assets | 27,307 | 22,610 | ||||||
Total Assets | $ | 810,294 | $ | 896,621 | ||||
Liabilities, Minority Interest and Shareholders’ Equity | ||||||||
Current liabilities | $ | 131,907 | $ | 166,300 | ||||
Long-term debt—nonrecourse | 112,987 | 159,784 | ||||||
Other long-term liabilities and minority interest | 36,025 | 30,208 | ||||||
Shareholders’ equity excluding treasury stock | 1,224,161 | 1,090,915 | ||||||
Treasury stock | (694,786 | ) | (550,586 | ) | ||||
Total Liabilities, Minority Interest and Shareholders’ Equity | $ | 810,294 | $ | 896,621 | ||||
Federated Reports Q4 and Year-End 2006 Earnings
Jan. 25, 2007
Page 7 of 8
Changes in Equity and Fixed-Income Fund Managed Assets
(in millions)
| Three Months Ended Dec. 31, | Year Ended Dec. 31, | |||||||||||||||
| 2006 | 2005 | 2006 | 2005 | |||||||||||||
Equity Funds | ||||||||||||||||
Beginning assets | $ | 27,171 | $ | 26,098 | $ | 26,031 | $ | 25,951 | ||||||||
Sales | 1,401 | 1,216 | 5,851 | 5,054 | ||||||||||||
Redemptions | (1,772 | ) | (1,796 | ) | (7,062 | ) | (6,666 | ) | ||||||||
Net redemptions | (371 | ) | (580 | ) | (1,211 | ) | (1,612 | ) | ||||||||
Net exchanges | (13 | ) | 1 | (5 | ) | 25 | ||||||||||
Acquisition related | 0 | 0 | 643 | 142 | ||||||||||||
Other* | 1,879 | 512 | 3,208 | 1,525 | ||||||||||||
Ending assets | $ | 28,666 | $ | 26,031 | $ | 28,666 | $ | 26,031 | ||||||||
Fixed-Income Funds | ||||||||||||||||
Beginning assets | $ | 18,012 | $ | 19,744 | $ | 19,037 | $ | 21,137 | ||||||||
Sales | 1,089 | 1,023 | 4,537 | 5,061 | ||||||||||||
Redemptions | (1,330 | ) | (1,724 | ) | (6,205 | ) | (7,376 | ) | ||||||||
Net redemptions | (241 | ) | (701 | ) | (1,668 | ) | (2,315 | ) | ||||||||
Net exchanges | 80 | (35 | ) | 22 | (100 | ) | ||||||||||
Acquisition related | 73 | 0 | 107 | 50 | ||||||||||||
Other* | 189 | 29 | 615 | 265 | ||||||||||||
Ending assets | $ | 18,113 | $ | 19,037 | $ | 18,113 | $ | 19,037 | ||||||||
| * | 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 | |||||||
| Dec. 31, 2006 | Sept. 30, 2006 | ||||||
Equity Separate Accounts | |||||||
Beginning assets | $ | 11,105 | $ | 4,035 | |||
Net customer flows** | 154 | 201 | |||||
Acquisition related | 0 | 6,420 | |||||
Other** | 969 | 449 | |||||
Ending assets | $ | 12,228 | $ | 11,105 | |||
Fixed-Income Separate Accounts | |||||||
Beginning assets | $ | 3,647 | $ | 3,708 | |||
Net customer flows** | 1,062 | (170 | ) | ||||
Acquisition related | 0 | 0 | |||||
Other** | 80 | 109 | |||||
Ending assets | $ | 4,789 | $ | 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. |
Data for periods prior to Q3 2006 is not available for Changes in Equity and Fixed-Income Separate Account Assets.
