FEDERATED HERMES, INC. PITTSBURGH, Jan. 28, 2016 /PRNewswire/ -- Federated Investors, Inc. (NYSE: FII), one of the nation's largest investment managers, today reported earnings per diluted share (EPS) of $0.46 for Q4 2015, up 21 percent from $0.38 for the same quarter last year on net income of $47.6 million for Q4 2015, compared to $39.6 million for Q4 2014. Federated reported 2015 EPS of $1.62, up 14 percent from $1.42 in 2014, on net income of $169.8 million, compared to $149.2 million for 2014.
Federated's total managed assets were $361.1 billion at Dec. 31, 2015, down $1.8 billion from $362.9 billion at Dec. 31, 2014 and up $10.1 billion or 3 percent from $351.0 billion at Sept. 30, 2015. Federated's equity and fixed-income managed assets were $104.7 billion at Dec. 31, 2015, up $0.6 billion or 1 percent from $104.1 billion at Dec. 31, 2014 and up $0.7 billion or 1 percent from $104.0 billion at Sept. 30, 2015.
"Federated saw strong flows into a number of our products including Federated International Leaders Fund, which invests primarily in foreign company stocks in developed markets, and Federated Kaufmann Large Cap Fund, which invests primarily in large-cap growth companies," said J. Christopher Donahue, president and chief executive officer. "In addition, we saw continued interest in Federated's high-yield products during the fourth quarter."
Federated's board of directors declared a quarterly dividend of $0.25 per share. The dividend is payable on Feb. 12, 2016 to shareholders of record as of Feb. 5, 2016. During Q4 2015, Federated purchased 533,636 shares of Federated class B common stock for $16.2 million, bringing the total shares of Class B common stock purchased in 2015 to 1,696,457 shares for $53.0 million.
Federated's equity assets were $53.6 billion at Dec. 31, 2015, up $2.2 billion or 4 percent from $51.4 billion at Dec. 31, 2014 and up $1.6 billion or 3 percent from $52.0 billion at Sept. 30, 2015. Top-selling equity funds during Q4 2015 on a net basis were Federated International Leaders Fund, Federated Kaufmann Large Cap Fund, Federated MDT Stock Trust, Federated Absolute Return Fund and Federated Global Allocation Fund.
Federated's fixed-income assets were $51.1 billion at Dec. 31, 2015, down $1.6 billion or 3 percent from $52.7 billion at Dec. 31, 2014 and down $1.0 billion or 2 percent from $52.1 billion at Sept. 30, 2015. Top-selling fixed-income funds on a net basis during Q4 2015 included Federated Institutional High Yield Bond Fund, Federated High Yield Trust, Federated Sterling Cash Plus Fund and Federated Municipal High Yield Advantage Fund.
Federated's money market assets were $256.4 billion at Dec. 31, 2015, down $2.4 billion or 1 percent from $258.8 billion at Dec. 31, 2014 and up $9.5 billion or 4 percent from $246.9 billion at Sept. 30, 2015. Money market mutual fund assets were $221.6 billion at Dec. 31, 2015, down $3.9 billion or 2 percent from $225.5 billion at Dec. 31, 2014 and up $5.3 billion or 2 percent from $216.3 billion at Sept. 30, 2015.
Financial Summary
Q4 2015 vs. Q4 2014
Revenue increased by $25.8 million or 12 percent primarily due to a decrease in voluntary fee waivers related to certain money market funds in order for those funds to maintain positive or zero net yields (voluntary yield-related fee waivers) and an increase in revenue from higher average equity assets. The increase in revenue was partially offset by a decrease in revenue from lower average fixed-income assets. See additional information about voluntary yield-related fee waivers in the table at the end of this financial summary.
During Q4 2015, Federated derived 62 percent of its revenue from equity and fixed-income assets (43 percent from equity assets and 19 percent from fixed-income assets) and 38 percent from money market assets.
Operating expenses increased by $10.5 million or 7 percent primarily due to an increase in distribution expenses as a result of a decrease in voluntary yield-related fee waivers.
Q4 2015 vs. Q3 2015
Revenue increased by $9.3 million or 4 percent primarily due to a decrease in voluntary yield-related fee waivers.
Operating expenses increased by $6.7 million or 4 percent primarily due to an increase in distribution expenses as a result of a decrease in voluntary yield-related fee waivers.
