Federated Investors, Inc. : Reports Fourth Quarter and Full-Year 2017 Earnings

PITTSBURGH, Jan. 25, 2018 /PRNewswire/ -- Federated Investors, Inc. (NYSE: FII), one of the nation's largest investment managers, today reported earnings per diluted share (EPS) of $1.31 and net income of $131.8 million for Q4 2017.  Full-year 2017 EPS was $2.87 and net income was $291.3 million.  Federated's Q4 2017 and full-year 2017 results included $70.4 million of net income, representing $0.70 and $0.69 per share for Q4 2017 and full-year 2017, respectively, resulting from the enactment of the Tax Cuts and Jobs Act of 2017 (Tax Act).

Management believes adjusted EPS and adjusted net income, which are non-GAAP financial measures, are useful measures for investors to evaluate Federated's financial performance.  The adjusted measures reflect what earnings would have been had the tax law changes not reduced the federal corporate income tax rate from 35 percent to 21 percent, resulting in a revaluation of Federated's net deferred tax liability.  As such, Federated's Q4 2017 adjusted EPS was $0.61, up 17 percent from EPS of $0.52 for Q4 2016, and adjusted net income was $61.4 million, compared to net income of $55.8 million for Q4 2016.  Full-year 2017 adjusted EPS was $2.18, up 7 percent from EPS of $2.03 for 2016, and adjusted net income was $220.9 million, compared to net income of $208.9 million for 2016¹.

Federated's total managed assets were $397.6 billion at Dec. 31, 2017, up $31.7 billion or 9 percent from $365.9 billion at Dec. 31, 2016 and up $33.9 billion or 9 percent from $363.7 billion at Sept. 30, 2017.  Average managed assets for Q4 2017 were $382.0 billion, up $23.7 billion or 7 percent from $358.3 billion reported for Q4 2016 and up $21.5 billion or 6 percent from $360.5 billion reported for Q3 2017.

"In the fourth quarter, investors showed interest in our MDT and Kaufmann small-cap equity strategies," said J. Christopher Donahue, president and chief executive officer.  "Also, continued investor demand for a range of quality fixed-income products helped fourth-quarter flows into high-yield and multisector bond funds."

Federated's board of directors declared a quarterly dividend of $0.25 per share.  The dividend is payable on Feb. 15, 2018 to shareholders of record as of Feb. 8, 2018.  During Q4 2017, Federated purchased 197,237 shares of Federated class B common stock for $4.6 million, bringing the total shares of Class B common stock purchased in 2017 to 1,841,800 shares for $47.0 million.

Federated's equity assets were a record $68.1 billion at Dec. 31, 2017, up $5.7 billion or 9 percent from $62.4 billion at  Dec. 31, 2016 and up $1.0 billion or 1 percent from $67.1 billion at Sept. 30, 2017.  Top-selling equity funds on a net basis during Q4 2017 were Federated MDT Small Cap Core Fund, Federated MDT Small Cap Growth Fund, Federated Kaufmann Small Cap Fund, Federated International Leaders Fund and Federated Muni and Stock Advantage Fund.

Federated's fixed-income assets were a record $64.2 billion at Dec. 31, 2017, up $12.9 billion or 25 percent from $51.3 billion at Dec. 31, 2016 and up $11.4 billion or 22 percent from $52.8 billion at Sept. 30, 2017.  Federated added $11.2 billion in fixed-income separate account assets in Q4 2017, which included a new advisory mandate from a large public institution. Top-selling fixed-income funds on a net basis during Q4 2017 included Federated Institutional High Yield Bond Fund, Federated Total Return Bond Fund, Federated Ultrashort Bond Fund, Federated Short-Intermediate Total Return Bond Fund and Federated Bond Fund.

Federated's money market assets were $265.2 billion at Dec. 31, 2017, up $13.0 billion or 5 percent from $252.2 billion at Dec. 31, 2016 and up $21.4 billion or 9 percent from $243.8 billion at Sept. 30, 2017.  Money market mutual fund assets were $185.5 billion at Dec. 31, 2017, down $20.9 billion or 10 percent from $206.4 billion at Dec. 31, 2016 and up $7.6 billion or 4 percent from $177.9 billion at Sept. 30, 2017.  Since Dec. 31, 2016, approximately $21 billion in money market assets have transitioned from Federated funds to Federated separate accounts. Federated's money market separate account assets were $79.7 billion at Dec. 31, 2017, up $33.9 billion or 74 percent from $45.8 billion at Dec. 31, 2016 and up $13.7 billion or 21 percent from $66.0 billion at Sept. 30, 2017.

