April 24 Asset manager Federated Investors Inc
said first-quarter net income fell 18 percent as it
waived more fees on its money market funds.
For the three months ended March 31 Pittsburgh-based
Federated reported net income of $35.2 million, or 34 cents per
share, down from $43 million, or 41 cents per share, in the same
period a year earlier.
Analysts surveyed by Thomson Reuters I/B/E/S expected the
company to earn 37 cents in the quarter.
Federated's revenue in the quarter was $211.5 million, down
7 percent compared to the same period a year ago. Federated said
the decline was caused partly by an increase in the amount of
fees it waived on its money funds. Federated and other money
fund sponsors have been hampered by low interest rates.
(Reporting by Ross Kerber; Editing by Meredith Mazzilli)