Nonoperating income (expenses), net increased by $4.6 million primarily due to an increase in net investment income resulting mainly from a decrease in losses on investments in Q4 2015 as compared to Q3 2015, as well as capital gain distributions received from fund investments in Q4 2015.
2015 vs. 2014
Revenue increased by $67.4 million or 8 percent primarily due to a decrease in voluntary yield-related fee waivers and an increase in revenue from higher average equity assets. The increase in revenue was partially offset by a decrease in revenue from lower average money market assets.
During 2015, Federated derived 67 percent of its revenue from equity and fixed-income assets (46 percent from equity assets and 21 percent from fixed-income assets) and 33 percent from money market assets.
Operating expenses increased by $25.9 million or 4 percent primarily due to an increase in distribution expenses as a result of a decrease in voluntary yield-related fee waivers and an increase in average equity assets. The increase was partially offset by decreased distribution expenses attributable to lower average money market assets.
Nonoperating (expenses) income, net decreased by $5.9 million primarily due to a decrease in net investment income resulting from an increase in losses on investments in 2015 compared to investment gains realized in 2014, partially offset by a decrease in debt expense primarily due to a lower average interest rate on Federated's term loan.
Federated's level of business activity and financial results are dependent upon many factors including market conditions, investment performance and investor behavior. These factors and others, including asset levels, product sales and redemptions, market appreciation or depreciation, revenues, fee waivers, expenses and regulatory changes, can significantly impact Federated's business activity levels and financial results. Risk factors and uncertainties that can influence Federated's financial results are discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission (SEC).
Voluntary yield-related fee waivers and the resulting negative impact of these waivers could vary significantly in the future as they are contingent on a number of variables including, but not limited to, changes in assets within the money market funds, yields on instruments available for purchase by the money market funds, actions by the Federal Reserve, the U.S. Department of the Treasury, the SEC, the Financial Stability Oversight Council and other governmental entities, changes in fees and expenses of the money market funds, changes in the mix of money market customer assets, changes in customer relationships, changes in the money market product structures and offerings, demand for competing products, changes in distribution models, changes in the distribution fee arrangements with third parties, Federated's willingness to continue the fee waivers and changes in the extent to which the impact of the waivers is shared by third parties.
Unaudited Money Market Fund Yield Waiver Impact to the Consolidated Statements of Income
(in millions)
Quarter Ended Change Quarter Ended Change Year Ended Change
Q4 2014 to Q3 2015 to 2014 to
Q4 2015 Q4 2015 2015
------- ------- ----
Dec. 31, Dec. 31, Sept. 30, Dec. 31, Dec. 31,
2015 2014 2015 2015 2014
---- ---- ---- ---- ----
Investment advisory fees $(37.5) $(67.4) $29.9 $(49.3) $11.8 $(202.5) $(279.5) $77.0
Other service fees (34.5) (32.4) (2.1) (34.0) (0.5) (131.1) (131.1) 0
------------------ ----- ----- ---- ----- ---- ------ ------ ---
Total revenue $(72.0) $(99.8) $27.8 $(83.3) $11.3 $(333.6) $(410.6) $77.0
Less: Reduction in distribution expense 54.5 67.6 (13.1) 61.3 (6.8) 240.6 280.9 (40.3)
--------------------------------------- ---- ---- ----- ---- ---- ----- ----- -----
Operating income $(17.5) $(32.2) $14.7 $(22.0) $4.5 $(93.0) $(129.7) $36.7
Less: Reduction in noncontrolling interest 1.1 2.7 (1.6) 1.7 (0.6) 7.1 10.7 (3.6)
------------------------------------------ --- --- ---- --- ---- --- ---- ----
Pre-tax impact $(16.4) $(29.5) $13.1 $(20.3) $3.9 $(85.9) $(119.0) $33.1
-------------- ------ ------ ----- ------ ---- ------ ------- -----
Federated will host an earnings conference call at 9 a.m. Eastern on Jan. 29, 2016. Investors are invited to listen to Federated's earnings teleconference by calling 877-407-0782 (domestic) or 201-689-8567 (international) prior to the 9 a.m. start time. The call may also be accessed in real time on the Internet via the About Federated section of FederatedInvestors.com. A replay will be available from approximately 12:30 p.m. Eastern on Jan. 29, 2016 through Feb. 5, 2016 by calling 877-660-6853 (domestic) or 201-612-7415 (international) and entering access code 13627932.
