Federated Acquires Assets of Prudent Bear & Global Income Funds
July 16, 2008
President and CEO of Federated Investors, Inc., J. Christopher Donahue, recently announced Federated’s acquisition of assets associated with the Prudent Bear and Prudent Global Income Funds. Federated is set to purchase these assets from David W. Tice & Associates at an initial price of $43 million with future contingent payments over the next four years of up to $100 million. These funds have an estimated net worth of $1.2 billion and $502 million, respectively.
Federated has begun formulating contracts with current managers and investors of the two funds, including Doug Noland and Patrick Ryan Bend, who have both managed and invested the Prudent Bear fund for years. In addition, president and founder of David W. Tice & Associated LLC, David W. Tice, will follow these funds to Federated where he will become the chief portfolio strategist.
Tice said, “We chose Federated because of the firm’s commitment to the Prudent Bear funds’ investment strategies and investment team, as well as the significant additional resources Federated can provide to the funds. In addition, Federated’s broad array of investment products provides the Prudent Bear funds’ shareholders with the ability to exchange into other equity or fixed income mutual funds.”
For more information on related topics, visit the following:
