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US Investor Acquires $2.4 Billion UK Hedge Fund Group

New York (HedgeCo.net) – $351.7 billion US investment manager, Federated Investors, Inc., is acquiring Prime Rate Capital Management from UK hedge fund Matrix Group Limited.

Prime Rate Capital Management’s family of UCITS hedge funds include: Prime Rate Sterling Liquidity Fund, Prime Rate Euro Liquidity Fund and Prime Rate US Dollar Liquidity Fund. Together the funds are estimated to be worth approximately GBP 1.5 billion ($2.4 billion.)

“The agreement will incorporate Prime Rate Capital’s experienced team, insightful processes and excellence in liquidity management into Federated’s money market business – with euro, sterling and dollar-denominated UCITS products positioning us for future growth,” said Gordon J. Ceresino, president of Federated International Management Limited. “After adding an additional sales person in our Frankfurtoffice earlier this year, Federated continues to seek opportunities to expand our global business in Europeand around the world.”

With $189 billion in AAA-rated money market funds, Federated is the second-largest U.S. manager of money funds of the highest credit quality. Federated has 12% of the U.S. market share of AAA-rated money market funds, according to iMoneyNet.

“We opted to join Federated because of the company’s reputation as a premier global liquidity manager since the 1970s,” said Dennis Gepp, managing director and chief investment officer of Prime Rate Capital.  “Our clients and shareholders in the funds can be confident in Federated’s stewardship and credit process, as it is one of the world’s largest and most experienced managers of money market products.”

Alex Akesson
Editor for HedgeCo.net
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