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Federated Investment Counseling

SEC-registered adviser since 1989Pittsburgh, PACRD 105325

$207.2B
AUM
8,721
Clients
See fees
Fee
141
Advisory staff

From Form ADV filed 8 September 2026 · data retrieved 15 October 2026SEC record

Federated Investment Counseling is an investment adviser headquartered in Pittsburgh, Pennsylvania, and registered with the SEC since 1989. Its clients include state or municipal government entities, pooled investment vehicles and insurance companies. High-net-worth individuals account for 0% of its regulatory assets under management.

Its services include portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, and educational seminars. Fee arrangements include a percentage of assets under management and performance-based fees. Fii Holdings, Inc. owns 75% or more of Federated Investment Counseling.

Clients

Federated Investment Counseling serves 8,721 clients, 6,466 of them other individuals. The average client has about $24 million with the firm, and high-net-worth clients hold 0% of its $207.2 billion in assets.

Regulatory assets by client type
  • Pooled investment vehicles25 clients8%
  • State or municipal government entities22 clients76%
  • Insurance companies15 clients7%
  • Corporations and other businesses615 clients2%
  • OtherIndividuals, High-net-worth individuals, Banking or thrift institutions, Pension and profit-sharing plans, Charitable organizations, Other investment advisers, Sovereign wealth funds and foreign official institutions7%
Show client breakdown
Individuals (other than HNW)
Clients
6,466
Regulatory AUM
$3,622,128,246
Share
1.7%
Avg. per client
$560K
High-net-worth individuals
Clients
146
Regulatory AUM
$223,715,087
Share
0.1%
Avg. per client
$1.53M
Banking or thrift institutions
Clients
2
Regulatory AUM
$572,059
Share
0.0%
Avg. per client
$286K
Pooled investment vehicles
Clients
25
Regulatory AUM
$15,931,573,294
Share
7.7%
Avg. per client
$637.3M
Pension and profit-sharing plans
Clients
215
Regulatory AUM
$2,301,794,521
Share
1.1%
Avg. per client
$10.7M
Charitable organizations
Clients
210
Regulatory AUM
$1,085,481,156
Share
0.5%
Avg. per client
$5.17M
State or municipal government entities
Clients
22
Regulatory AUM
$156,966,874,457
Share
75.8%
Avg. per client
$7.13B
Other investment advisers
Clients
1,003
Regulatory AUM
$3,103,963,071
Share
1.5%
Avg. per client
$3.09M
Insurance companies
Clients
15
Regulatory AUM
$15,225,182,439
Share
7.3%
Avg. per client
$1.02B
Sovereign wealth funds and foreign official institutions
Clients
2
Regulatory AUM
$3,694,866,563
Share
1.8%
Avg. per client
$1.85B
Corporations and other businesses
Clients
615
Regulatory AUM
$5,053,780,053
Share
2.4%
Avg. per client
$8.22M

Total

Clients
8,721
Regulatory AUM
$207,209,930,946
Share
100%
Avg. per client
$23.8M

What it does

Federated Investment Counseling provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, educational seminars and other activities. It is paid through a percentage of assets and performance-based fees.

Federated Investment Counseling advises 3 private funds.

100.0% of assets ($207.21B across 8,721 accounts) are managed with discretion. $10.39B sits in a wrap fee program the firm both sponsors and manages. 1% of clients are outside the U.S., and 35 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end
  • Stocks12%
  • Funds6%
  • Bonds77%
    • Investment grade corporate bonds41%
    • U.S. government and agency bonds27%
    • High-yield corporate bonds9%
  • Other4%
    • Derivatives4%

Filed values cover 99%. The neutral 1% gap has no reported category.

Custodians

Federated Investment Counseling’s client accounts are held mainly at BNY Mellon, with 15% of managed assets. Federated Investment Counseling has custody of $67.16B for 5 clients.

