Federated Investors restructured its business into two investment units. The global equity unit comprises the firms equity mutual funds, separate accounts and managed accounts, while its fixed-income and high-yield products are in the global fixed-income unit. Federated had been organized into domestic equity, domestic fixed-income and international/global investment units.
Stephen Auth was named CIO of global equity, William Dawson was named CIO of global fixed income, and J. Thomas Madden was named vice chairman of investment management. Mr. Auth was senior vice president and director of global portfolio management; Mr. Dawson was director of fixed income and Mr. Madden was CIO of domestic equity, high yield and asset allocation investing. Mr. Madden also will serve as a market strategist, economic spokesman and a senior adviser to CEO Keith Schappert. Henry Frantzen, CIO of Federateds global equity and fixed-income assets, is retiring in November.