Federated Investors reported $341.3 billion in assets under management as of Sept. 30, up 1% from the prior quarter but down 13% from the year before.
Despite positive flows for the firm’s long-term equity and bond businesses, outflows from money market funds over the past year dragged down revenues and income from year-earlier levels, as investors regained some appetite for risk, according to a Federated news release.
The firm’s money market asset totals ended the latest quarter at $260.9 billion, up less than 1% from June 30 but down 18% from a year earlier.
Net inflows for Federated’s long-term bond and equity products came to $716 million, down from $1.348 billion for the prior quarter, when the company benefited from a large institutional fixed-income win, and down from $1.851 billion for the year-earlier quarter.
Federated reported net income of $43.1 million for the latest quarter, down 10% from the previous quarter and 24% less than the year before.
Revenues, meanwhile, came to $242.2 million, up 5% from the prior quarter but down 18% from the year before.