March 7 Money manager Federated Investors
named a new manager to oversee its $7.6 billion Total
Return Bond Fund, which has lagged similar funds in recent
Donald Ellenberger, a 26-year veteran of the firm, will take
over as senior portfolio manager of the fund from Joseph
Balestrino, who is leaving but will continue to be available on
a consulting basis, Pittsburgh-based Federated said in a
statement. Balestrino worked at Federated for 27 years.
Federated's Total Return Bond Fund gained 3.71
percent over the past year, trailing the performance of 69
percent of similar funds, according to data from Morningstar.
The fund trailed 71 percent of peers over the past three years.
Federated, best known as a manager of money market funds,
oversaw total assets of $380 billion at the end of 2012.