Federated Investors, Inc. is acquiring $5 billion of money market assets from four Fifth Third money market funds and merging them into four existing Federated money market funds. Terms of the deal were not disclosed
The transaction is expected to be completed in the third quarter of 2012.
“This action reduces risk and moves us more closely to trusted advisor status by being able to offer clients a broader choice of investment products,” stated Kevin T. Kabat, president and CEO of Fifth Third Bancorp.
In a statement, J. Christopher Donahue, president and chief executive officer of Federated Investors, said that: “Federated will continue to closely review further opportunities for strategic alliances that best serve our bank clients.”