Federated Investors is committed to expanding in equities despite a three-year bear market, President and Chief Executive Officer Christopher Donahue told Reuters following its earnings report yesterday.

The Pittsburgh-based firm, which runs more than 135 stock, bond and money market mutual funds and separately managed accounts, said first-quarter profit fell 7% to $48.7 million, or 43 cents a share, from $52.3 million, or 44 cents a share, in first-quarter 2002.

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