Federated Investors has been awarded a three-year contract to serve as administrator and distributor for the family of mutual funds run by Provident Bank of Cincinnati.
Gary Queen, the head of the bank's capital management group, which manages the $433 million fund family, said Federated's expertise fits with plans to "dramatically grow assets over the next three years."
Administration and distribution were previously handled by Bisys Group. The bank will continue to provide accounting, custody, and transfer agency services for the funds.
Provident's seven-year-old Riverfront Funds family consists of six funds.
Federated, based in Pittsburgh, administers nearly $30 billion of assets for 24 mutual fund complexes. The company also manages $111 billion of assets in its own mutual funds and separate accounts.