Federated Investors, Inc. Names Senior Portfolio Manager to Federated Capital Appreciation Fund
(PITTSBURGH, Pa., Apr. 29, 2011) — Federated Investors, Inc. (NYSE: FII), one of the nation's largest investment managers, today announced the appointment of veteran investment professional James E. Grefenstette as senior portfolio manager for Federated Capital Appreciation Fund and head of the core/growth equity management team at Federated. Grefenstette, who currently manages the $366 million Federated Mid Cap Growth Strategies Fund, takes the place of Carol R. Miller, who is no longer with the company. Dean Kartsonas will continue to serve as portfolio manager for Federated Capital Appreciation Fund. The announcement was made by Stephen F. Auth, chief investment officer for global equity and asset allocation.
Grefenstette rejoined Federated in late 2009 as manager of Federated Mid Cap Growth Strategies Fund after serving as co-founder and managing partner of Blazer Capital Management. A CFA charterholder with more than 20 years of investment management experience, Grefenstette had managed Federated Mid Cap Growth Strategies Fund from 1994 to 2006.
"With his extensive experience in investment research and analysis, Jim has become an integral member of our team since rejoining Federated more than a year ago," said Auth. "We are confident that his skills will help guide the fund to pursuing competitive returns."
Grefenstette and Kartsonas will manage the fund as a team with Grefenstette focusing his efforts on macro positioning and better capitalizing on the fund's front-end screens and Kartsonas, who has served as manager on the fund for four years, addressing fundamental research. Federated's core/growth management team, which includes 11 professionals under Grefenstette's leadership, will continue to provide research support to the funds, separate accounts and managed account platforms that they support today.
Federated Capital Appreciation Fund, which has a 34-year track record, pursues capital appreciation by investing primarily in growth and value stocks of large- and mid-cap U.S. companies. The fund adjusts allocations between growth and value stocks and determines sector weightings using, among other tools, fundamental and valuation analysis to determine anticipated economic and investment conditions. Stocks are incorporated into the portfolio using a rigorous fundamental security analysis approach.
Federated Capital Appreciation Fund is managed by Federated Equity Management Company of Pennsylvania, a wholly owned subsidiary of Federated Investors, Inc. Grefenstette will also replace Miller as a portfolio manager for Federated Capital Appreciation Fund II and Federated Balanced Allocation Fund.
Federated Investors, Inc. is one of the largest investment managers in the United States, managing $354.9 billion in assets as of March 31, 2011. With 133 funds and a variety of separately managed account options, Federated provides comprehensive investment management to approximately 4,900 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. For more information, visit FederatedInvestors.com.
Certain statements in this press release, such as those related to the ability of the new portfolio manager to improve the Federated Capital Appreciation Fund's competitiveness and the proposed division of responsibilities among the Fund's portfolio managers, constitute or may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the company, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Other risks and uncertainties include the ability of the new portfolio manager to implement changes that will improve the Fund's competitiveness, and to implement the proposed division of responsibilities in a successful manner. Other risks and uncertainties also include the possibility that acquisitions do not close within anticipated timeframes, and also include the risk factors discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission. As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the company nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.