Exhibit 99.1
Press Release |
Federated Investors, Inc. Reports Fourth Quarter and Year-End 2007 Earnings
• | Total managed assets exceed $300 billion |
• | 2007 revenue surpasses $1 billion |
• | Money market assets increase $63 billion in 2007 to record $237 billion |
(PITTSBURGH, Pa., January 24, 2008) — Federated Investors, Inc. (NYSE: FII), one of the nation’s largest investment managers, today reported earnings per diluted share from continuing operations (EPS) of $0.52 for the quarter ended Dec. 31, 2007 compared to $0.51 for the quarter ended Dec. 31, 2006. Federated’s Q4 2007 results include a $15 million pre-tax charge, or approximately $0.09 per share after tax, for compensation expenses related to new employment agreements with certain Federated Kaufmann employees1 and a $1.2 million pre-tax charge, or approximately $0.01 per share after tax, related to a write-down on the firm’s investment in a Federated-managed collateralized debt obligation product. Federated’s income from continuing operations was $52.7 million for Q4 2007 compared to $53.1 million for Q4 2006.
For the year ended Dec. 31, 2007, Federated reported EPS of $2.12 compared to $1.80 for 2006. For the year ended Dec. 31, 2007, income from continuing operations was $217.5 million compared to $191.0 million for 2006.
Federated’s total managed assets reached a record $301.6 billion at Dec. 31, 2007, up $64.2 billion or 27 percent from $237.4 billion at Dec. 31, 2006 and up $25.4 billion or 9 percent from $276.2 billion at Sept. 30, 2007. The increase in total managed assets was due in large part to a $63.0 billion increase in money market assets during 2007. Average managed assets for Q4 2007 were $290.1 billion, up $58.4 billion or 25 percent from $231.7 billion reported for Q4 2006 and up $22.5 billion or 8 percent from $267.6 billion reported for Q3 2007.
“Federated’s unprecedented money market asset growth during 2007 demonstrated the confidence that our fund shareholders have in the stability of our money market funds,” said President and CEO J. Christopher Donahue. “Federated’s history of strong credit analysis has served us well in the recent environment for money market funds.”
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 2007 Earnings
Jan. 24, 2008
Page 2 of 9
The company also announced that its board of directors declared a quarterly dividend of $0.21 per share. The dividend is payable on Feb. 15, 2008 to shareholders of record as of Feb. 8, 2008. During Q4 2007, Federated purchased 70,000 shares of Federated class B common stock for $2.6 million. For 2007, the company purchased 3,430,708 shares for $116.4 million.
Money market assets reached a record $236.6 billion at Dec. 31, 2007, up $63.0 billion or 36 percent from $173.6 billion at Dec. 31, 2006 and up $26.7 billion or 13 percent from $209.9 billion at Sept. 30, 2007. Average money market assets were $224.3 billion for Q4 2007, up $55.3 billion or 33 percent from $169.0 billion for Q4 2006 and up $22.2 billion or 11 percent from $202.1 billion for Q3 2007. Money market mutual fund assets were $215.0 billion at the end of Q4 2007, up $59.8 billion or 39 percent from $155.2 billion at Dec. 31, 2006 and up $25.0 billion or 13 percent from $190.0 billion at Sept. 30, 2007.
Federated’s equity assets were $42.2 billion at Dec. 31, 2007, up $1.3 billion or 3 percent from $40.9 billion at Dec. 31, 2006 and down $1.3 billion or 3 percent from $43.5 billion at Sept. 30, 2007. Federated’s top-selling equity mutual funds on a net basis were: Federated InterContinental Fund; Federated Capital Appreciation Fund II; Federated MDT Small Cap Growth Fund; Federated MDT Large Cap Growth Fund; and Federated MDT All Cap Core Fund.
Federated’s fixed-income assets were $22.8 billion at Dec. 31, 2007, down slightly from $22.9 billion at Dec. 31, 2006 and up slightly from Sept. 30, 2007. 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 U.S. Government Securities Fund: 2-5 Years; Federated U.S. Government Securities Fund: 1-3 Years; and Federated Institutional High Yield Bond Fund.
Financial Summary
For Q4 2007, revenue increased $40.6 million or 16 percent to $300.3 million compared to $259.7 million for the same quarter last year. The increase is primarily due to increases in revenue from average money market assets under management ($34.0 million) and from average equity assets under management ($9.9 million). The increases were partially offset by a decrease in revenue from a change in the mix of average fixed-income assets under management ($1.8 million). For Q4 2007, Federated derived 52 percent of its revenue from money market assets, 37 percent from equity assets, 10 percent from fixed-income assets and 1 percent from other products and services.
