Federated Investors had record assets under management of $338.5 billion as of March 31, up 12% from Dec. 31 and up 35% from the year before, according to preliminary first-quarter results issued today. A $40.9 billion jump in money market assets, to $277.5 billion, more than offset a $4.6 billion decline in equity assets to $37.5 billion mainly due to market depreciation, according to a news release from Federated.
Federated, which is scheduled to announce final results for the quarter April 24, put out preliminary numbers because analysts consensus earnings estimates appeared out of line with its actual earnings, said spokeswoman Meghan McAndrew. Federated reported preliminary net income of $55.8 million, or 55 cents per diluted share, up 5.8% from the prior quarter and up 7.7% from the year before. The consensus first-quarter forecast of analysts, tallied by Thomson Financial Network, had been 62 cents.
Federated reported preliminary first-quarter revenues of $305.7 million, up 1.8% from the prior quarter and 16% higher than the year before.