Financial Summary

Q4 2017 vs. Q4 2016

Revenue decreased by $11.6 million or 4 percent primarily due to a change in a customer relationship and a change in the mix of average money market assets. The decrease in revenue was partially offset by a decrease in voluntary fee waivers related to certain money market funds in order for those funds to maintain positive or zero net yields (voluntary yield-related fee waivers) and an increase in revenue from higher average equity and fixed-income assets.

During Q4 2017, Federated derived 60 percent of its revenue from equity and fixed-income assets (43 percent from equity assets and 17 percent from fixed-income assets) and 40 percent from money market assets.

Operating expenses decreased by $17.6 million or 9 percent primarily due to a decrease in distribution expenses related to a change in a customer relationship and lower average money market fund assets, partially offset by an increase in distribution expenses related to a decrease in voluntary yield-related fee waivers.

Q4 2017 vs. Q3 2017

Revenue was flat, while operating expenses decreased by $2.1 million or 1 percent primarily due to a decrease in distribution expenses related to a change in the mix of average money market fund assets partially offset by increased professional service fee expenses.

2017 vs. 2016

Revenue decreased by $40.4 million or 4 percent primarily due to a change in the mix of average money market assets and a decrease in revenue resulting from a change in a customer relationship. The decrease in revenue was partially offset by a decrease in voluntary yield-related fee waivers and an increase in revenue from higher average equity and fixed-income assets.

During 2017, Federated derived 59 percent of its revenue from equity and fixed-income assets (42 percent from equity assets and 17 percent from fixed-income assets) and 41 percent from money market assets.

Operating expenses decreased by $46.3 million or 6 percent primarily due to a decrease in distribution expenses related to lower average money market fund assets and a change in a customer relationship, partially offset by an increase in distribution expenses related to a decrease in voluntary yield-related fee waivers. The decrease in operating expenses is also attributable to a decrease in compensation and related expenses resulting from lower incentive compensation.

Nonoperating income, net increased by $5.2 million primarily due to an increase in net investment income principally resulting from related gains recorded on available-for-sale securities. 

Federated's level of business activity and financial results are dependent upon many factors including market conditions, investment performance and investor behavior.  These factors and others, including asset levels and mix, product sales and redemptions, market appreciation or depreciation, revenues, fee waivers, expenses and regulatory changes, can significantly impact Federated's business activity levels and financial results.  Risk factors and uncertainties that can influence Federated's financial results are discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission (SEC).

Federated will host an earnings conference call at 9 a.m. Eastern on Jan. 26, 2018.  Investors are invited to listen to Federated's earnings teleconference by calling 877-407-0782 (domestic) or 201-689-8567 (international) prior to the 9 a.m. start time.  The call may also be accessed in real time via the About Federated section of FederatedInvestors.com.  A replay will be available from approximately 12:30 p.m. Eastern on Jan. 26, 2018 until Feb. 2, 2018 by calling 877-481-4010 (domestic) or 919-882-2331 (international) and entering access code 23407.  An online replay will be available via FederatedInvestors.com for one year.

Federated Investors, Inc. is one of the largest investment managers in the United States, managing $397.6 billion in assets as of Dec. 31, 2017.  With 108 funds and a variety of separately managed account options, Federated provides comprehensive investment management to more than 8,500 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers.  Federated ranks in the top 6 percent of equity fund managers in the industry, the top 8 percent of money market fund managers and the top 11 percent of fixed-income fund managers².  Federated also ranks as the fifth-largest SMA manager³.  For more information, visit FederatedInvestors.com.

