Federated Investors late Thursday reported assets under management of $354.9 billion as of March 31, down 0.9% from the prior quarter but up 1.4% from a year before.
The company reported combined net inflows to its equity and fixed-income funds and separate accounts of $327 million for the quarter, while assets in Federated’s money market offerings were down $5.8 billion during the same period.
Federated reported fixed-income assets of $41.8 billion, up 3% from the prior quarter and up 18% from the year before. Equity assets came to $31.6 billion, up 3% and 5%, respectively. Money market assets, meanwhile, came to $271.1 billion, down 2% from the prior quarter and down 1% from the year before.
In a news release, J. Christopher Donahue, president and CEO, said his firm’s latest results showed investors continuing to grow more comfortable with “assuming moderate amounts of risk in their portfolios.”
For the latest quarter, revenues from Federated’s fixed-income and equity portfolios generated 50% of the firm’s total revenues, the first time they had reached that mark since the second quarter of 2007, when the start of the global financial crisis prompted a flood of allocations to safe-haven money market funds, noted spokeswoman Meghan McAndrew in a telephone interview.
For the latest quarter, an 11-cent per share non-recurring legal expense, related to previously disclosed litigation, left net income at $33.2 million, down 28% from the prior quarter and down 21% from the year before.
Revenue, meanwhile, came to $238.9 million, down 3% from the prior quarter but up 3% from the year before.