July 25 (Reuters) - Asset manager Federated Investors Inc on Thursday said its second-quarter profit was unchanged compared with a year ago as it was forced to increase fee waivers amid low interest rates.
For the three months ended June 30, Federated of Pittsburgh reported net income of $40.4 million or 39 cents per share, the same figures it reported for the three months ended June 30, 2012.
Analysts on average expected Federated to earn 40 cents per share in the most recent quarter, according to those surveyed by Thomson Reuters I/B/E/S.
Federated is a major sponsor of money market mutual funds and like competitors has been forced to waive many of funds’ fees to keep investors amid low interest rates.
Increased fee waivers was the main culprit for the company’s four percent revenue decline to $223.8 million in the quarter, compared with the year-ago period, Federated said.