July 15, 2008 / 12:30 PM / in 9 years

Federated Investors snaps up Prudent Bear Funds

BOSTON, July 15 (Reuters) - Money manager Federated Investors Inc (FII.N) said on Tuesday it is buying prominent fund manager David Tice’s Prudent Bear Funds, which specialize in making money on falling stocks.

Federated, which manages mostly money market funds, said the purchase price of the transaction includes a $43.0 million initial payment and future contingent payments of up to $99.5 million over the next four years.

Tice, who founded the funds in 1995 and who has become more prominent in the last months as stocks have tumbled, will join Federated as a chief portfolio strategist, the company said. (Reporting by Svea Herbst-Bayliss, editing by Gerald E. McCormick)

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