Federated Investors ( FII) said Thursday that second-quarter earnings rose 32%, though assets under management fell $7 billion from the previous quarter as roiled equities markets took their toll. Federated, one of the nation's largest money managers, said its second-quarter earnings rose to $49.9 million, or 47 cents a share, from $37.8 million, or 35 cents a share, a year earlier. Earnings from continuing operations totaled $46.7 million, or 44 cents a share, compared with $38 million, or 35 cents a share, a year earlier. Total assets under management were $210.52 billion at June 30, up from $204.67 billion a year earlier. But assets were down from the $217.5 billion reported at the end of March. Federated's quarterly revenue increased to $236.4 million from $217.7 million. The company attributed the growth to its 2005 acquisition of Alliance Capital's ( AC) cash management business, organic money market growth and increased equity assets under management. For the second quarter, Federated derived 47% of its revenue from money market assets, 39% from equity assets, 13% from fixed-income assets and 1% from other products. The company also authorized a 7.5-million-share repurchase program. The newly announced share buyback plan is in addition to the nearly 2.5 million shares that Federated bought during the second quarter for a total of $77.9 million.