Federated Investors, Inc. has agreed to buy some $903 million in assets, including about $571 million in money market fund assets from Trustmark Investment Advisors, Inc., Trustmark National Bank and Performance Funds Trust. Terms of the agreement were not disclosed.
The Performance Funds comprise eight mutual fund portfolios of Performance Funds Trust: four equity, two fixed income and two money market funds. Trustmark Investment Advisors, Inc. is a wholly owned subsidiary of Trustmark National Bank and investment adviser to the Performance Funds.
The Performance Funds Trust's Board of Trustees has recommended to shareholders of the Performance Funds that they vote to approve the reorganization. A meeting of Performance Funds shareholders will take place in September 2012.
"The Performance Funds shareholders will gain a broader, more diverse product offering and the global experience of Federated's investment management team,” stated Doug H. Ralston, president of Trustmark Wealth Management and Trustmark Investment Advisors, Inc.
Federated is “interested in additional similar transactions," according to CEO J. Christopher Donahue.