Reed Smith and Federated Investors have formed an alliance wherein the former will be taking on the mangement and execution of the day-to-day work performed by Federated's legal department, a spokesperson with the latter told the MutualFundWire.com. The two firms together are forming a new asset management practice group.

On October 1, Reed Smith will pull both partners and associates from its offices in New York, Philadelphia, Washington, Wilmington, and Pittsburgh to work alongside Federated's team. They will work on the 12th floor of the Federated Investors Tower in Pittsburgh.

Steve Keen, general counsel for Federated, will remain a Federated employee as will his staff and the compliance department. Gene Maloney and John McGoingle will continue as directors at Federated and members fo the executive management team. However, over 50 lawyers, paralegals, and support staff with Federated will now be working directly for the law firm.

"Transitioning Federated's '40 Act legal team to Reed Smith instantly makes us one of 10 largest players in the mutual fund legal world," stated Gregory Jordan, Reed Smith's firmwide managing partner. "The combination positions the law firm as a leading provider of mutual fund and investment management services, and strengthens Reed Smith's considerable array of financial services expertise." 

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