Federated Investors (FII) Announces Acquisition Involving the Prudent Bear Funds
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Federated Investors, Inc. (NYSE: FII) announced that it reached a definitive agreement to acquire certain assets of David W. Tice & Associates LLC that relate to the management of the $1.2 billion Prudent Bear Fund and the $507 million Prudent Global Income Fund. The purchase price of the transaction includes a $43.0 million initial payment and future contingent payments of up to $99.5 million over the next four years. The announcement was made by J. Christopher Donahue, president and chief executive officer of Federated and David W. Tice, president and founder of David W. Tice & Associates.
The sale is expected to close in the fourth quarter of 2008. In connection with the agreement, Federated will re-brand the Prudent Bear funds as the newly created Federated Prudent Bear Fund and the Federated Prudent Global Income Fund and will acquire the related intellectual capital.
Federated Investors, Inc. is one of the largest investment managers in the United States, managing $338.5 billion in assets as of March 31, 2008.
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