Federated Investors Inc., a Pittsburgh investment manager, completed its acquisition of certain assets of David W. Tice & Associates LLC relating to the management of the $1.1 billion Prudent Bear Fund and the $363.8 million Prudent Global Income Fund.
The funds have been renamed the Federated Prudent Bear Fund and the Federated Prudent Global Income Fund.
Each fund will be available in A, C, and IS shares, Federated said Tuesday.
Doug Noland joined Federated as a senior vice president and senior portfolio manager and will continue to run both funds. David W. Tice, who founded the funds, will join Federated as a chief portfolio strategist.
Ryan Bend and Chad Hudson joined Federated as portfolio managers. Lila Manassa joined as a senior investment analyst, Robert Schulte-Albert as an investment analyst, and James Gemmel as an associate investment analyst.
Federated made a $43.0 million initial payment and agreed to make contingent payments of up to $99.5 million over the next four years.
The firm had $344 billion of assets under management as of Sept. 30. It manages 147 mutual funds and a variety of separately managed accounts.