Federated Investors has reached an agreement to acquire Prime Rate Capital Management of London, a specialist in cash management and fixed income products. The company also has a family of UCITS, including the Prime Rate Sterling Liquidity Fund, Prime Rate Euro Liquidity Fund and Prime Rate U.S. Dollar Liquidity Fund.
Prime Rate Capital’s money market funds have $2.4 billion in assets under management and are rated AAA by both Fitch Ratings and Standard & Poor’s. Terms of the deal, expected to close in the second quarter, were not disclosed.
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