Federated Investors, Inc. is one of the largest investment managers in the United States, managing $361.1 billion in assets as of Dec. 31, 2015. With 122 funds and a variety of separately managed account options, Federated provides comprehensive investment management to more than 8,400 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Federated ranks in the top 4 percent of money market fund managers in the industry, the top 5 percent of equity fund managers and the top 9 percent of fixed-income fund managers(1). For more information, visit FederatedInvestors.com.
1) Strategic Insight, Nov. 30, 2015. Based on assets under management in open-end funds.
Federated Securities Corp. is distributor of the Federated funds.
Separately managed accounts are made available through Federated Global Investment Management Corp., Federated Investment Counseling and Federated MDTA LLC, each a registered investment adviser.
Certain statements in this press release, such as those related to the level of fee waivers and expenses incurred by the company, product demand and performance, investor interest and preferences, asset flows and mix, changes in product structure, fee arrangements with customers, distribution expense, regulatory changes and market conditions constitute or may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the company, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Other risks and uncertainties include the ability of the company to predict the level of fee waivers and expenses in future quarters, which could vary significantly depending on a variety of factors identified above, and include the ability of the company to sustain product demand and asset flows and mix, which could vary significantly depending on market conditions, investment performance and investor behavior. Other risks and uncertainties also include the risk factors discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission. As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the company nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.
Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Quarter Ended % Change Quarter Ended % Change
Q4 2014 to Q3 2015 to
Q4 2015 Q4 2015
------- -------
Dec. 31, 2015 Dec. 31, 2014 Sept. 30, 2015
------------- ------------- --------------
Revenue
Investment advisory fees, net $166,441 $143,587 16% $158,898 5%
Administrative service fees, net-affiliates 53,561 53,427 0 53,275 1
Other service fees, net 22,896 19,562 17 21,198 8
Other, net 741 1,282 (42) 950 (22)
--- ----- --- --- ---
Total Revenue 243,639 217,858 12 234,321 4
------------- ------- ------- --- ------- ---
Operating Expenses
Compensation and related 68,870 72,161 (5) 70,624 (2)
Distribution 66,069 53,764 23 58,823 12
Systems and communications 7,096 6,773 5 6,684 6
Office and occupancy 6,591 7,526 (12) 6,552 1
Professional service fees 6,100 5,714 7 7,823 (22)
Travel and related 3,935 3,792 4 3,183 24
Advertising and promotional 3,645 3,661 0 3,310 10
Other 4,448 2,833 57 3,078 45
----- ----- ----- --- ----- ---
Total Operating Expenses 166,754 156,224 7 160,077 4
------------------------ ------- ------- --- ------- ---
Operating Income 76,885 61,634 25 74,244 4
---------------- ------ ------ --- ------ ---
Nonoperating Income (Expenses)
Investment income (loss), net 1,541 2,325 (34) (3,049) 151
Debt expense (974) (1,787) (45) (979) (1)
Other, net 4 (15) 127 (8) 150
--- --- --- --- ---
Total Nonoperating Income (Expenses), net 571 523 9 (4,036) 114
----------------------------------------- --- --- --- ------ ---
Income before income taxes 77,456 62,157 25 70,208 10
Income tax provision 28,287 22,552 25 26,072 8
-------------------- ------ ------ --- ------ ---
Net income including the noncontrolling interests in subsidiaries 49,169 39,605 24 44,136 11
Less: Net income (loss) attributable to the noncontrolling interests in
subsidiaries 1,559 (8) NM 5 NM
----- --- --- --- ---
Net Income $47,610 $39,613 20% $44,131 8%
---------- ------- ------- --- ------- ---
Amounts Attributable to Federated Investors, Inc.
Earnings Per Share(1)
Basic and diluted $0.46 $0.38 21% $0.42 10%
----------------- ----- ----- --- ----- ---
Weighted-average shares outstanding
Basic 100,088 100,642 100,449
Diluted 100,090 100,643 100,451
Dividends declared per share $0.25 $0.25 $0.25
---------------------------- ----- ----- -----
1) Unvested share-based payment
awards that receive non-
forfeitable dividend rights are
deemed participating securities
and are required to be considered
in the computation of earnings
per share under the "two-class
method." As such, total net
income of $1.8 million, $1.5
million and $1.7 million
available to unvested restricted
shareholders for the quarterly
periods ended Dec. 31, 2015, Dec.
