Federated Investors launched its first fund under a Hub and Spoke master feeder structure. The bond index fund seeks to match the yield and total return of the Lehman Brothers Aggregate Bond Index. The fund will be available to other investment companies. Already, U.S. Trust has signed on as the first ``spoke'' offering its clients investments in the ``hub'' portfolio under the name Excelsior Institutional Bond index fund. (U.S. Trust is co-manager of the portfolio along with Federated.) Hub and Spoke is a registered service mark of Signature Financial Group.