Two Federated mutual funds will acquire approximately $233 million in assets from the Touchstone Value Opportunities Fund and Touchstone Diversified Small Cap Value Fund. The assets of the $151 million Touchstone Value Opportunities Fund would be reorganized with the Federated Clover Value Fund, and the assets of the $82 million Touchstone Diversified Small Cap Value Fund would be reorganized with the Federated Clover Small Value Fund, a press release said.
In late 2008, Federated purchased substantially all of the assets of Clover Capital Management, Inc., which had sub-advised the Touchstone Value Opportunities Fund and Touchstone Diversified Small Cap Value Fund since their respective inception dates. Since that time, Clover’s business relating to the management of these two Touchstone Funds has been operated within the Federated Clover Investment Advisors division of Federated Global Investment Management Corp., a wholly owned subsidiary of Federated.
“With the creation of similar funds by Federated following its acquisition of certain assets of Clover Capital Management, Inc. in late 2008, the two fund reorganizations make sense for Touchstone fund shareholders,” Jill T. McGruder, president of Touchstone Funds said. “The reorganizations provide consistency in that each fund will continue to be managed by the same team of managers utilizing substantially the same investment strategies and techniques.”
Federated Investors, Inc. managed $409.2 billion in assets as of March 31, 2009.
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