Federated Investors entered into exclusive discussions with Reich & Tang Asset Management to enable investors in Reich & Tang’s money market funds to move into Federated money market funds with comparable investment objectives and strategies, a Federated spokeswoman said.
The transition is being discussed to assist with the liquidation of Reich & Tang’s money market funds. Once an agreement is finalized, both companies expect the transition to be completed by the end of July.
Reich & Tang Asset Management manages $9.5 billion in money market assets, all of which would be transferred to Federated’s funds.
Federated Investors managed $362.9 billion in assets, including $258.8 billion in money market assets, as of Dec. 31.
