The Pittsburgh investment manager, which has built a reputation as an acquirer of bank-owned fund units, said late Thursday that income from continuing operations rose 22.9%, to $46.7 million, or 44 cents per diluted share. The average estimate of analysts polled by Thomson First Call had called for earnings of 45 cents per diluted share.
Federated's assets under management increased 3% from a year earlier but fell 3% from the end of March, to $210.5 billion as of June 30. Equity and fixed-income assets managed through mutual funds and separately managed accounts fell 2% from a year earlier and a quarter earlier, to $52.2 billion.
On July 14, Federated increased its assets under management by $6.7 billion when it acquired
Since 2000, Federated has bought nine equity and bond fund units. In 2004 and 2005 it added $774 million of assets by purchasing fund units from