In a move that was a step back to the future for Federated Investors, the Pittsburgh firm said it would turn over its mutual fund accounting, financial administration, and reporting to State Street Corp.

State Street had worked in various capacities for Federated since the 1950s and performed mutual fund services until 1993, when Federated decided to take on the functions in-house. State Street continued to act as Federated's custodian.

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