Arthur Cherry, a president and director at Federated Investors resigned Friday, the company said. No replacement will be named.

Cherry, 50, was reassigned earlier this year after an internal review showed late trading in the company’s funds. As president of Federated Services Company, Federated’s operations, technology and services subsidiary, he previously reported to CEO Chris Donahue as a business strategist. But when the late trading allegations arose, other executives took over Cherry’s duties.

Federated spokesman J.T. Tuskan told CBS that he did not know why Cherry, who joined the company in 1997, quit.

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