The eight funds, named the Performance Funds, are managed by Trustmark Investment Advisors, the asset management arm of the $9.8 billion-asset Trustmark. Four of the eight funds are equity funds, two are fixed-income funds and the other two are money market- funds. The money fund assets are the largest of the funds with a total of about $571 million of assets.
The companies did not disclose a deal price. The sale is expected to close next quarter.
For Federated, one of the nation’s largest investment managers with $363 billion of assets under management, the deal would be its second announced acquisition of mutual funds from a regional bank this year; in April it said it would acquire $5 billion of fund assets from Fifth Third Bancorp (FITB).
Christopher Donahue, its president and chief executive, said Federated remains “very interested” in acquiring additional mutual fund assets from banks.