posted net income of $37.4 million during the first quarter, down 35 percent from $57.2 million a year ago.
The latest quarter's results included non-cash impairment charges of $20.1 million mainly due to intangible assets associated with some acquisitions.
Meanwhile, strong sales of fixed income products and continued flows into money market funds propelled Federated's AUM to a record $409.2 billion at the end of March, company executives said. This compares to AUM of $407.3 billion at the end of 2008 and $338.5 billion at the end of March 2008.
Federated CEO J. Christopher Donahue
said the firm sold $3.2 billion in fixed income mutual funds during the quarter, netting $1.1 billion in bond assets.
The first quarter, he said, was Federated's "best quarter for net fixed-income sales in more than five years."
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