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.

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