31, 2014 and Sept. 30, 2015,
respectively, was excluded from
the computation of earnings per
share.
Unaudited Condensed Consolidated Statements of Income
(in thousands, except per
share data)
Year Ended
----------
Dec. 31, 2015 Dec. 31, 2014 % Change
------------- ------------- --------
Revenue
Investment advisory fees,
net $626,325 $557,318 12%
Administrative service
fees, net-affiliates 211,458 213,136 (1)
Other service fees, net 84,910 84,039 1
Other, net 3,916 4,757 (18)
---------- ----- ----- ---
Total Revenue 926,609 859,250 8
------------- ------- ------- ---
Operating Expenses
Compensation and related 286,932 285,337 1
Distribution 232,445 210,641 10
Professional service fees 29,090 30,216 (4)
Systems and communications 27,629 25,794 7
Office and occupancy 26,706 29,968 (11)
Advertising and
promotional 13,930 13,330 5
Travel and related 13,409 13,219 1
Other 17,022 12,796 33
----- ------ ------ ---
Total Operating Expenses 647,163 621,301 4
------------------------ ---
Operating Income 279,446 237,949 17
---------------- ------- ------- ---
Nonoperating (Expenses)
Income
Investment (loss) income,
net (208) 11,043 (102)
Debt expense (4,299) (9,611) (55)
Other, net (33) (29) 14
---------- --- --- ---
Total Nonoperating
(Expenses) Income, net (4,540) 1,403 (424)
----------------------- ------ ----- ----
Income before income taxes 274,906 239,352 15
Income tax provision 102,920 89,530 15
-------------------- ------- ------ ---
Net income including the
noncontrolling interests
in subsidiaries 171,986 149,822 15
Less: Net income
attributable to the
noncontrolling interests
in subsidiaries 2,179 586 NM
------------------------- ----- --- ---
Net Income $169,807 $149,236 14%
---------- -------- -------- ---
Amounts Attributable to
Federated Investors, Inc.
Earnings Per Share(1)
Basic and diluted $1.62 $1.42 14%
----------------- ----- ----- ---
Weighted-average shares
outstanding
Basic 100,475 100,721
Diluted 100,477 100,723
------- ------- -------
Dividends declared per
share $1.00 $1.00
---------------------- ----- -----
1) Unvested share-based payment
awards that receive non-
forfeitable dividend rights are
deemed participating securities
and are required to be considered
in the computation of earnings
per share under the "two-class
method." As such, total net
income of $6.6 million and $5.8
million available to unvested
restricted shareholders for the
years ended Dec. 31, 2015 and
Dec. 31, 2014, respectively, was
excluded from the computation of
earnings per share.
Unaudited Condensed
Consolidated
Balance Sheets
(in thousands) Dec. 31, 2015 Dec. 31, 2014
------------- ------------- -------------
Assets
Cash and other
investments $346,815 $297,338
Other current assets 49,013 44,717
Intangible assets,
net and goodwill 734,492 733,847
Other long-term
assets 56,883 64,617
--------------- ------ ------
Total Assets $1,187,203 $1,140,519
------------ ---------- ----------
Liabilities,
Redeemable
Noncontrolling
Interests and
Equity
Current liabilities $159,208 $149,321
Long-term debt 191,250 216,750
Other long-term
liabilities 179,039 161,099
Redeemable
noncontrolling
interests 8,734 3,697
Equity excluding
treasury stock 840,911 774,910
Treasury stock (191,939) (165,258)
-------------- -------- --------
Total Liabilities,
Redeemable
Noncontrolling
Interests and
Equity $1,187,203 $1,140,519
------------------ ---------- ----------
Unaudited Changes in Equity and Fixed-Income Fund and Separate Account Assets
(in millions)
Quarter Ended Year Ended
------------- ----------
Dec. 31, 2015 Sept. 30, 2015 Dec. 31, 2014 Dec. 31, 2015 Dec. 31, 2014
------------- -------------- ------------- ------------- -------------
Equity funds
Beginning assets $33,273 $35,533 $32,088 $33,141 $28,097
