Federated Investors reported $401.8 billion in assets under management as of June 30, down 1.8% from the prior quarter but up 20% from the year before.
Net outflows of $15 billion from Federated's money market funds in the quarter more than offset $2.6 billion in net inflows to fixed-income strategies. As of June 30, money market assets came to $346.4 billion, down 3.8% from the prior quarter but up 28% from the year before. Fixed-income assets came to $28.7 billion, up 15% from the year before and up 25% from the year before. Equity assets were $26.2 billion, up 12% from the prior quarter but down 30% from the year before.
Federated reported net revenue of $306.9 million, down 1% from the prior quarter and down 1% from the year before. Net income came to $53.3 million, up 52% from the prior quarter — when the company recorded a non-cash impairment charge of $20.1 million on intangible assets related to certain acquisitions — but down 8% from the year before.
