As the equity and fixed income markets have rebounded and as money market funds have struggled, Federated Investors
has seen a shift in where its money comes from. According to its first quarter earnings report
, issued yesterday, the Pittsburgh-based asset manager derived only 50 percent of its revenue last quarter from money market funds. Equity and fixed income assets accounted for 49 percent of revenue, and the remaining one percent came from unnamed "other sources."
By comparison, for all of 2009, equity and fixed income assets only accounted for 35 percent of Federated's revenue.
Federated's earnings rose from $0.34 per diluted share in Q1 2009 to $0.38 in Q1 2010. Yet MarketWatch
's Sam Mamudi reports
that, according to FactSet Research, analysts expected Federated to report earnings per share of $0.44.
Federated's equity and fixed income businesses both grew last quarter, rising by one percent and five percent, respectively.
Neil Anderson, Managing Editor
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