Federated Investors said its second-quarter earnings rose from a year earlier, but assets under management declined slightly, because of difficult market conditions.

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.

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