performs back-office functions for mutual funds, including those managed by banks. The Pittsburgh-based fund company, which manages $55 billion in assets, has named Cathy Z. Angellis as one of two marketing directors at Boston- based Federated Services Co. The unit provides its administration and transfer agency services. She will report to Steven S. Holstein, who was hired in September to oversee product development and marketing of the unit. Ms. Angellis was an assistant vice president for retirement services product development with 440 Financial Group. The hiring of Ms. Angellis and Mr. Holstein represents a new strategic focus for Federated Investors. The company has performed back-office functions for years, but in June it set up a subsidiary separate from its mutual fund management business.

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