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June 27, 2012 /PRNewswire/ -- Federated Investors, Inc. (NYSE: FII), one of the nation's largest investment managers, and Trustmark Corporation (NASDAQ: TRMK) announced that a definitive agreement has been reached between Federated, Trustmark Investment Advisors, Inc. and Trustmark National Bank in connection with the proposed reorganization of approximately
$903 million in assets, including about
$571 million in money market fund assets, of the funds of Performance Funds Trust into Federated funds with similar investment objectives. Under the agreement, Trustmark Investment Advisors, Inc. will sell certain assets relating to its management of the Performance Funds to Federated or certain Federated advisory subsidiaries. The financial terms of the agreement were not disclosed.
The Performance Funds comprise eight mutual fund portfolios of Performance Funds Trust: four equity, two fixed income and two money market funds. Trustmark Investment Advisors, Inc. is a wholly owned subsidiary of Trustmark National Bank and investment adviser to the Performance Funds.
The Performance Funds Trust's Board of Trustees has determined to recommend to shareholders of the Performance Funds that they vote to approve the applicable reorganization. The reorganization of each Performance Fund is subject to approval by the shareholders of the applicable Performance Fund and the satisfaction of certain other conditions of closing. It is anticipated that a meeting of shareholders of the Performance Funds to approve the proposed reorganizations will take place in
September 2012. Shareholders of the Performance Funds will receive proxy materials describing the proposed reorganizations in greater detail in the near future. Once the proposed reorganizations are completed, Trustmark will no longer serve as investment adviser to the Performance Funds.
"Federated maintains a longstanding tradition of working closely with banks to offer high quality investment products that meet the needs of their customers," said
J. Christopher Donahue, president and chief executive officer of Federated Investors. "That approach, combined with the strength of our intermediary-driven customer service, provides an ideal opportunity for the shareholders of the Performance Funds to transition to Federated. We remain very interested in additional similar transactions."
"Trustmark's goal is to offer our clients best in class money management services. The Performance Funds shareholders will gain a broader, more diverse product offering and the global experience of Federated's investment management team. Federated and Trustmark share the same philosophy that the client is our first priority," said
Doug H. Ralston, CFA, president of Trustmark Wealth Management and Trustmark Investment Advisors, Inc.
Important information regarding the proposed reorganizations and where to find it
Federated plans to file with the SEC and mail to shareholders of the Performance Funds a Registration Statement on Form N-14 that includes a proxy statement of the Performance Funds and also constitutes a prospectus of the applicable Federated funds. Shareholders of the Performance Funds are urged to read the Proxy Statement/Prospectus and any other relevant documents filed with the SEC when they become available, because they contain important information regarding the proposed reorganizations. Shareholders of the Performance Funds may obtain a free copy of the Proxy Statement/Prospectus and other documents (when available) filed with the SEC at
www.sec.gov or by calling 1-800-341-7400.
About Federated Investors, Inc.
Federated Investors, Inc. is one of the largest investment managers in
the United States, managing
$363.6 billion in assets as of
March 31, 2012. With 134 funds and a variety of separately managed account options, Federated provides comprehensive investment management to approximately 4,800 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. For more information, visit FederatedInvestors.com.
Trustmark National Bank is a wholly owned subsidiary of Trustmark Corporation, a financial services company providing banking and financial solutions through over 170 offices in