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Fifth Third Says Federated Investors Acquiring $5 Billion Of Money Market Assets

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04/05/2012 | 04:13pm CEST

Fifth Third Bancorp (>> Fifth Third Bancorp) said its asset management arm will shed some assets, including roughly $5 billion of money market assets being acquired by investment manager Federated Investors Inc. (FII).

Under Fifth Third's deal with the firm, the money market assets will be reorganized from four Fifth Third money market funds into four existing Federated money market funds with similar investment objectives.

The transaction, expected to be completed in the third quarter, isn't seen having a material impact on Fifth Third's results.

"This action reduces risk and moves us more closely to trusted advisor status by being able to offer clients a broader choice of investment products," said Chief Executive Kevin T. Kabat.

Also Thursday, the bank said Touchstone Advisors, a mutual fund unit of Western & Southern Financial Group Inc., will acquire the assets of 16 of its mutual funds. Fifth Third Asset Management's affiliated investment mangers will continue as sub-advisors for some of the funds.

The moves come after Fifth Third saw its request to raise its dividend and begin buying back shares rejected by the Federal Reserve last month following completion of the regulator's latest "stress tests" for the nation's largest banks.

Fifth Third at the time declined to say why the Fed objected, citing regulatory reasons, but said it would resubmit the plan "as soon as practicable."

Shares were recently up 6 cents to $14.54.

   -By Mia Lamar, Dow Jones Newswires; 212-416-3207; [email protected] 

Stocks mentioned in the article : Fifth Third Bancorp
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Financials ($)
Sales 2017 6 139 M
EBIT 2017 2 164 M
Net income 2017 1 954 M
Debt 2017 -
Yield 2017 2,13%
P/E ratio 2017 11,20
P/E ratio 2018 13,65
Capi. / Sales 2017 3,37x
Capi. / Sales 2018 3,23x
Capitalization 20 673 M
Duration : Period :
Fifth Third Bancorp Technical Analysis Chart | FITB | US3167731005 | 4-Traders
Technical analysis trends FIFTH THIRD BANCORP
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 29
Average target price 28,4 $
Spread / Average Target 1,2%
EPS Revisions
Gregory D. Carmichael President, Chief Executive Officer & Director
Marsha Cole Williams Chairman
Lars C. Anderson Co-Chief Operating Officer & Executive VP
Aravind Immaneni Co-COO, Chief Technology Officer & Executive VP
Tayfun Tuzun Chief Financial Officer & Executive Vice President