April 24 (Reuters) - 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)