Federated Investors reported assets under management of $363.6 billion as of March 31, down 1.6% from the prior quarter but up 2.5% from the year before.
Federated's money market assets ended the latest quarter at $274.7 billion, down 3.6% from the prior quarter but up 1.3% from a year earlier.
The company's fixed-income assets, meanwhile, ended the quarter at $46.2 billion, up 3.1% from the prior quarter on the back of net sales of $775 million and market-related gains of $691 million. The latest total was up 11% from the year before.
Federated's equity assets ended the quarter at $34.1 billion, up 10% from the prior quarter, with net inflows of $611 million and market-related gains of $2.6 billion. For the latest quarter, $975 million of net separate account wins more than offset $364 million in outflows from the company's mutual funds. Equity assets were up 7.9% from the year before.
In addition, the company reported $8.6 billion in liquidation portfolios as of March 31, down from $8.9 billion at the start of the quarter.
In a news release, J. Christopher Donahue, Federated's president and CEO, said investors hungry for dividend-focused equity approaches turned to Federated offerings such as its Strategic Value Dividend and Clover Small Cap Value Equity strategies during the latest quarter, while the company's high-yield and multisector bond offerings also garnered inflows.
For the latest quarter, fee waivers to ensure money market investors enjoy a positive return in the prevailing low-interest-rate environment totaled $80.4 million, down 9.6% from the year-earlier quarter.
Federated reported net income for the latest quarter of $42.3 million, up 15% from the prior quarter and up 27% from the year before, when the company reported roughly $11.3 million in non-recurring legal expenses.
Revenue, meanwhile, came to $230.3 million, up 6% from the prior quarter but down 4% from the year before.