Federated Investors has set up a sales unit to focus on retirement offerings for the institutional market, the Pittsburgh-based company announced last week.

Until the eight-member group was formed, Federated had market-focused sales groups providing a wide array of services to institutional clients such as governments and corporations, said James M. Heaton, a senior vice president who is heading Federated Institutional Retirement Sales. Federated's cash-management offerings were at the core of the sales effort.

A more focused approach was needed because "the sales cycle for retirement business is much longer than the cash decision," Mr. Heaton said. Now, Federated has created "hundreds of new relationships" and wants to focus on expanding its retirement and foundation business, he said. Federated manages $135 billion of assets.

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