Federated Investors is managing $362 million in new high-yield assets for U.S. institutional clients in its first collateralized bond obligations vehicle. Clients can invest in several classes of notes issued by Federated CBO Ltd. with different risk and return characteristics, said J.T. Tuskan, a spokesman for Federated. Morgan Stanley Dean Witter is the underwriter. About 24 institutions, which Mr. Tuskan declined to name, have invested in the CBO, he said. Mark Durbiano, senior vice president, leads the management team. The Federated CBO transaction closed April 23.