Fees generated from managed assets helped Federated Investors of Pittsburgh generate $41.6 million in net income in the first quarter, an 11 percent increase from the same period last year, the company announced last week.
While assets in the company's equity funds fell nearly 10 percent to $20 billion in the first quarter from the same period the year before, assets in separate accounts climbed 32.5 percent to $6.1 billion from the same period a year ago, according to the company.
Federated's fixed-income assets dropped three percent to $15 billion in the first quarter from the same period a year ago, but assets in money market funds climbed 27 percent to $106 billion from the same period last year, according to the company.
First quarter sales for the firm's equity funds reached $1.7 billion. However, with redemptions, equity fund net sales were negative $70 million, according to the company. The firm's fixed-income funds brought in $561 million in net sales, according to the company.
Company executives attributed the successful quarter to a diverse product line and a broad distribution network.