Federated Acquires Two Touchstone Funds
June 1, 2009
Federated Investments has acquired two mutual funds from Touchstone Advisors, the Touchstone Value Opportunities Fund and the Touchstone Diversified Small Cap Value Fund. Combined, the two funds have $233 million in assets. And they will be folded into the Federated Clover Value Fund and the Federated Clover Small Value Fund, respectively.
“With the creation of similar funds by Federated following its acquisition of certain assets of Clover Capital Management in late 2008, the two fund reorganizations make sense for Touchstone fund shareholders,” said Jill T. McGruder, president of Touchstone.
“Federated Clover’s investment team has historically delivered above-market returns with lower-than-average risk in the traditional value space, and current Federated Clover fund shareholders can benefit from the increase in assets,” said J. Christopher Donahue, president and CEO of Federated. “Federated continues to evaluate multiple acquisition opportunities to add assets to our franchise.”
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