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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