Federated Investors to Acquire Prime Rate Capital Management

December 28, 2011

On December 22, 2011, Federated Investors, Inc. (NYSE: FII) announced that it had reached an agreement to acquire U.K.-based Prime Rate Capital Management, LLP from Matrix Group Limited.


On December 22, 2011, Federated Investors, Inc. (NYSE: FII) announced that it had reached an agreement to acquire Prime Rate Capital Management, LLP from Matrix Group Limited.  Prime Rate Capital is a U.K.-based provider of institutional liquidity and fixed income products, including the Prime Rate Sterling Liquidity Fund, Prime Rate Euro Liquidity Fund, and Prime Rate US Dollar Liquidity Fund.  Prime Rate’s AAA-rated liquidity funds, which are known as Qualifying Money Market Funds, have approximately $2.4 billion in assets.  Prime Rate’s headquarters are expected to remain in London, where the current investment team will operate as a subsidiary of Federated Holdings (UK) Limited.  Federated Investors is a U.S.-based investment manager with approximately $351.7 billion in assets under management.  Financial terms of the transaction, which is subject to regulatory approval and other customary closing conditions, were not disclosed. 

To read the press release, please click here.


Categories

Investment Manager M&A, Transactions