Federated Investors moved to upgrade investment research for its fixed- income portfolios last week by promoting two portfolio managers.

The Pittsburgh-based mutual fund company gave more responsibility to Jonathan Conley and Mary Jo Ochson, two researchers and managers for Federated's own fixed-income mutual funds. Federated manages $56 billion of assets in 87 fixed-income funds.

Mr. Conley, a senior vice president and senior portfolio manager of the company, has been named to the newly created position of director of fixed- income research. Previously, he concentrated on municipal bonds.

Ms. Ochson, also a senior vice president and senior portfolio manager, was named director of municipal bond research. Before, she limited her research to money market mutual funds.

Both executives now report directly to William D. Dawson 3d, the executive vice president in charge of fixed-income investing at the company, which is a division of Federated Services Co.

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