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SOURCE Federated Investors, Inc.
PITTSBURGH, March 7, 2013 /PRNewswire/ -- Federated Investors, Inc. (NYSE: FII), one of the nation's largest investment managers, today announced changes to the organization of its fixed-income unit. The announcement was made by John B. Fisher, president and chief executive officer of Federated Advisory Companies.
Effective April 15, 2013, Joseph M. Balestrino, senior vice president and senior portfolio manager, is leaving the firm and is expected to be available to Federated on a consultative basis. Balestrino manages several Federated products, including the Federated Total Return Bond Fund.
"We thank Joe for his outstanding contributions to Federated during his 27 years with our firm," Fisher said. "During his tenure in investment management, Joe was a key contributor in establishing our reputation for strong, risk-adjusted results in our multisector products throughout business cycles."
Under the leadership of Robert J. Ostrowski, chief investment officer for the taxable fixed-income group, Federated has built a deep and experienced fixed-income team and a collaborative process for both its fund and separate account products.
"The Federated fixed-income investment process emphasizes shared responsibilities among team members," said Ostrowski. "Because of our experienced team, our clients can be assured that we will continue to offer the same strategies and processes that have earned our well-deserved reputation as a strong fixed-income manager."
The investment personnel who step into the expanded portfolio manager roles detailed below have a combined 109 years in the industry and 88 years of experience at Federated. Each has managed products which have produced top-quartile to top-decile performance during their tenure at Federated.
Federated Investors, Inc. is one of the largest investment managers in the United States, managing $379.8 billion in assets as of Dec. 31, 2012. With 137 funds, as well as a variety of separately managed account options, Federated provides comprehensive investment management worldwide 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.
Certain statements in this press release, such as Federated's staffing expectations or its ability to offer the same strategies and processes in the future, may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the company, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Other risks and uncertainties also include the risk factors discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission. As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the company nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.
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