Federated Investors has added $4.4 billion in assets from four Fifth Third Asset Management money market funds into four existing Federated money market funds.
"Federated is a leading provider of liquidity management services, and we regularly work with organizations of many types and sizes as they evaluate their cash management needs," stated Christopher Donahue, president and chief executive officer of Federated Investors.
"This transaction builds on Federated's long-term relationship with Fifth Third by providing their clients with access to Federated's diverse range of products, experienced money managers, proven credit processes and extensive customer-service capabilities."
Going forward, he added that the firm will continue to "evaluate future opportunities for similar agreements with banks, insurers and broker dealers."
Federated Investors managed $355.9 billion in assets as of June 30 in 138 funds and a variety of separately managed account options.