Hibernia National Bank's mutual fund business has renewed a contract with Federated Investors Inc. to administer and distribute the funds.

Federated's mutual fund services division will handle distribution, fund administration, portfolio accounting, and transfer agency tasks for three more years for the New Orleans-based fund family, the 10-year-old Tower Mutual Funds.

The seven funds have more than $1 billion of assets under management.

Federated has provided administration and distribution for the funds since their inception.

Federated, based in Pittsburgh, is a top provider of mutual fund services, with about $51.7 billion in administered assets for 237 mutual funds and 24 mutual fund complexes.

Hibernia is the second bank recently to extend its service agreement with Federated.

Last month, Regions Bank, a subsidiary of Regions Financial Corp., signed a three-year administration and distribution agreement for its Regions Funds, which have $1.2 billion under management.

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