---------------- ------- ------- ------- ------- -------
Sales 2,143 2,464 2,650 9,801 10,140
Redemptions (2,279) (2,043) (1,844) (8,159) (6,530)
----------- ------ ------ ------ ------ ------
Net (redemptions) sales (136) 421 806 1,642 3,610
Net exchanges (23) (110) (7) (88) 42
Market gains and losses/reinvestments(1) 1,011 (2,571) 254 (570) 1,392
---------------------------------------- ----- ------ --- ---- -----
Ending assets $34,125 $33,273 $33,141 $34,125 $33,141
------------- ------- ------- ------- ------- -------
Equity separate accounts(2)
Beginning assets $18,683 $19,256 $18,247 $18,285 $16,051
---------------- ------- ------- ------- ------- -------
Sales(3) 1,192 1,456 1,392 5,790 4,536
Redemptions(3) (1,187) (1,350) (1,622) (4,575) (3,883)
------------- ------ ------ ------ ------ ------
Net sales (redemptions)(3) 5 106 (230) 1,215 653
Net exchanges 4 (1) 0 3 0
Market gains and losses4 739 (678) 268 (72) 1,581
------------------------ --- ---- --- --- -----
Ending assets $19,431 $18,683 $18,285 $19,431 $18,285
------------- ------- ------- ------- ------- -------
Total equity(2)
Beginning assets $51,956 $54,789 $50,335 $51,426 $44,148
---------------- ------- ------- ------- ------- -------
Sales(3) 3,335 3,920 4,042 15,591 14,676
Redemptions(3) (3,466) (3,393) (3,466) (12,734) (10,413)
------------- ------ ------ ------ ------- -------
Net (redemptions) sales(3) (131) 527 576 2,857 4,263
Net exchanges (19) (111) (7) (85) 42
Market gains and losses/reinvestments(1) 1,750 (3,249) 522 (642) 2,973
---------------------------------------- ----- ------ --- ---- -----
Ending assets $53,556 $51,956 $51,426 $53,556 $51,426
------------- ------- ------- ------- ------- -------
Fixed-income funds
Beginning assets $38,982 $40,042 $40,435 $40,456 $39,606
---------------- ------- ------- ------- ------- -------
Sales 3,477 3,277 4,631 14,496 16,186
Redemptions (4,218) (4,173) (4,411) (16,588) (16,120)
----------- ------ ------ ------ ------- -------
Net (redemptions) sales (741) (896) 220 (2,092) 66
Net exchanges 2 90 (285) 33 (354)
Acquisition related 0 0 0 0 301
Market gains and losses/reinvestments(1) (254) (254) 86 (408) 837
---------------------------------------- ---- ---- --- ---- ---
Ending assets $37,989 $38,982 $40,456 $37,989 $40,456
------------- ------- ------- ------- ------- -------
Fixed-income separate accounts(2)
Beginning assets $13,083 $12,862 $10,752 $12,251 $10,520
---------------- ------- ------- ------- ------- -------
Sales(3) 332 638 1,499 1,963 2,393
Redemptions(3) (244) (336) (306) (1,061) (1,343)
------------- ---- ---- ---- ------ ------
Net sales(3) 88 302 1,193 902 1,050
Net exchanges 0 (6) 229 (6) 230
Market gains and losses4 (41) (75) 77 (17) 451
------------------------ --- --- --- --- ---
Ending assets $13,130 $13,083 $12,251 $13,130 $12,251
------------- ------- ------- ------- ------- -------
Total fixed income(2)
Beginning assets $52,065 $52,904 $51,187 $52,707 $50,126
---------------- ------- ------- ------- ------- -------
Sales(3) 3,809 3,915 6,130 16,459 18,579
Redemptions(3) (4,462) (4,509) (4,717) (17,649) (17,463)
------------- ------ ------ ------ ------- -------
Net (redemptions) sales (3) (653) (594) 1,413 (1,190) 1,116
Net exchanges 2 84 (56) 27 (124)
Acquisition related 0 0 0 0 301
Market gains and losses/reinvestments(1) (295) (329) 163 (425) 1,288
---------------------------------------- ---- ---- --- ---- -----
Ending assets $51,119 $52,065 $52,707 $51,119 $52,707
------------- ------- ------- ------- ------- -------
1) Reflects the approximate changes
in the fair value of the
securities held by the portfolios
and, to a lesser extent,
reinvested dividends,
distributions, net investment
income and the impact of changes
in foreign exchange rates.
