president and chief executive officer, the investment management company announced Monday. Mr. Donahue, 49, has served as president and chief operating officer of Federated since 1993. He started his career at Federated in 1974 as a law clerk. He takes the chief executive title from Federated's founder, John F. Donahue, who will retain his post as chairman. Federated Investors managed more than $96 billion in some 150 mutual funds and separate accounts as of March 31. In March the company filed plans with the Securities and Exchange Commission for an initial public offering of shares.

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