###

1) Reconciliation of Non-GAAP Financial Measures (Adjusted EPS and Adjusted Net Income): For Q4 2017, GAAP EPS of $1.31, less $0.70 resulting from the revaluation of Federated's net deferred tax liability, results in an adjusted EPS of $0.61 and GAAP net income of $131.8 million, less $70.4 million resulting from the revaluation of Federated's deferred tax liability, results in an adjusted net income of $61.4 million. For full-year 2017, GAAP EPS of $2.87, less $0.69 resulting from the revaluation of Federated's net deferred tax liability, results in an adjusted EPS of $2.18, and GAAP net income of $291.3 million, less $70.4 million resulting from the revaluation of Federated's deferred tax liability, results in adjusted net income of $220.9 million.
2) Strategic Insight, Dec. 31, 2017.  Based on assets under management in open-end funds.
3) Money Management Institute/Dover Financial Research, Q3 2017.
Federated Securities Corp. is distributor of the Federated funds.
Separately managed accounts are made available through Federated Global Investment Management Corp., Federated Investment Counseling and Federated MDTA LLC, each a registered investment adviser.

Certain statements in this press release, such as those related to the level of fee waivers and expenses incurred by the company, performance, investor preferences and demand, asset flows and mix, fee arrangements with customers and expenses 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 company to predict the level of fee waivers and expenses in future quarters, sustain product demand, and asset flows and mix, which could vary significantly depending on various factors, such as market conditions, investment performance and investor behavior. Other risks and uncertainties include the risk factors discussed in the company's annual and quarterly reports as filed with the SEC. 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.

Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
	Quarter Ended						% Change Q4 2016 to Q4 2017		Quarter Ended			% Change Q3 2017 to Q4 2017
	Dec. 31, 2017			Dec. 31, 2016					Sept. 30, 2017
Revenue
Investment advisory fees, net	$	186,145		$	195,063		(5)	%	$	184,886		1	%
Administrative service fees, net—affiliates	49,051			51,466			(5)		47,461			3
Other service fees, net	43,116			43,375			(1)		45,968			(6)
Total Revenue	278,312			289,904			(4)		278,315			0
Operating Expenses
Distribution	80,408			101,785			(21)		84,838			(5)
Compensation and related	71,990			68,740			5		72,454			(1)
Professional service fees	8,922			8,001			12		6,948			28
Systems and communications	7,713			7,876			(2)		7,992			(3)
Office and occupancy	7,453			7,156			4		7,293			2
Travel and related	3,496			3,501			0		3,258			7
Advertising and promotional	2,771			3,771			(27)		2,345			18
Other	4,725			4,252			11		4,497			5
Total Operating Expenses	187,478			205,082			(9)		189,625			(1)
Operating Income	90,834			84,822			7		88,690			2
Nonoperating Income (Expenses)
Investment income, net	3,601			1,706			111		3,556			1
Debt expense	(1,239)			(1,055)			17		(1,250)			(1)
Other, net	(9)			48			NM		1			NM
Total Nonoperating Income, net	2,353			699			237		2,307			2
Income before income taxes	93,187			85,521			9		90,997			2
Income tax (benefit) provision1	(38,787)			28,292			(237)		33,756			(215)
Net income including the noncontrolling interests in subsidiaries	131,974			57,229			131		57,241			131
Less: Net income attributable to the noncontrolling interests in subsidiaries	164			1,387			NM		802			NM
Net Income	$	131,810		$	55,842		136	%	$	56,439		134	%
Amounts Attributable to Federated Investors, Inc.
Earnings Per Share2,3
Basic and diluted	$	1.31		$	0.52		152	%	$	0.56		134	%
Weighted-average shares outstanding
Basic	97,084			98,280					97,128
Diluted	97,086			98,280					97,129
Dividends declared per share	$	0.25		$	1.25				$	0.25

1)	Dec. 31, 2017 includes a reduction of $70.4 million resulting from the revaluation of the net deferred tax liability due to the enactment of the Tax Act.
2)	Dec. 31, 2017 includes an increase of $0.70 per share resulting from the revaluation of the net deferred tax liability due to the enactment of the Tax Act.
3)	Unvested share-based awards that receive non-forfeitable dividend rights are deemed participating securities and are required to be considered in the computation of earnings per share under the "two-class method." As such, total net income of $5.0 million, $4.5 million and $2.2 million available to unvested restricted shareholders for the quarterly periods ended Dec. 31, 2017, Dec. 31, 2016 and Sept. 30, 2017, respectively, was excluded from the computation of earnings per share.