Revenue for 2007 increased $148.8 million or 15 percent to $1.1 billion compared to $978.9 million for 2006 primarily due to increases in average money market assets under management ($98.6 million); increases in average equity assets under management primarily related to the July 2006 acquisition of MDT Advisers ($26.8 million); and increases in remaining average equity assets under management ($33.3 million). The increases were partially offset by a decrease in revenue from a change in the mix of average fixed-income assets under management ($6.9 million). For 2007, Federated derived 49 percent of its revenue from money market assets, 39 percent from equity assets, 11 percent from fixed-income assets and 1 percent from other products and services.
Federated Reports Q4 and Year-End 2007 Earnings
Jan. 24, 2008
Page 3 of 9
Operating expenses for Q4 2007 increased by $39.0 million or 22 percent to $214.0 million compared to $175.0 million for Q4 2006. The increase in operating expenses was primarily attributable to the increase in marketing and distribution expenses related to increased average money market managed assets ($17.7 million); the previously mentioned increase in compensation expense for new employment agreements with certain Federated Kaufmann employees ($15 million); and an increase in other incentive compensation expense ($4.0 million).
For 2007, operating expenses increased by $100.1 million or 15 percent to $770.5 million compared to $670.4 million for 2006. The increase in operating expenses was primarily attributable to the increase in marketing and distribution expenses related to increased average money market managed assets ($55.6 million); the direct operating expenses of MDT Advisers, which Federated acquired in July 2006 ($15.0 million); the previously mentioned increase in compensation expense for new employment agreements with certain Federated Kaufmann employees ($15 million); and an increase in other increased incentive compensation expense ($10.9 million).
Nonoperating expenses increased $6.6 million in 2007 compared to 2006. This increase was primarily related to a non-recurring $4.9 million investment loss incurred in a Federated-sponsored private placement product during Q3 2007 and the previously mentioned $1.2 million write-down in Q4 2007 related to the firm’s investment in a Federated-managed collateralized debt obligation product.
Federated will host an earnings conference call at 9 a.m. Eastern on Friday, Jan. 25, 2008. Investors are invited to listen to Federated’s Q4 2007 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. 1, 2008 by calling 877-660-6853 (domestic) or 201-612-7415 (international) and entering access code 286 and conference ID code 268430.
Federated Investors, Inc. is one of the largest investment managers in the United States, managing $301.6 billion in assets as of Dec. 31, 2007. 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 8 percent of equity fund managers and the top 11 percent of fixed-income fund managers2. For more information, visitFederatedInvestors.com.
###
1) | For more information about the new employment agreements with certain Federated Kaufmann employees, please see Federated’s Form 8-K dated Jan. 4, 2008 that is filed with the U.S. Securities and Exchange Commission. |
2) | Strategic Insight, Nov. 30, 2007. 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 Global Investment Management, Federated Investment Counseling and Federated MDTA LLC, each a registered investment advisor.
