Federated Completes SunTrust Fund Buy
NEW YORK (
) --
Federated Investors
(FII) - Get Report
has finished the acquisition of $14 billion in money market assets that were formerly managed by
SunTrust Bank
(STI) - Get Report
's RidgeWorth Capital Management.
The assets were gradually transitioned into Federated money market funds beginning in September 2010, according to a press release.
Federated acquired the assets in July. The assets originally were composed of $17 billion in money market assets contained in nine RidgeWorth money market mutual funds. However, due to "market fluctuations" between July and November, the value of those assets depreciated to $14 billion, a Federated spokesman said.
The remaining assets were transitioned into six existing Federated money market mutual funds with similar investment objectives, according to Federated.
--Written by Maria Woehr in New York.
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