It's not easy being the new kid on the block. But sometimes being the old kid on the block is no bed of roses, either.

Federated Investors, which has a total of $193 billion in assets, has amassed $6 billion of that money in separately managed accounts. However, while Federated has been an SMA provider since 1973, the Pittsburgh-based fund giant has only pursued retail accounts in the past two years. And that has made getting onto the top-tier SMA sponsor platforms something of a challenge.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.