PITTSBURGH, March 7, 2013 /PRNewswire/ -- Federated Investors, Inc. (NYSE: FII), one of the nation's largest investment managers, today announced changes to the organization of its fixed-income unit. The announcement was made by John B. Fisher, president and chief executive officer of Federated Advisory Companies.
Effective April 15, 2013, Joseph M. Balestrino, senior vice president and senior portfolio manager, is leaving the firm and is expected to be available to Federated on a consultative basis. Balestrino manages several Federated products, including the Federated Total Return Bond Fund.
"We thank Joe for his outstanding contributions to Federated during his 27 years with our firm," Fisher said. "During his tenure in investment management, Joe was a key contributor in establishing our reputation for strong, risk-adjusted results in our multisector products throughout business cycles."Under the leadership of Robert J. Ostrowski, chief investment officer for the taxable fixed-income group, Federated has built a deep and experienced fixed-income team and a collaborative process for both its fund and separate account products. "The Federated fixed-income investment process emphasizes shared responsibilities among team members," said Ostrowski. "Because of our experienced team, our clients can be assured that we will continue to offer the same strategies and processes that have earned our well-deserved reputation as a strong fixed-income manager." The investment personnel who step into the expanded portfolio manager roles detailed below have a combined 109 years in the industry and 88 years of experience at Federated. Each has managed products which have produced top-quartile to top-decile performance during their tenure at Federated.
- Donald T. Ellenberger, senior vice president, will serve as senior portfolio manager of Federated Total Return Bond Fund. Ellenberger has 26 years of investment experience and heads Federated's yield-curve strategy committee.
- Mark E. Durbiano, senior vice president, will serve as senior portfolio manager of Federated Strategic Income Fund. Durbiano has 30 years of investment experience and heads Federated's sector-allocation committee.
- Brian S. Ruffner, vice president, will serve as portfolio manager of Federated Bond Fund. Ruffner has 15 years of investment experience and has worked with Balestrino for the duration of his Federated research career.
- Bryan J. Dingle, vice president, will serve as portfolio manager of the Intermediate Corporate Bond Fund. Dingle has 18 years of investment experience and has worked with Balestrino for the duration of his Federated career.
- Ihab L. Salib, senior vice president, will serve as senior portfolio manager of Federated Unconstrained Bond Fund. Salib has 20 years of investment experience and heads Federated's currency committee.
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