Federated provides asset management services for institutional and individual investors. The company had $668.9 billion in managed assets at the end of 2021, composed of equity (14%), multiasset (1%), fixed-income (15%), alternative (3%), and money market (67%) funds. That said, the firm's cash-management operations are expected to generate around 30% of Federated's revenue this year, compared with 42%, 18%, and 10%, respectively, for the firm's equity, fixed-income, and alternatives/multi-asset operations. From a channel perspective, the company's products are distributed via trust banks, wealth managers and retail broker/dealers (62% of AUM), institutional investors (27%), and international clients (11%).