Federated Investors' Mutual Funds to Acquire $164 Million in Assets from Vintage Funds
- (PITTSBURGH, Pa., 06/28/2005 10:39 AM) —
- Three Vintage equity funds to transition into two Federated funds
Federated Investors, Inc., (NYSE: FII) announced today that a definitive
agreement has been reached between Federated Investors, Inc. and AMCORE Financial, Inc. (NASDAQ: AMFI) concerning the proposed transition of approximately $163.8 million in mutual fund assets of three AMCORE equity mutual funds into Federated Capital Appreciation Fund and Federated Stock and Bond Fund, Inc. The financial terms of the definitive agreement were not disclosed. The announcement was made by J. Christopher Donahue, president and CEO of Federated Investors.
The boards of directors of the Federated Funds and the Vintage Funds unanimously approved the planned transitions, which are now subject to the approval of Vintage Fund shareholders. It is anticipated that the Vintage Fund shareholder meeting to approve these transactions will be held in September 2005.
"Federated's long history of working with banks, coupled with our equity investment expertise, provides an ideal opportunity for AMCORE to transition into an open architecture system," said Donahue. "Federated will continue to look to establish strategic alliances like this one so that we can best serve our bank clients."
Voting separately by fund, shareholders will be asked to approve the following transfers:
|Vintage Fund|| |
Assets (as of May 31)
|Federated Fund||Assets (as of May 31)|
|Vintage Balanced Fund (AMBFX)||$22.1 million||Federated Stock and Bond Fund, Inc. (FSTBX)||$328.3 million|
|Vintage Equity Fund (VEQSX)||$107.8 million||Federated Capital Appreciation Fund (FEDEX)||$3.3 billion|
|Vintage Growth Fund (AVAGX)||$33.9 million||Federated Capital Appreciation Fund (FEDEX)||$3.3 billion|
Federated has worked with bank clients for decades and, as part of this commitment since 2000, Federated has worked with four banks to transition more than $1 billion in assets to Federated managed products.
Federated Investors, Inc. is one of the largest investment managers in the United States, managing $179 billion in assets as of March 31, 2005. With 138 mutual funds, various separately managed accounts and closed-end funds, Federated provides comprehensive investment management to more than 5,700 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Federated ranks in the top two percent of money market fund managers in the industry, the top four percent of fixed-income fund managers and the top six percent of equity fund managers.1 For more information, visit FederatedInvestors.com.