 

 

 

Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
		Year Ended
		Dec. 31, 2017				Dec. 31, 2016				% Change
Revenue
Investment advisory fees, net		$	731,670			$	766,825			(5)	%
Administrative service fees, net—affiliates		188,814				211,646				(11)
Other service fees, net		182,440				164,900				11
Total Revenue		1,102,924				1,143,371				(4)
Operating Expenses
Distribution		342,779				383,648				(11)
Compensation and related		289,215				296,466				(2)
Systems and communications		31,971				31,271				2
Office and occupancy		29,258				27,379				7
Professional service fees		29,064				29,443				(1)
Travel and related		12,646				13,228				(4)
Advertising and promotional		11,166				14,522				(23)
Other		15,317				11,731				31
Total Operating Expenses		761,416				807,688				(6)
Operating Income		341,508				335,683				2
Nonoperating Income (Expenses)
Investment income, net		15,308				9,364				63
Debt expense		(4,772)				(4,173)				14
Other, net		(42)				60				NM
Total Nonoperating Income, net		10,494				5,251				100
Income before income taxes		352,002				340,934				3
Income tax provision1		57,101				119,420				(52)
Net income including the noncontrolling interests in subsidiaries		294,901				221,514				33
Less: Net income attributable to the noncontrolling    interests in subsidiaries		3,560				12,595				NM
Net Income		$	291,341			$	208,919			39	%
Amounts Attributable to Federated Investors, Inc.
Earnings Per Share2,3
Basic and diluted		$	2.87			$	2.03			41	%
Weighted-average shares outstanding
Basic		97,411				99,116
Diluted		97,412				99,117
Dividends declared per share		$	1.00			$	2.00

1)	Dec. 31, 2017 includes a reduction of $70.4 million resulting from the revaluation of the net deferred tax liability due to the enactment of the Tax Act.
2)	Dec. 31, 2017 includes an increase of $0.69 per share resulting from the revaluation of the net deferred tax liability due to the enactment of the Tax Act.
3)	Unvested share-based awards that receive non-forfeitable dividend rights are deemed participating securities and are required to be considered in the computation of earnings per share under the "two-class method." As such, total net income of $11.4 million and $7.6 million available to unvested restricted shareholders for the years ended Dec. 31, 2017 and Dec. 31, 2016, respectively, was excluded from the computation of earnings per share.

 

 

 

Unaudited Condensed Consolidated Balance Sheets
(in thousands)	Dec. 31, 2017			Dec. 31, 2016
Assets
Cash and other investments	$	369,538		$	301,149
Other current assets	67,736			58,611
Intangible assets, net, including goodwill	736,915			733,137
Other long-term assets	57,221			62,210
Total Assets	$	1,231,410		$	1,155,107
Liabilities, Redeemable Noncontrolling Interests and Equity
Current liabilities	$	128,849		$	162,538
Long-term debt	170,000			165,750
Other long-term liabilities	141,183			199,673
Redeemable noncontrolling interests	30,163			31,362
Equity excluding treasury stock	1,039,947			851,166
Treasury stock	(278,732)			(255,382)
Total Liabilities, Redeemable Noncontrolling Interests and Equity	$	1,231,410		$	1,155,107

 

 

 

