Federated Investors, one the nation's biggest largest money managers, announced plans to acquire three equity mutual funds from AMCORE Financial's family of 11 Vintage Mutual Funds. The three funds, totaling $163.8 million in assets, will be incorporated into the Federated Capital Appreciation and Federated Stock and Bond funds.
The amount of the transaction, which is expected to close until September, was not disclosed. Faced with high compliance and regulations costs, AMCORE decided to divest itself of some of its proprietary mutual funds. The new funds will join the Federated Investors' family of 138 mutual funds with $179 billion in assets.
"Transitioning the Vintage equity funds to Federated equity funds is an important step toward expanding the array of investment options available to AMCORE Bank and AMCORE Investment Group customers," said AMCORE Chairman, President and CEO Kenneth E. Edge, in a statement.