Federated Releases Q1 Earnings
Federated Investors Reported First Quarter Earnings last night and hosts a conference call Friday morning at 9 a.m. Easter. The press release says, "Money market assets in both funds and separate accounts were $271.1 billion at March 31, 2011, down $1.2 billion or less than 1 percent from $272.3 billion at March 31, 2010 and down $4.9 billion or 2 percent from $276.0 billion at Dec. 31, 2010. Money market mutual fund assets were $239.0 billion at March 31, 2011, down $1.2 billion or less than 1 percent from $240.2 billion at March 31, 2010 and down $5.8 billion or 2 percent from $244.8 billion at Dec. 31, 2010.... For Q1 2011, revenue increased by $5.9 million or 3 percent from the same quarter last year. The increase in revenue primarily reflects a decrease in voluntary fee waivers related to certain money market funds in order to maintain positive or zero net yields during Q1 2011 compared to Q1 2010 as well as an increase in average fixed-income and equity assets. These increases were partially offset by the impact of lower average money market assets. See additional information about voluntary fee waivers related to certain money market funds in order to maintain positive or zero net yields in the table at the end of this financial summary. In Q1 2011, Federated derived 50 percent of its revenue from fluctuating assets (32 percent from equity assets and 18 percent from fixed-income assets), 49 percent from money market assets and 1 percent from other products and services." See also, U.K.-based Citywire Money's "Standard Life closes money market funds".