Managed account assets by custodian
  • BNY MellonBNY Mellon · Pittsburgh, PA · $32.04B15%
  • All other custodians$175.17B85%

Ownership and leadership

Fii Holdings, Inc. owns 75% or more of Federated Investment Counseling.

Who owns the firm
Federated Investment Counseling· the adviser

  • Fii Holdings, Inc.

    Control person · since December 1989

    Owns 75% or more of Federated Investment Counseling

Leadership

  • Deborah Cunningham
    Exec Vice President/CIO-Money Markets
  • Paul Uhlman
    Truste President CEO
  • Stephen Van Meter
    Chief Compliance Officer
  • Steven Chiavarone
    Chief Investment Officer - Equity
  • John Donahue
    Trustee
  • Thomas Donahue
    Trustee, Treasurer
  • John Fisher
    Chairman
  • James Gallagher
    Trustee
  • Richard Gallo
    CIO - Global Fixed Income
  • Gina Jacobs
    Trustee
  • George Magera
    Secretary

Staff

  • 213 employees
  • 141 in advisory functions
  • 21 state-registered reps
  • 4 soliciting firms

Fees

Federated Investment Counseling is paid through a percentage of assets under management and performance-based fees.

Federated Investment Counseling’s fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Federated Investment Counseling has 2 offices, with 3 listed addresses across 3 states.

Listed office addresses by state

Pennsylvania · 1 listed address

  • 1001 Liberty Avenue, PittsburghHQ

Other business names

Federated Investment Counseling has reported 3 other business names to the SEC.

  • Federated Hermes CW Henderson Division
  • Federated Hermes CW Henderson, A Division of Federated Investment Counseling
  • Federated Investment Counseling (including Its Federated Hermes CW Henderson Division)

Registration details

Legal name
Federated Investment Counseling
Headquarters
1001 Liberty Avenue, Pittsburgh, PA 15222-3779
Phone
412-288-1900
Website
Not reported
SEC file
801-34611
Structure
Delaware other (specify)
Fiscal year end
December

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does Federated Investment Counseling have?

Federated Investment Counseling has 8,721 clients and manages $207.2 billion for them, as of September 2026. They include 6,466 other individuals, 1,003 other investment advisers and 615 corporations and other businesses.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 8 September 2026

What services does Federated Investment Counseling offer?

Federated Investment Counseling provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, educational seminars and other activities.

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

Which custodians does Federated Investment Counseling use?

Federated Investment Counseling’s separately managed account assets are held at BNY Mellon (Pittsburgh, PA), with $32,040,361,363. Only custodians holding at least a tenth of those assets are named.

Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 8 September 2026

How many financial advisors does Federated Investment Counseling have?

Federated Investment Counseling has 21 investment adviser representatives registered with state securities authorities, out of 213 employees, and 141 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does Federated Investment Counseling invest in?

At the end of its last fiscal year, Federated Investment Counseling’s separately managed accounts held 41% investment grade corporate bonds, 27% U.S. government and agency bonds, 12% exchange-traded equities, 9% high-yield corporate bonds, 6% registered funds (mutual funds, ETFs, BDCs) and 4% derivatives. It advises 3 private funds.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns Federated Investment Counseling?

Federated Investment Counseling is owned through a holding company by Federated Hermes, Inc. Its direct owner is Fii Holdings, Inc. (75% or more).

Source: Form ADV Part 1A, Schedules A and B, filed 8 September 2026

How does Federated Investment Counseling get paid?

Federated Investment Counseling is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file

Sources

  1. Form ADV Part 1A, amendment filed 8 September 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. IAPD firm record, CRD 105325.

Retrieved 15 October 2026. All are published by the SEC and may have been amended since.

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This profile is compiled from public regulatory filings and is provided for informational purposes only. Niva Wealth is not affiliated with Federated Investment Counseling and makes no representation about the quality of its services. Figures reflect the filing dates shown and may have changed. Ownership percentages are the bands reported to the SEC, not exact figures.