Federated Reports Q4 and Year-End 2007 Earnings
Jan. 24, 2008
Page 4 of 9
Certain statements in this press release, such as those related to investor confidence, 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 that investor confidence may vary depending on the economic outlook, market conditions and the performance of company products, 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 Reports Q4 and Year-End 2007 Earnings
Jan. 24, 2008
Page 5 of 9
Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Quarter Ended Dec. 31, | % Change Q4 2006 to Q4 2007 | Quarter Sept. 30, | % Change Q3 2007 to Q4 2007 | |||||||||||||||
2007 | 2006 | |||||||||||||||||
Revenue | ||||||||||||||||||
Investment advisory fees, net | $ | 195,002 | $ | 166,182 | 17 | % | $ | 184,898 | 5 | % | ||||||||
Administrative service fees, net | 47,541 | 38,820 | 22 | 43,808 | 9 | |||||||||||||
Other service fees, net | 56,480 | 53,294 | 6 | 56,416 | 0 | |||||||||||||
Other, net | 1,269 | 1,440 | (12 | ) | 1,286 | (1 | ) | |||||||||||
Total Revenue | 300,292 | 259,736 | 16 | 286,408 | 5 | |||||||||||||
Operating Expenses | ||||||||||||||||||
Compensation and related | 71,212 | 49,626 | 43 | 52,139 | 37 | |||||||||||||
General and administrative | ||||||||||||||||||
Marketing and distribution | 96,078 | 74,413 | 29 | 90,839 | 6 | |||||||||||||
Professional service fees | 8,788 | 9,516 | (8 | ) | 7,525 | 17 | ||||||||||||
Systems and communications | 5,943 | 5,461 | 9 | 5,753 | 3 | |||||||||||||
Office and occupancy | 5,895 | 5,366 | 10 | 5,335 | 10 | |||||||||||||
Advertising and promotional | 3,688 | 3,745 | (2 | ) | 3,566 | 3 | ||||||||||||
Travel and related | 3,519 | 3,502 | 0 | 2,889 | 22 | |||||||||||||
Other | 3,231 | 5,455 | (41 | ) | 4,072 | (21 | ) | |||||||||||
Total general and administrative | 127,142 | 107,458 | 18 | 119,979 | 6 | |||||||||||||
Amortization of deferred sales commissions | 10,826 | 12,697 | (15 | ) | 11,298 | (4 | ) | |||||||||||
Amortization of intangible assets | 4,814 | 5,176 | (7 | ) | 4,763 | 1 | ||||||||||||
Total Operating Expenses | 213,994 | 174,957 | 22 | 188,179 | 14 | |||||||||||||
Operating Income | 86,298 | 84,779 | 2 | 98,229 | (12 | ) | ||||||||||||
Nonoperating Income (Expenses) | ||||||||||||||||||
Investment income, net | 704 | 1,841 | (62 | ) | (2,975 | ) | 124 | |||||||||||
Debt expense—recourse | (97 | ) | (195 | ) | (50 | ) | (93 | ) | 4 | |||||||||
Debt expense—nonrecourse | (1,039 | ) | (1,688 | ) | (38 | ) | (1,205 | ) | (14 | ) | ||||||||
Other, net | (217 | ) | (3 | ) | 7,133 | (444 | ) | (51 | ) | |||||||||
Total Nonoperating Expenses, net | (649 | ) | (45 | ) | 1,342 | (4,717 | ) | (86 | ) | |||||||||
Minority interest | 1,519 | 1,406 | 8 | 1,470 | 3 | |||||||||||||
Income from continuing operations before income taxes | 84,130 | 83,328 | 1 | 92,042 | (9 | ) | ||||||||||||
Income tax provision | 31,426 | 30,185 | 4 | 34,315 | (8 | ) | ||||||||||||
Income from continuing operations | 52,704 | 53,143 | (1 | ) | 57,727 | (9 | ) | |||||||||||
Discontinued operations, net of tax | — | 135 | (100 | ) | — | — | ||||||||||||
Net Income | $ | 52,704 | $ | 53,278 | (1 | )% | $ | 57,727 | (9 | )% | ||||||||
Earnings Per Share—Basic | ||||||||||||||||||
Income from continuing operations | $ | 0.53 | $ | 0.52 | 2 | % | $ | 0.57 | (7 | )% | ||||||||
Income from discontinued operations | — | 0.00 | — | — | — | |||||||||||||
Net Income | $ | 0.53 | $ | 0.52 | 2 | % | $ | 0.57 | (7 | )% | ||||||||
Earnings Per Share—Diluted | ||||||||||||||||||
