Great-West Life & Annuity Insurance Company
has tapped a Federated Investors
for a subadvisory mandate. The insurer selected the Pittsburgh-based asset manager to subadvise its MAXIM Federated Bond Portfolio
. The mandate covered $90 million in assets benchmarked against the Lehman Brothers Aggregate Bond Index.
Federated started managing the funds in May, according to John B. Fisher, president, Institutional Sales Division at Great-West. The insurer did not reveal the other firms considered for the mandate.
"Federated's highly experienced fixed-income investment team manages nearly $30 billion in bond assets in a variety of sectors across the yield curve - making us well-positioned to deliver superior investment management to these institutional opportunities," said Thomas E. Territ, senior vice president, Insurance Sales Division at Great-West.
The win was the second recent mandate carried home by Federated. Earlier this year it also won a separate account mandate from Keystone Health Plan West for a LIBOR-benchmarked Long Cash Fixed Income portfolio.
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