PITTSBURGH - Federated Investors has hired a marketing director for a new subsidiary that performs back-office functions for mutual funds, including those managed by banks.

The mutual fund company, which manages $55 billion of assets, has named Steven S. Holstein to oversee new product development and marketing at Federated Services Co.

The appointment of Mr. Holstein, 34, represents a new strategic focus for the company, said a Federated spokesman. The mutual fund company has performed back-office functions for years, but it was only in June that it set up a separate subsidiary.

The company never before had a director of marketing who focused on promoting its back-office services, a spokesman said.

Before assuming his new post, Mr. Holstein served as vice president of marketing and product development at Allmerica Financial Services.

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