CINCINNATI--(BUSINESS WIRE)--Apr. 5, 2012--
Federated Investors, Inc. (NYSE: FII), one of the nation’s largest
investment managers, and Fifth Third Bank announced that a definitive
agreement has been reached regarding the acquisition of certain assets
relating to the management of Fifth Third money market funds. In
connection with the acquisition, approximately $5 billion of money
market assets will be reorganized from four Fifth Third money market
funds into four existing Federated money market funds with similar
investment objectives. The transaction is not expected to have a
material impact on Fifth Third Bancorp’s results.
“For decades, Federated has worked closely with banks to offer
investment products that meet the needs of their customers,” said J.
Christopher Donahue, president and chief executive officer of Federated
Investors. “That experience, combined with our expertise in diligent
credit analysis and fundamental research, provides an ideal opportunity
for Fifth Third to transition these assets. Federated will continue to
closely review further opportunities for strategic alliances that best
serve our bank clients.”
“Our relationship with Federated provides us an exciting opportunity to
grow our business in an area where scale is increasingly important,”
said Kevin T. Kabat, president and CEO of Fifth Third Bancorp. “This
action reduces risk and moves us more closely to trusted advisor status
by being able to offer clients a broader choice of investment products.
We look forward to working with Federated and leveraging our
distribution platform to provide value to shareholders.”
Closing of the transaction is subject to certain conditions and
approvals and is expected to be completed in the third quarter of 2012.
Cambridge International Partners Inc. is advising Fifth Third on the
About Federated Investors, Inc.
Federated Investors, Inc. is one of the largest investment managers in
the United States, managing $369.7 billion in assets as of Dec. 31,
2011. With 134 funds and a variety of separately managed account
options, Federated provides comprehensive investment management to
approximately 4,700 institutions and intermediaries including
corporations, government entities, insurance companies, foundations and
endowments, banks and broker/dealers. For more information, visit FederatedInvestors.com.
About Fifth Third Asset Management
Fifth Third Asset Management, Inc. (FTAM) provides comprehensive
advisory services for institutional clients. FTAM offers a broadly
diversified asset management product line utilizing proprietary mutual
funds, commingled funds, and separate accounts. Through teams of
experienced and knowledgeable investment professionals, advanced
research resources and disciplined investment processes, our goal is
two-fold: produce superior, long-term investment results and client
About Fifth Third Bancorp
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $117 billion in
assets and operates 15 affiliates with 1,315 full-service Banking
Centers, including 105 Bank Mart® locations open seven days a week
inside select grocery stores and 2,407 ATMs in Ohio, Kentucky, Indiana,
Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania,
Missouri, Georgia and North Carolina. Fifth Third operates four main
businesses: Commercial Banking, Branch Banking, Consumer Lending and
Investment Advisors. Following Vantiv Inc.’s initial public offering,
Fifth Third will have an interest of approximately 39% in Vantiv
Holding, LLC, formerly Fifth Third Processing Solutions, LLC. Fifth
Third is among the largest money managers in the Midwest and, as of
December 31, 2011, had $282 billion in assets under care, of which it
managed $24 billion for individuals, corporations and not-for-profit
information and press
releases can be viewed at www.53.com.
Fifth Third’s common stock is traded on the NASDAQ® Global Select Market
under the symbol "FITB." Fifth Third Bank. Member FDIC.
A prospectus/proxy statement with respect to the proposed transaction
will be mailed to shareholders and filed with the Securities and
Exchange Commission (SEC). Investors are urged to read the
prospectus/proxy statement because it contains important information.
The prospectus/proxy statement and other relevant documents will be
available free of charge on the SEC’s Web site at www.sec.gov
or by calling 1-800-341-7400.
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Source: Fifth Third Bancorp
Federated Investors, Inc.
Ray Hanley (Analysts), 412-288-1920
Costello (Media), 412-288-7538
Meghan McAndrew (Media), 412-288-8103
Laura Wehby (Analysts), 513-534-7407
CFA (Analysts), 513-534-3307
Debra DeCourcy, APR (Media),