Federated Investors on Thursday reported a $51 million charge it took in connection with settlement with regulators over allegations of illegal trading.

The charge reduced the company's first-quarter earnings to 7 cents a share, down from 46 cents a share, a year earlier. Excluding the charge, Federated's earnings would have been 45 cents a share, a penny better than analysts' estimate.

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.