2) Includes separately managed
accounts, institutional
accounts, sub-advised funds and
other managed products.
3) For certain accounts, Sales and
Redemptions are calculated as
the remaining difference between
beginning and ending assets
after the calculation of Market
gains and losses.
4) Reflects the approximate changes
in the fair value of the
securities held by the
portfolios.
Unaudited Total Changes in Equity and Fixed-Income Assets
(in millions)
Quarter Ended Year Ended
------------- ----------
Dec. 31, 2015 Sept. 30, 2015 Dec. 31, 2014 Dec. 31, 2015 Dec. 31, 2014
------------- -------------- ------------- ------------- -------------
Funds
Beginning assets $72,255 $75,575 $72,523 $73,597 $67,703
---------------- ------- ------- ------- ------- -------
Sales 5,620 5,741 7,281 24,297 26,326
Redemptions (6,497) (6,216) (6,255) (24,747) (22,650)
----------- ------ ------ ------ ------- -------
Net (redemptions) sales (877) (475) 1,026 (450) 3,676
Net exchanges (21) (20) (292) (55) (312)
Acquisition related 0 0 0 0 301
Market gains and losses/reinvestments(1) 757 (2,825) 340 (978) 2,229
---------------------------------------- --- ------ --- ---- -----
Ending assets $72,114 $72,255 $73,597 $72,114 $73,597
------------- ------- ------- ------- ------- -------
Separate accounts(2)
Beginning assets $31,766 $32,118 $28,999 $30,536 $26,571
---------------- ------- ------- ------- ------- -------
Sales(3) 1,524 2,094 2,891 7,753 6,929
Redemptions(3) (1,431) (1,686) (1,928) (5,636) (5,226)
------------- ------ ------ ------ ------ ------
Net sales(3) 93 408 963 2,117 1,703
Net exchanges 4 (7) 229 (3) 230
Market gains and losses4 698 (753) 345 (89) 2,032
------------------------ --- ---- --- --- -----
Ending assets $32,561 $31,766 $30,536 $32,561 $30,536
------- ------- ------- ------- -------
Total assets (2)
Beginning assets $104,021 $107,693 $101,522 $104,133 $94,274
---------------- -------- -------- -------- -------- -------
Sales(3) 7,144 7,835 10,172 32,050 33,255
Redemptions(3) (7,928) (7,902) (8,183) (30,383) (27,876)
------------- ------ ------ ------ ------- -------
Net (redemptions) sales (3) (784) (67) 1,989 1,667 5,379
Net exchanges (17) (27) (63) (58) (82)
Acquisition related 0 0 0 0 301
Market gains and losses/reinvestments(1) 1,455 (3,578) 685 (1,067) 4,261
---------------------------------------- ----- ------ --- ------ -----
Ending assets $104,675 $104,021 $104,133 $104,675 $104,133
------------- -------- -------- -------- -------- --------
1) Reflects the approximate changes
in the fair value of the
securities held by the portfolios
and, to a lesser extent,
reinvested dividends,
distributions, net investment
income and the impact of changes
in foreign exchange rates.
2) Includes separately managed
accounts, institutional
accounts, sub-advised funds and
other managed products.
3) For certain accounts, Sales and
Redemptions are calculated as
the remaining difference between
beginning and ending assets
after the calculation of Market
gains and losses.
4) Reflects the approximate changes
in the fair value of the
securities held by the
portfolios.
