MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, July 27, 2004 Federated Meets Earnings Estimates Federated Investors reported second quarter earnings on Monday in line with analysts' estimates. Diluted earnings per share were $0.46, unchanged from the first quarter in 2004. The reported income included $2.9 million in costs for an internal review of fund-related trading and $2.1 million for legal fees, compliance, and costs from the sale of Federated's transfer agency unit. Assets under management fell from $193.9 billion at the end of the first quarter to $183.8 billion at June 30, a drop of 5.2 percent. Mutual fund assets fell 3.8 percent from $169.6 billion at the end of March to $163.1 billion at the end of the second quarter. Fixed income and money market fund assets both fell, while equity fund assets increased $80 million to $24.1 billion at the end of the second quarter. Federated executives were hard-pressed to quantify the effect of regulatory investigations in the fund firm during a conference call on Tuesday. The company would be better off if the "entire picture was resolved," said an executive, but Federated is not seeing large negative outflows from the scandals. Printed from: MFWire.com/story.asp?s=7695 Copyright 2004, InvestmentWires, Inc. All Rights Reserved |