Federated Investors, Inc. Completes Acquisition of Value Manager Clover Capital
- $2.1 billion in assets transitioned to Federated
- Three new equity value mutual funds to be added to Federated's product offerings
(PITTSBURGH, Pa., Dec. 02, 2008) — Federated Investors, Inc. (NYSE: FII), one of the nation's largest investment managers, today announced the completion of the acquisition of Clover Capital Management Inc., a Rochester, N.Y.-based investment manager. The announcement was made by J. Christopher Donahue, president and chief executive officer of Federated, and Michael E. Jones, the former co-founder, chief executive officer and chief investment officer of Clover Capital, who now joins Federated as senior vice president and senior portfolio manager of Federated Clover Investment Advisors.
Federated Clover, which manages $2.1 billion in assets, becomes Federated's traditional value center of excellence. Federated Clover's headquarters will remain in Rochester with Jones and the current team continuing to lead the organization.
Federated Clover utilizes a comprehensive and rigorous value-based investment process that employs both fundamental research skills and quantitative analytic technology to manage portfolio risk. Federated anticipates that it will launch the Federated Clover Value Fund, Federated Clover Mid Value Fund and Federated Clover Small Value Fund to its broad network of financial-intermediary clients in early 2009.
"The Clover Capital team has consistently delivered above-market returns with lower-than-average risk in the traditional value arena. Combining their performance with Federated's distribution capabilities in the broker/dealer, wealth management and institutional markets offers a solid venture for both firms," Donahue said. "Federated will offer the new Federated Clover funds and strategies as a complement to our existing equity offerings."
Federated Investors, Inc. (NYSE: FII) is one of the largest investment managers in the United States, managing $344 billion in assets as of Sept. 30, 2008. With 147 mutual funds, as well as a variety of separately managed account options, Federated provides comprehensive investment management worldwide to nearly 5,400 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. For more information, visit FederatedInvestors.com.