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4-Traders Homepage  >  Equities  >  Nasdaq  >  Fifth Third Bancorp    FITB

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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 CET

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; mia.lamar@dowjones.com 

Stocks mentioned in the article : Fifth Third Bancorp
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Financials ($)
Sales 2016 6 342 M
EBIT 2016 2 184 M
Net income 2016 1 426 M
Debt 2016 -
Yield 2016 2,04%
P/E ratio 2016 13,91
P/E ratio 2017 14,61
Capi. / Sales 2016 3,10x
Capi. / Sales 2017 3,14x
Capitalization 19 638 M
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Mean consensus HOLD
Number of Analysts 31
Average target price 27,1 $
Spread / Average Target 4,2%
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NameTitle
Gregory D. Carmichael President, Chief Executive Officer & Director
Marsha Cole Williams Non-Executive Chairman
Lars C. Anderson Chief Operating Officer & Executive Vice President
Aravind Immaneni Chief Operations & Technology Officer, EVP
Tayfun Tuzun Chief Financial Officer & Executive Vice President
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