Expansion is not always enough to save fund firms from takeover. Despite recent acquisitions, Federated Investors Inc. may be up for sale, the Pittsburgh Tribune-Review reported Sunday.

An analyst at Morningstar described the Pittsburgh-based fund company as trading at a discount, ripe for purchase.

"Federated is a stock that's significantly under-valued," Rachel Barnard told the Tribune-Review. "They would be good takeover bait."

Federated CEO J. Christopher Donahue declined to speak to the Tribune-Review.  

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