Federated Investors to absorb two mutual funds from Touchstone Investments
Federated Investors Inc. announced today that the firm has reached a definitive agreement to acquire $233 million in assets of two of Cincinnati-based Touchstone Investments’ mutual funds.
Federated Investors Inc. announced today that the firm has reached a definitive agreement to acquire $233 million in assets of two of Cincinnati-based Touchstone Investments’ mutual funds.
Pittsburgh-based Federated filed a preliminary proxy today with the Securities and Exchange Commission seeking shareholder approval.
Federated proposed that the $151 million Touchstone Value Opportunities Fund (CCETX) be reorganized with the Federated Clover Value Fund (VFCKX), and the $82 million Touchstone Diversified Small Cap Value Fund (TCSAX) would be reorganized with the Federated Clover Small Value Fund (VSFIX).
The Touchstone funds had been subadvised by Clover Capital Management Inc. of Rochester, N.Y. In 2008, substantially all of Clover’s assets were acquired by Federated.
Federated had $409.2 billion in assets under management as of March 31.
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