Federated Investors Inc. of Pittsburgh has completed its acquisition of three mutual funds from Sentinel Asset Management Inc. of Montpelier, Vt.
The funds have total assets of $72.6 million and will be assimilated into three Federated funds.
The Sentinel funds' shareholders approved the transition of about $37.9 million from the Sentinel Tax-Free Income Fund into the Federated Municipal Securities Fund Inc.; $14.2 million from the Sentinel New York Tax-Free Income Fund into the Federated New York Municipal Income Fund; and $20.5 million from the Sentinel Pennsylvania Tax-Free Trust into the Federated Pennsylvania Municipal Income Fund.
The acquisition, announced late Monday, is Federated's fourth this year. In July it acquired MDTA LLC, a quantitative equity manager based in Cambridge, Mass.
Federated had $222.7 billion of assets under managed in 149 funds on Sept. 30. Sentinel had $18 billion.
