Federated Investors hired Deutsche Asset Management to manage a total of $2.5 billion in Federated’s Max Cap, Mid-Cap, and Mini-Cap index funds, which are benchmarked to the S&P 500, S&P 400 and Russell 2000, respectively. Deutsche replaces Northern Trust, which was terminated because Federated officials felt Deutsche could cut down on tracking error, said Federated spokeswoman Anne Cumberledge.
Northern Trust officials could not be reached for comment by press time.