Income from continuing operations | $ | 0.52 | $ | 0.51 | 2 | % | $ | 0.57 | (9 | )% | ||||||||
Income from discontinued operations | — | 0.00 | — | — | — | |||||||||||||
Net Income | $ | 0.52 | $ | 0.51 | 2 | % | $ | 0.57 | (9 | )% | ||||||||
Weighted-average shares outstanding | ||||||||||||||||||
Basic | 99,764 | 103,050 | 100,433 | |||||||||||||||
Diluted | 101,653 | 104,636 | 102,095 | |||||||||||||||
Dividends declared per share | $ | 0.21 | $ | 0.18 | $ | 0.21 | ||||||||||||
Federated Reports Q4 and Year-End 2007 Earnings
Jan. 24, 2008
Page 6 of 9
Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Year Ended Dec. 31, | % Change | ||||||||||
2007 | 2006 | ||||||||||
Revenue | |||||||||||
Investment advisory fees, net | $ | 726,459 | $ | 614,436 | 18 | % | |||||
Administrative service fees, net | 171,847 | 147,865 | 16 | ||||||||
Other service fees, net | 223,761 | 210,082 | 7 | ||||||||
Other, net | 5,577 | 6,475 | (14 | ) | |||||||
Total Revenue | 1,127,644 | 978,858 | 15 | ||||||||
Operating Expenses | |||||||||||
Compensation and related | 229,088 | 192,082 | 19 | ||||||||
General and administrative | |||||||||||
Marketing and distribution | 354,407 | 287,030 | 23 | ||||||||
Professional service fees | 33,262 | 35,566 | (6 | ) | |||||||
Systems and communications | 23,409 | 20,926 | 12 | ||||||||
Office and occupancy | 22,069 | 21,785 | 1 | ||||||||
Advertising and promotional | 14,391 | 15,141 | (5 | ) | |||||||
Travel and related | 12,852 | 12,362 | 4 | ||||||||
Other | 14,815 | 14,661 | 1 | ||||||||
Total general and administrative | 475,205 | 407,471 | 17 | ||||||||
Amortization of deferred sales commissions | 46,456 | 51,822 | (10 | ) | |||||||
Amortization of intangible assets | 19,702 | 19,011 | 4 | ||||||||
Total Operating Expenses | 770,451 | 670,386 | 15 | ||||||||
Operating Income | 357,193 | 308,472 | 16 | ||||||||
Nonoperating Income (Expenses) | |||||||||||
Investment income, net | 1,379 | 10,086 | (86 | ) | |||||||
Debt expense—recourse | (371 | ) | (482 | ) | (23 | ) | |||||
Debt expense—nonrecourse | (5,101 | ) | (7,704 | ) | (34 | ) | |||||
Other, net | (657 | ) | (6 | ) | 10,850 | ||||||
Total Nonoperating (Expenses) Income, net | (4,750 | ) | 1,894 | (351 | ) | ||||||
Minority interest | 5,765 | 5,599 | 3 | ||||||||
Income from continuing operations before income taxes | 346,678 | 304,767 | 14 | ||||||||
Income tax provision | 129,207 | 113,719 | 14 | ||||||||
Income from continuing operations | 217,471 | 191,048 | 14 | ||||||||
Discontinued operations, net of tax* | — | 6,681 | (100 | ) | |||||||
Net Income | $ | 217,471 | $ | 197,729 | 10 | % | |||||
Earnings Per Share—Basic | |||||||||||
Income from continuing operations | $ | 2.16 | $ | 1.83 | 18 | % | |||||
Income from discontinued operations* | — | 0.06 | (100 | ) | |||||||
Net Income** | $ | 2.16 | $ | 1.90 | 14 | % | |||||
Earnings Per Share—Diluted | |||||||||||
Income from continuing operations | $ | 2.12 | $ | 1.80 | 18 | % | |||||
Income from discontinued operations* | — | 0.06 | (100 | ) | |||||||
Net Income | $ | 2.12 | $ | 1.86 | 14 | % | |||||
Weighted-average shares outstanding | |||||||||||
Basic | 100,855 | 104,293 | |||||||||
Diluted | 102,606 | 106,288 | |||||||||
Dividends declared per share | $ | 0.81 | $ | 0.69 | |||||||
* | 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. |
** | May not sum due to rounding. |
Federated Reports Q4 and Year-End 2007 Earnings
Jan. 24, 2008
Page 7 of 9
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
