Federated Investors has agreed to acquire about $1.1 billion of money market fund assets from Huntington Asset Advisors and The Huntington National Bank, said Federated spokesman Edward Costello.
The transaction, subject to shareholder approval, is anticipated to be completed in the fourth quarter. Financial terms of the agreement were not disclosed.
As part of the deal, the Huntington money market fund assets would be transitioned to two Federated money market funds with comparable investment objectives and strategies.
About $236 million in prime money market assets will be reorganized from the Huntington Money Market Fund into the Federated Prime Cash Obligations Fund, while roughly $870 million will be reorganized from the Huntington U.S. Treasury Money Market Fund into the Federated Treasury Obligations Fund.
Federated Investors managed $350 billion in assets as of June 30.
