In the same breath as announcing its inclusion in the S&P 500 index, Federated Investors preannounced its first-quarter earnings will be $49 million, down 6% from $52.3 million a year earlier.

Preliminary figures from the firm on its first-quarter assets, however, show a marked increase in total assets, to $195.6 billion, up 10% from $177 billion in the first quarter of 2001.

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