The fund world's self-proclaimed "Tough Guys" have cashed in.

Pittsburgh-based

Federated Investors

announced its $400 million purchase of New York-based

Edgemont Asset Management

, which runs the $3.7 billion

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Kaufmann fund. The fund's managers had touted their fund for years under the slogan "Tough Guys Finish First" for years.

The fund hadn't lived up to that slogan in recent years, lagging behind its peers as its swelling asset base forced managers Lawrence Auriana and Hans Utsch to invest in more liquid mid-cap stocks, instead of small-caps where they'd made their name. The mid-cap growth fund, which the pair has managed since its 1986 inception, trailed its peers in 1997, 1998 and 1999, according to

Morningstar

. So far this year it's up 15.1%, beating its average peer, but its 15.7% five-year annualized return still trails 86% of its competitors.

Auriana and Utsch will continue to run the fund, which with pending shareholder approval will be rebranded the

Federated Kaufmann

fund and sold through brokers using Class A, B and C shares that levy loads or sales charges to pay a broker's commission. Current shareholders will still be able to buy shares of the fund without paying a load, so the odds of their not approving the move are slim.