Dec. 31, 2007 | Dec. 31, 2006 | |||||||
Assets | ||||||||
Cash, restricted cash and other short-term investments | $ | 146,271 | $ | 134,943 | ||||
Other current assets | 60,020 | 47,108 | ||||||
Deferred sales commissions, net | 64,227 | 112,286 | ||||||
Intangible assets, net, and goodwill | 534,603 | 488,650 | ||||||
Other long-term assets | 35,850 | 27,307 | ||||||
Total Assets | $ | 840,971 | $ | 810,294 | ||||
Liabilities, Minority Interest and Shareholders’ Equity | ||||||||
Current liabilities | $ | 164,571 | $ | 131,907 | ||||
Long-term debt—nonrecourse | 62,701 | 112,987 | ||||||
Other long-term liabilities and minority interest | 39,684 | 36,025 | ||||||
Shareholders’ equity excluding treasury stock | 1,367,963 | 1,224,161 | ||||||
Treasury stock | (793,948 | ) | (694,786 | ) | ||||
Total Liabilities, Minority Interest and Shareholders’ Equity | $ | 840,971 | $ | 810,294 | ||||
Federated Reports Q4 and Year-End 2007 Earnings
Jan. 24, 2008
Page 8 of 9
Changes in Equity and Fixed-Income Fund Managed Assets
(in millions)
Quarter Ended | Year Ended Dec. 31, | |||||||||||||||||||
Dec. 31, 2007 | Dec. 31, 2006 | Sept. 30, 2007 | 2007 | 2006 | ||||||||||||||||
Equity Funds | ||||||||||||||||||||
Beginning assets | $ | 30,095 | $ | 27,171 | $ | 30,026 | $ | 28,666 | $ | 26,031 | ||||||||||
Sales | 1,328 | 1,401 | 1,269 | 5,468 | 5,851 | |||||||||||||||
Redemptions | (1,992 | ) | (1,772 | ) | (1,959 | ) | (7,763 | ) | (7,062 | ) | ||||||||||
Net redemptions | (664 | ) | (371 | ) | (690 | ) | (2,295 | ) | (1,211 | ) | ||||||||||
Net exchanges | (34 | ) | (13 | ) | (20 | ) | (86 | ) | (5 | ) | ||||||||||
Acquisition related | 0 | 0 | 366 | 366 | 643 | |||||||||||||||
Other* | (252 | ) | 1,879 | 413 | 2,494 | 3,208 | ||||||||||||||
Ending assets | $ | 29,145 | $ | 28,666 | $ | 30,095 | $ | 29,145 | $ | 28,666 | ||||||||||
Fixed-Income Funds | ||||||||||||||||||||
Beginning assets | $ | 17,775 | $ | 18,012 | $ | 17,769 | $ | 18,113 | $ | 19,037 | ||||||||||
Sales | 1,240 | 1,089 | 1,191 | 4,911 | 4,537 | |||||||||||||||
Redemptions | (1,312 | ) | (1,330 | ) | (1,445 | ) | (5,651 | ) | (6,205 | ) | ||||||||||
Net redemptions | (72 | ) | (241 | ) | (254 | ) | (740 | ) | (1,668 | ) | ||||||||||
Net exchanges | 15 | 80 | (6 | ) | 6 | 22 | ||||||||||||||
Acquisition related | 0 | 73 | 0 | 0 | 107 | |||||||||||||||
Other* | 225 | 189 | 266 | 564 | 615 | |||||||||||||||
Ending assets | $ | 17,943 | $ | 18,113 | $ | 17,775 | $ | 17,943 | $ | 18,113 | ||||||||||
* | 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)
Quarter Ended | |||||||||||||||||
Dec. 31, 2007 | Sept. 30, 2007 | June 30, 2007 | March 31, 2007 | Dec. 31, 2006 | |||||||||||||
Equity Separate Accounts | |||||||||||||||||
Beginning assets | $ | 13,422 | $ | 13,318 | $ | 12,620 | $ | 12,228 | $ | 11,105 | |||||||
Net customer flows** | (200 | ) | (126 | ) | 197 | 225 | 154 | ||||||||||
Other** | (205 | ) | 230 | 501 | 167 | 969 | |||||||||||
Ending assets | $ | 13,017 | $ | 13,422 | $ | 13,318 | $ | 12,620 | $ | 12,228 | |||||||
Fixed-Income Separate Accounts | |||||||||||||||||
Beginning assets | $ | 4,977 | $ | 5,201 | $ | 5,128 | $ | 4,789 | $ | 3,647 | |||||||
Net customer flows** | (210 | ) | (370 | ) | 54 | 236 | 1,062 | ||||||||||
Other** | 114 | 146 | 19 | 103 | 80 | ||||||||||||
Ending assets | $ | 4,881 | $ | 4,977 | $ | 5,201 | $ | 5,128 | $ | 4,789 | |||||||
* | Includes separately managed accounts, 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. 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. |
