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Rating:Banknorth Exits Fund Business Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, September 02, 2004

Banknorth Exits Fund Business

by: Theresa Sim

Pittsburgh-based Federated Investors has completed the acquisition of Banknorth's four mutual funds, totaling $265.5 million in assets.

Federated spokeswoman Meghan McAndrew did not immediately return a call seeking comment.

Banknorth's fund shareholders approved the reorganization of the four funds, which will be merged into four federated funds.

"Our decision to reorganize our fund assets fits with Banknorth's commitment to provide our clients with open architecture and to offer them the best range of financial services products available," stated Robert Esau, president of Banknorth's Wealth Management Group.

A Banknorth spokesperson did not return a call seeking comment.

Exit Stage Left
BankNorth Funds Transferred Assets (8/27/04), $MM Federated Funds Fund Assets (7/31/04), $MM
Banknorth Large Cap Core Fund 91.5 Federated Capital Appreciation Fund 330
Banknorth Small/Mid Cap Core Fund 13.1 Federated Kaufmann Fund 640
Banknorth Intermediate Bond Fund 89.8 Federated Total Return Bond Fund 120
Banknorth Vermont Municipal Bond Fund 71.1 Federated Vermont Municipal Income Fund --
Total 265.5 Total 1,090
Federated release

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