Unaudited Changes in Equity and Fixed-Income Fund and Separate Account Assets
(in millions)
	Quarter Ended										Year Ended
	Dec. 31, 2017			Sept. 30, 2017			Dec. 31, 2016				Dec. 31, 2017			Dec. 31, 2016
Equity funds
Beginning assets	$	37,741		$	37,225		$	37,777			$	36,231		$	34,125
Sales	1,375			1,275			2,050				5,764			11,617
Redemptions	(2,090)			(2,058)			(3,462)				(9,589)			(11,159)
Net (redemptions) sales	(715)			(783)			(1,412)				(3,825)			458
Net exchanges	34			(58)			38				(38)			(41)
Acquisition-related	0			0			0				287			0
Market gains and losses1	1,041			1,357			(172)				5,446			1,689
Ending assets	$	38,101		$	37,741		$	36,231			$	38,101		$	36,231
Equity separate accounts2
Beginning assets	$	29,314		$	28,562		$	26,337			$	26,150		$	19,431
Sales3	1,257			1,426			2,299				6,447			10,773
Redemptions3	(1,445)			(1,343)			(1,825)				(6,617)			(5,469)
Net (redemptions) sales3	(188)			83			474				(170)			5,304
Net exchanges	0			0			(1)				0			0
Market gains and losses1	912			669			(660)				4,058			1,415
Ending assets	$	30,038		$	29,314		$	26,150			$	30,038		$	26,150
Total equity2
Beginning assets	$	67,055		$	65,787		$	64,114			$	62,381		$	53,556
Sales3	2,632			2,701			4,349				12,211			22,390
Redemptions3	(3,535)			(3,401)			(5,287)				(16,206)			(16,628)
Net (redemptions) sales3	(903)			(700)			(938)				(3,995)			5,762
Net exchanges	34			(58)			37				(38)			(41)
Acquisition-related	0			0			0				287			0
Market gains and losses1	1,953			2,026			(832)				9,504			3,104
Ending assets	$	68,139		$	67,055		$	62,381			$	68,139		$	62,381
Fixed-income funds
Beginning assets	$	41,214		$	40,880		$	39,796			$	39,434		$	37,989
Sales	3,675			3,424			4,182				14,814			14,624
Redemptions	(3,740)			(3,508)			(3,988)				(14,670)			(14,403)
Net (redemptions) sales	(65)			(84)			194				144			221
Net exchanges	(50)			53			(57)				(11)			(69)
Acquisition-related	0			0			0				148			0
Market gains and losses1	101			365			(499)				1,485			1,293
Ending assets	$	41,200		$	41,214		$	39,434			$	41,200		$	39,434
Fixed-income separate accounts2
Beginning assets	$	11,558		$	11,627		$	12,048			$	11,880		$	13,130
Sales3	12,096			163			460				12,750			1,164
Redemptions3	(892)			(389)			(380)				(2,377)			(3,097)
Net sales (redemptions)3	11,204			(226)			80				10,373			(1,933)
Net exchanges	0			0			1				(56)			1
Market gains and losses1	255			157			(249)				820			682
Ending assets	$	23,017		$	11,558		$	11,880			$	23,017		$	11,880
Total fixed income2
Beginning assets	$	52,772		$	52,507		$	51,844			$	51,314		$	51,119
Sales3	15,771			3,587			4,642				27,564			15,788
Redemptions3	(4,632)			(3,897)			(4,368)				(17,047)			(17,500)
Net sales (redemptions)3	11,139			(310)			274				10,517			(1,712)
Net exchanges	(50)			53			(56)				(67)			(68)
Acquisition-related	0			0			0				148			0
Market gains and losses1	356			522			(748)				2,305			1,975
Ending assets	$	64,217		$	52,772		$	51,314			$	64,217		$	51,314

1)	Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions, net investment income and the impact of changes in foreign exchange rates.
2)	Includes separately managed accounts, institutional accounts, sub-advised funds and other managed products.
3)	For certain accounts, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return.

 

 

 

Unaudited Total Changes in Equity and Fixed-Income Assets
(in millions)
	Quarter Ended										Year Ended
	Dec. 31, 2017			Sept. 30, 2017			Dec. 31, 2016				Dec. 31, 2017			Dec. 31, 2016
Funds
Beginning assets	$	78,955		$	78,105		$	77,573			$	75,665		$	72,114
Sales	5,050			4,699			6,232				20,578			26,241
Redemptions	(5,830)			(5,566)			(7,450)				(24,259)			(25,562)
Net (redemptions) sales	(780)			(867)			(1,218)				(3,681)			679
Net exchanges	(16)			(5)			(19)				(49)			(110)
Acquisition-related	0			0			0				435			0
Market gains and losses1	1,142			1,722			(671)				6,931			2,982
Ending assets	$	79,301		$	78,955		$	75,665			$	79,301		$	75,665
Separate accounts2
Beginning assets	$	40,872		$	40,189		$	38,385			$	38,030		$	32,561
Sales3	13,353			1,589			2,759				19,197			11,937
Redemptions3	(2,337)			(1,732)			(2,205)				(8,994)			(8,566)
Net sales (redemptions)3	11,016			(143)			554				10,203			3,371
Net exchanges	0			0			0				(56)			1
Market gains and losses1	1,167			826			(909)				4,878			2,097
Ending assets	$	53,055		$	40,872		$	38,030			$	53,055		$	38,030
Total assets 2
Beginning assets	$	119,827		$	118,294		$	115,958			$	113,695		$	104,675
Sales3	18,403			6,288			8,991				39,775			38,178
Redemptions3	(8,167)			(7,298)			(9,655)				(33,253)			(34,128)
Net sales (redemptions)3	10,236			(1,010)			(664)				6,522			4,050
Net exchanges	(16)			(5)			(19)				(105)			(109)
Acquisition-related	0			0			0				435			0
Market gains and losses1	2,309			2,548			(1,580)				11,809			5,079
Ending assets	$	132,356		$	119,827		$	113,695			$	132,356		$	113,695

