Federated Investors said Wednesday that it has bought Aetna Life and Casualty Co.'s 25% stake - putting the mutual fund company entirely in the hands of management.
Pittsburgh-based Federated paid $100 million for Aetna's 5.3 million shares. The company administers $85 billion of mutual fund assets, three- quarters of which it also manages.
With the purchase, Federated canceled plans for an initial public offering of 7 million shares.
Aetna, based in Hartford, Conn., bought all of Federated's stock in 1982, but sold a 75% stake back to the company in 1989.