Federated Reports Q4 and Year-End 2006 Earnings
Jan. 25, 2007
Page 8 of 8
(in millions)
MANAGED ASSETS | Dec. 31, 2006 | Sept. 30, 2006 | June 30, 2006 | March 31, 2006 | Dec. 31, 2005 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 40,894 | $ | 38,276 | $ | 30,523 | $ | 31,552 | $ | 29,785 | |||||
Fixed-income | 22,902 | 21,659 | 21,675 | 22,342 | 23,017 | ||||||||||
Money market | 173,644 | 162,808 | 158,319 | 163,604 | 160,621 | ||||||||||
Total Managed Assets | $ | 237,440 | $ | 222,743 | $ | 210,517 | $ | 217,498 | $ | 213,423 | |||||
By Market* | |||||||||||||||
Wealth Management & Trust | $ | 106,350 | $ | 102,878 | $ | 100,935 | $ | 107,885 | $ | 105,918 | |||||
Broker/Dealer | 103,081 | 95,144 | 84,316 | 82,969 | 82,886 | ||||||||||
Global Institutional | 20,785 | 18,905 | 19,507 | 20,441 | 18,592 | ||||||||||
Other | 7,224 | 5,816 | 5,759 | 6,203 | 6,027 | ||||||||||
Total Managed Assets | $ | 237,440 | $ | 222,743 | $ | 210,517 | $ | 217,498 | $ | 213,423 | |||||
By Product Type | |||||||||||||||
Mutual Funds: | |||||||||||||||
Equity | $ | 28,666 | $ | 27,171 | $ | 26,488 | $ | 27,567 | $ | 26,031 | |||||
Fixed-income | 18,113 | 18,012 | 17,967 | 18,579 | 19,037 | ||||||||||
Money market | 155,183 | 146,841 | 142,023 | 145,978 | 145,289 | ||||||||||
Total Fund Assets | $ | 201,962 | $ | 192,024 | $ | 186,478 | $ | 192,124 | $ | 190,357 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 12,228 | $ | 11,105 | $ | 4,035 | $ | 3,985 | $ | 3,754 | |||||
Fixed-income | 4,789 | 3,647 | 3,708 | 3,763 | 3,980 | ||||||||||
Money market | 18,461 | 15,967 | 16,296 | 17,626 | 15,332 | ||||||||||
Total Separate Accounts | $ | 35,478 | $ | 30,719 | $ | 24,039 | $ | 25,374 | $ | 23,066 | |||||
Total Managed Assets | $ | 237,440 | $ | 222,743 | $ | 210,517 | $ | 217,498 | $ | 213,423 | |||||
| Quarter Ended | |||||||||||||||
AVERAGE MANAGED ASSETS | Dec. 31, 2006 | Sept. 30, 2006 | June 30, 2006 | March 31, 2006 | Dec. 31, 2005 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 40,066 | $ | 36,429 | $ | 30,976 | $ | 30,696 | $ | 29,386 | |||||
Fixed-income | 22,624 | 21,685 | 21,986 | 22,743 | 23,248 | ||||||||||
Money market | 169,008 | 161,558 | 160,977 | 164,061 | 157,433 | ||||||||||
Total Avg. Assets | $ | 231,698 | $ | 219,672 | $ | 213,939 | $ | 217,500 | $ | 210,067 | |||||
By Product Type | |||||||||||||||
Mutual Funds: | |||||||||||||||
Equity | $ | 28,225 | $ | 26,550 | $ | 27,000 | $ | 26,779 | $ | 25,760 | |||||
Fixed-income | 18,150 | 18,023 | 18,244 | 18,874 | 19,249 | ||||||||||
Money market | 152,192 | 145,840 | 143,794 | 146,096 | 143,691 | ||||||||||
Total Avg. Fund Assets | $ | 198,567 | $ | 190,413 | $ | 189,038 | $ | 191,749 | $ | 188,700 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 11,841 | $ | 9,879 | $ | 3,976 | $ | 3,917 | $ | 3,626 | |||||
Fixed-income | 4,474 | 3,662 | 3,742 | 3,869 | 3,999 | ||||||||||
Money market | 16,816 | 15,718 | 17,183 | 17,965 | 13,742 | ||||||||||
Total Avg. Separate Accts. | $ | 33,131 | $ | 29,259 | $ | 24,901 | $ | 25,751 | $ | 21,367 | |||||
Total Avg. Assets | $ | 231,698 | $ | 219,672 | $ | 213,939 | $ | 217,500 | $ | 210,067 | |||||
| Quarter Ended | |||||||||||||||
ADMINISTERED ASSETS | Dec. 31, 2006 | Sept. 30, 2006 | June 30, 2006 | March 31, 2006 | Dec. 31, 2005 | ||||||||||
Period End | $ | 17,778 | $ | 18,423 | $ | 18,224 | $ | 18,555 | $ | 18,271 | |||||
Average | $ | 18,060 | $ | 18,236 | $ | 18,298 | $ | 18,494 | $ | 17,908 | |||||
| * | 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. |