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Money Market Fee Waivers Cost Federated $81.9M in 2011
Federated Investors (FII) [profile] took an $81.9-million hit from its money market mutual funds last year, thanks to fee waivers up from $54.0 million in 2010. The Pittsburgh-based mutual fund firm included that data in its fourth quarter earnings report released last week [see earnings call transcript].
Federated's earnings fell last quarter, even as its assets under management climbed. The money fund specialists earned $0.36 per diluted share in Q4 2011, missing analysts' expectations of $0.38 and $0.39, and down twenty percent from $0.45 for Q4 2010. Meanwhile, Federated's assets under management climbed three percent last year to $369.7 billion on December 31, 2011.
Printed from: MFWire.com/story.asp?s=38979
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