(unaudited)
----------
MANAGED ASSETS Dec. 31, 2015 Sept. 30, 2015 June 30, 2015 March 31, 2015 Dec. 31, 2014
(in millions)
------------ ---
By Asset Class
--------------
Equity $53,556 $51,956 $54,789 $54,037 $51,426
Fixed-income 51,119 52,065 52,904 53,562 52,707
Money market 256,437 246,937 241,982 248,160 258,772
Total Managed Assets $361,112 $350,958 $349,675 $355,759 $362,905
-------------------- -------- -------- -------- -------- --------
By Product Type
---------------
Funds:
Equity $34,125 $33,273 $35,533 $34,951 $33,141
Fixed-income 37,989 38,982 40,042 41,039 40,456
Money market 221,615 216,252 208,786 214,310 225,471
Total Fund Assets $293,729 $288,507 $284,361 $290,300 $299,068
----------------- -------- -------- -------- -------- --------
Separate accounts:
Equity $19,431 $18,683 $19,256 $19,086 $18,285
Fixed-income 13,130 13,083 12,862 12,523 12,251
Money market 34,822 30,685 33,196 33,850 33,301
Total Separate Accounts $67,383 $62,451 $65,314 $65,459 $63,837
----------------------- ------- ------- ------- ------- -------
Total Managed Assets $361,112 $350,958 $349,675 $355,759 $362,905
-------------------- -------- -------- -------- -------- --------
AVERAGE MANAGED ASSETS Quarter Ended
-------------
(in millions) Dec. 31, 2015 Sept. 30, 2015 June 30, 2015 March 31, 2015 Dec. 31, 2014
------------ ------------- -------------- -------------- --------------- -------------
By Asset Class
--------------
Equity $54,097 $54,238 $55,476 $52,784 $50,901
Fixed-income 51,922 52,577 53,319 53,405 52,782
Money market 247,986 245,133 239,774 253,261 246,698
Liquidation portfolio(1) 0 0 0 0 1,563
----------------------- --- --- --- --- -----
Total Avg. Assets $354,005 $351,948 $348,569 $359,450 $351,944
----------------- -------- -------- -------- -------- --------
By Product Type
---------------
Funds:
Equity $34,726 $35,181 $35,998 $34,162 $32,705
Fixed-income 38,779 39,526 40,574 41,013 41,072
Money market 217,031 213,633 205,943 218,168 216,235
Total Avg. Fund Assets $290,536 $288,340 $282,515 $293,343 $290,012
---------------------- -------- -------- -------- -------- --------
Separate accounts:
Equity $19,371 $19,057 $19,478 $18,622 $18,196
Fixed-income 13,143 13,051 12,745 12,392 11,710
Money market 30,955 31,500 33,831 35,093 30,463
Total Avg. Separate Accounts $63,469 $63,608 $66,054 $66,107 $60,369
---------------------------- ------- ------- ------- ------- -------
Total Avg. Liquidation Portfolio(1) $0 $0 $0 $0 $1,563
---------------------------------- --- --- --- --- ------
Total Avg. Managed Assets $354,005 $351,948 $348,569 $359,450 $351,944
------------------------- -------- -------- -------- -------- --------
1) Liquidation portfolio represented a
portfolio of distressed bonds at
cost. Federated had been retained
by a third party to manage these
assets through an orderly
liquidation process that was
completed during the fourth
quarter of 2014. Management-fee
rates earned from this portfolio
were lower than those of
traditional separate account
mandates.
(unaudited)
----------
AVERAGE MANAGED
ASSETS Year Ended
----------
(in millions) Dec. 31, 2015 Dec. 31, 2014
------------ ------------- -------------
By Asset Class
--------------
Equity $54,149 $48,317
Fixed-income 52,805 51,333
Money market 246,539 254,260
Liquidation
portfolio(1) 0 4,557
------------- --- -----
Total Avg. Assets $353,493 $358,467
----------------- -------- --------
By Product Type
---------------
Funds:
Equity $35,017 $30,859
Fixed-income 39,973 40,366
Money market 213,694 220,742
------- -------
Total Avg. Fund
Assets $288,684 $291,967
--------------- -------- --------
Separate Accounts:
Equity $19,132 $17,458
Fixed-income 12,832 10,967
Money market 32,845 33,518
------------ ------ ------
Total Avg. Separate
Accounts $64,809 $61,943
------------------- ------- -------
Total Avg.
Liquidation
Portfolio(1) $0 $4,557
------------- --- ------
Total Avg. Managed
Assets $353,493 $358,467
------------------ -------- --------
1) Liquidation portfolio represented a
portfolio of distressed bonds at
cost. Federated had been retained
by a third party to manage these
assets through an orderly
liquidation process that was
completed during the fourth
quarter of 2014. Management-fee
rates earned from this portfolio
were lower than those of
traditional separate account
mandates.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/federated-investors-inc-reports-fourth-quarter-and-full-year-2015-earnings-300211658.html
SOURCE Federated Investors, Inc.
