Federated Investors said today that it has completed the acquisition of $148 million in assets from a family of three mutual funds that had been distributed by Lincoln Investment Planning and Rightime Econometrics.
Shareholders approved the move last week, which will involve shifting assets from the Rightime Fund, Rightime Blue Chip Fund and Rightime MidCap Fund into Federateds Capital Appreciation Fund. The deal brings the assets in Federateds capital appreciation product to $1.2 billion as of Dec. 7, the firm said.
Federated CEO Christopher Donahue said in a statement that shareholders of the Rightime products will benefit from having their assets with "a larger and stronger organization." Lincoln, meanwhile, will gain broader access to Federated distribution channels and Federated "benefits by increasing its managed assets while gaining a new distribution relationship," Donahue said.
Federateds assets under management totaled more than $34.5 billion as of October. The firms assets have dwindled this year by 6%, according to Financial Research Corporation, of Boston.