Federated Reports Q4 and Year-End 2007 Earnings
Jan. 24, 2008
Page 9 of 9
(in millions)
MANAGED ASSETS | Dec. 31, 2007 | Sept. 30, 2007 | June 30, 2007 | March 31, 2007 | Dec. 31, 2006 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 42,162 | $ | 43,517 | $ | 43,344 | $ | 41,336 | $ | 40,894 | |||||
Fixed-income | 22,824 | 22,752 | 22,970 | 23,162 | 22,902 | ||||||||||
Money market | 236,630 | 209,908 | 193,362 | 185,952 | 173,644 | ||||||||||
Total Managed Assets | $ | 301,616 | $ | 276,177 | $ | 259,676 | $ | 250,450 | $ | 237,440 | |||||
By Market | |||||||||||||||
Wealth Management & Trust | $ | 143,881 | $ | 127,854 | $ | 113,625 | $ | 109,364 | $ | 106,350 | |||||
Broker/Dealer | 120,627 | 114,686 | 112,146 | 107,148 | 103,081 | ||||||||||
Global Institutional | 25,057 | 23,428 | 24,083 | 24,764 | 20,785 | ||||||||||
Other | 12,051 | 10,209 | 9,822 | 9,174 | 7,224 | ||||||||||
Total Managed Assets | $ | 301,616 | $ | 276,177 | $ | 259,676 | $ | 250,450 | $ | 237,440 | |||||
By Product Type | |||||||||||||||
Mutual Funds: | |||||||||||||||
Equity | $ | 29,145 | $ | 30,095 | $ | 30,026 | $ | 28,716 | $ | 28,666 | |||||
Fixed-income | 17,943 | 17,775 | 17,769 | 18,033 | 18,113 | ||||||||||
Money market | 215,003 | 190,011 | 172,430 | 163,841 | 155,183 | ||||||||||
Total Fund Assets | $ | 262,091 | $ | 237,881 | $ | 220,225 | $ | 210,590 | $ | 201,962 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 13,017 | $ | 13,422 | $ | 13,318 | $ | 12,620 | $ | 12,228 | |||||
Fixed-income | 4,881 | 4,977 | 5,201 | 5,128 | 4,789 | ||||||||||
Money market | 21,627 | 19,897 | 20,932 | 22,112 | 18,461 | ||||||||||
Total Separate Accounts | $ | 39,525 | $ | 38,296 | $ | 39,451 | $ | 39,860 | $ | 35,478 | |||||
Total Managed Assets | $ | 301,616 | $ | 276,177 | $ | 259,676 | $ | 250,450 | $ | 237,440 | |||||
AVERAGE MANAGED ASSETS | Quarter Ended | ||||||||||||||
Dec. 31, 2007 | Sept. 30, 2007 | June 30, 2007 | March 31, 2007 | Dec. 31, 2006 | |||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 42,890 | $ | 42,731 | $ | 43,031 | $ | 41,118 | $ | 40,066 | |||||
Fixed-income | 22,969 | 22,680 | 23,109 | 23,002 | 22,624 | ||||||||||
Money market | 224,285 | 202,141 | 189,917 | 182,352 | 169,008 | ||||||||||
Total Avg. Assets | $ | 290,144 | $ | 267,552 | $ | 256,057 | $ | 246,472 | $ | 231,698 | |||||
By Product Type | |||||||||||||||
Mutual Funds: | |||||||||||||||
Equity | $ | 29,741 | $ | 29,570 | $ | 29,866 | $ | 28,743 | $ | 28,225 | |||||
Fixed-income | 17,893 | 17,701 | 17,942 | 18,013 | 18,150 | ||||||||||
Money market | 203,957 | 181,808 | 168,253 | 160,325 | 152,192 | ||||||||||
Total Avg. Fund Assets | $ | 251,591 | $ | 229,079 | $ | 216,061 | $ | 207,081 | $ | 198,567 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 13,149 | $ | 13,161 | $ | 13,165 | $ | 12,375 | $ | 11,841 | |||||
Fixed-income | 5,076 | 4,979 | 5,167 | 4,989 | 4,474 | ||||||||||
Money market | 20,328 | 20,333 | 21,664 | 22,027 | 16,816 | ||||||||||
Total Avg. Separate Accts. | $ | 38,553 | $ | 38,473 | $ | 39,996 | $ | 39,391 | $ | 33,131 | |||||
Total Avg. Assets | $ | 290,144 | $ | 267,552 | $ | 256,057 | $ | 246,472 | $ | 231,698 | |||||
ADMINISTERED ASSETS | Quarter Ended | ||||||||||||||
Dec. 31, 2007 | Sept. 30, 2007 | June 30, 2007 | March 31, 2007 | Dec. 31, 2006 | |||||||||||
Period End | $ | 9,565 | $ | 19,312 | $ | 17,986 | $ | 17,783 | $ | 17,778 | |||||
Average | $ | 16,125 | $ | 18,378 | $ | 17,701 | $ | 17,762 | $ | 18,060 | |||||