Mergers & Acquisitions / Joint Ventures

Matrix sells cash manager Prime Rate to US group Federated

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Federated Investors, one of the largest investment managers in the US with assets under management of over $350 billion, is to buy cash management and money markets investment firm Prime Rate Capital Management from UK-based financial services group Matrix.

London-based Prime Rate, which runs some $2.4 billion of triple-A rated institutional liquidity and fixed-income products, manages a family of UCITS funds including Prime Rate Sterling Liquidity Fund, Prime Rate Euro Liquidity Fund and Prime Rate US Dollar Liquidity Fund. The terms of the agreement were not disclosed.

“The agreement will incorporate Prime Rate Capital’s experienced team, insightful processes