1)	Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions, net investment income and the impact of changes in foreign exchange rates.
2)	Includes separately managed accounts, institutional accounts, sub-advised funds and other managed products.
3)	For certain accounts, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return.

 

 

 

Unaudited Managed Assets (in millions)	Dec. 31, 2017			Sept. 30, 2017			June 30, 2017			March 31, 2017			Dec. 31, 2016
By Asset Class
Equity	$	68,139		$	67,055		$	65,787		$	64,770		$	62,381
Fixed-income	64,217			52,772			52,507			51,780			51,314
Money market	265,214			243,840			242,096			245,198			252,213
Total Managed Assets	$	397,570		$	363,667		$	360,390		$	361,748		$	365,908
By Product Type
Funds:
Equity	$	38,101		$	37,741		$	37,225		$	37,159		$	36,231
Fixed-income	41,200			41,214			40,880			40,239			39,434
Money market	185,536			177,865			173,338			175,232			206,411
Total Fund Assets	$	264,837		$	256,820		$	251,443		$	252,630		$	282,076
Separate Accounts:
Equity	$	30,038		$	29,314		$	28,562		$	27,611		$	26,150
Fixed-income	23,017			11,558			11,627			11,541			11,880
Money market	79,678			65,975			68,758			69,966			45,802
Total Separate Account Assets	$	132,733		$	106,847		$	108,947		$	109,118		$	83,832
Total Managed Assets	$	397,570		$	363,667		$	360,390		$	361,748		$	365,908
Unaudited Average Managed Assets	Quarter Ended
(in millions)	Dec. 31, 2017			Sept. 30, 2017			June 30, 2017			March 31, 2017			Dec. 31, 2016
By Asset Class
Equity	$	67,466		$	66,127		$	65,399		$	63,780		$	62,575
Fixed-income	64,351			52,631			52,291			51,802			51,526
Money market	250,197			241,749			242,298			247,591			244,197
Total Avg. Managed Assets	$	382,014		$	360,507		$	359,988		$	363,173		$	358,298
By Product Type
Funds:
Equity	$	37,926		$	37,301		$	37,325		$	36,957		$	36,667
Fixed-income	41,240			40,967			40,670			40,086			39,571
Money market	176,918			174,358			172,626			182,418			203,474
Total Avg. Fund Assets	$	256,084		$	252,626		$	250,621		$	259,461		$	279,712
Separate Accounts:
Equity	$	29,540		$	28,826		$	28,074		$	26,823		$	25,908
Fixed-income	23,111			11,664			11,621			11,716			11,955
Money market	73,279			67,391			69,672			65,173			40,723
Total Avg. Separate Account Assets	$	125,930		$	107,881		$	109,367		$	103,712		$	78,586
Total Avg. Managed Assets	$	382,014		$	360,507		$	359,988		$	363,173		$	358,298

 

 

Unaudited Average Managed Assets		Year Ended
(in millions)		Dec. 31, 2017				Dec. 31, 2016
By Asset Class
Equity		$	65,693			$	59,431
Fixed-income		55,269				51,161
Money market		245,459				252,346
Total Avg. Managed Assets		$	366,421			$	362,938
By Product Type
Funds:
Equity		$	37,377			$	35,846
Fixed-income		40,741				38,772
Money market		176,580				213,906
Total Avg. Fund Assets		$	254,698			$	288,524
Separate Accounts:
Equity		$	28,316			$	23,585
Fixed-income		14,528				12,389
Money market		68,879				38,440
Total Avg. Separate Account Assets		$	111,723			$	74,414
Total Avg. Managed Assets		$	366,421			$	362,938

 

 

View original content:http://www.prnewswire.com/news-releases/federated-investors-inc-reports-fourth-quarter-and-full-year-2017-earnings-300588579.html

SOURCE Federated Investors, Inc.