Federated Investors Inc., a Pittsburgh investment management company, has announced its purchase of a family of mutual funds from Amcore Financial Inc.
Federated said on Monday that it had bought $142 million of mutual fund assets from three of Amcore's Vintage equity mutual funds. The three funds and their assets will be absorbed into three Federated funds. Plans for the purchase were announced in June.
Voting separately by fund, the Vintage funds' shareholders approved the transfer of about $94.9 million from the Vintage Equity Fund and $28.4 million from the Vintage Growth Fund into the Federated Capital Appreciation Fund, as well as $18.7 million from the Vintage Balanced Fund into Federated's Stock and Bond Fund Inc.
Federated has been among the big asset managers buying small fund families from banks and other financial institutions that are abandoning the proprietary fund business because they are too small.
Amcore, a Rockford, Ill., banking company, has $5.2 billion of banking assets and $4.5 billion of investment assets under administration. Federated had $205 billion of assets under management at June 30.
