Federated Investors, an investment management company, has completed the transition of approximately $14b in money market assets. The assets were previously managed by SunTrust Bank's RidgeWorth Capital Management.
Federated said that the assets were transitioned into its money market funds with similar investment objectives through a series of closings that began in September 2010. The transactions were completed on 24 November 2010.
Federated Investors president and CEO Christopher Donahue said the transactions are the continuation of Federated’s long-term relationship with SunTrust.
"Federated’s wide range of liquidity options and money market products combined with our dedicated customer service and experience in transitioning cash management business can benefit SunTrust and its customers," Donahue said.
Federated provides investment management to approximately 5,200 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers.