UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C. 20549

                     STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

     Filed  pursuant to Section  16(a) of the  Securities  Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f)
of the Investment Company Act of 1940

FORM 4

/      /  Check this box if no longer subject to Section 16, Form 4 or Form 5
obligations may continue.  See Instruction 1(b)

(Print or Type Responses)
1.  Name and Address of Reporting Person*
Murdy                         James                   L.
(Last)                        (First)                 (Middle)

2670 Merry Oak Lane

(Street)

Upper St. Clair               PA                      15241
(City)                        (State)                 (Zip)
2.  Issuer Name and Ticker or Trading Symbol
      Federated Investors, Inc.                FII

3.  I.R.S. Identification Number of Reporting Person, if an entity (voluntary)


4.  Statement for Month/Year
      February 2002

5.  If Amendment, Date of Original (Month/Year)

6.  Relationship of Reporting Person(s) to Issuer
(Check all applicable)
___X_____ Director            ________ 10% Owner
   -
___   _____ Officer (give title below)    ________ Other (specify below)
   ---


7.  Individual or Joint/Group Reporting (Check Applicable Limit)
___X____  Form filed by One Reporting Person
_______  Form filed by More than One Reporting Person



  Table I -- Non-Derivative Securities Acquired,, Disposed of, or Beneficially Owned
                                                                                 
1. Title of     2.         3.            4.  Securities Acquired   5.  Amount of    6.  Ownership  7.  Nature
   Security     Transaction   Transaction   (A) or Disposed of     Securities       Form:  Direct  of Indirect
   (Instr. 3)   Date          Code          (D) (Instr. 3, 4, and  Beneficially     (D) or         Beneficial
                (Mon/day/year)(Instr. 8)    5)                     Owned at End of  Indirect (I)   Ownership
                                                                   Month            (Instr. 4)     (Instr. 4)
                                                                   (Instr. 3 and 4)
                           Code   V      Amount   (A) or   Price
                                                     (D)
Class B Common  2/11/2002  M             7,500    A        $12.66
   Stock

Class B Common  2/11/2002  M             2,250    A        $11.00
   Stock

Class B Common  2/11/2002  M             2,250    A        $17.75
   Stock

Class B Common  2/11/2002  S             8,150    D        $32.39  8,350            D
   Stock

Reminder:  Report on a separate line for each class of securities beneficially owned
directly or indirectly.
*  If the form is filed by more than one reporting person,  see Instruction 4(b)(v).


FORM 4 (continued)
                           Table II - Derivative Securities Acquired, Disposed of, or
Beneficially Owned
                               (e.g., puts, calls, warrants, options, convertible securities)

1.  Title of         2.  Conversion  3.              4.  Transaction     5.  Number of    6.  Date
Derivative Security  or Exercise     Transaction        Code             Derivative       Exercisable and
(Instr. 3)           Price of        Date               (Instr. 8)       Securities       Expiration Date
                     Derivative      (Month/Day/Year)                    Acquired (A) or  (Month/Day/Year)
                     Security                                            Disposed of (D)
                                                                         (Instr. 3, 4,
                                                                         and 5)
                                                     Code     V          (A)       (D)    Date
                                                                                          ExercisableExpiration
                                                                                                     Date

Employee Stock       $12.66          2/11/2002       M                   7,500            8/31/20018/30/2008
Option (Right to
purchase)

Employee Stock       $11.00          2/11/2002       M                   2,250            5/17/99  5/17/2009
Option (right to
purchase)

Employee Stock       $17.75          2/11/2002       M                   2,250            4/26/20004/26/2010
Option (right to
purchase)

7.  Title and Amount of       8.  Price of     9.  Number of        10.  Ownership    11.  Nature of
Underlying Securities         Derivative       derivative           Form of           Indirect Beneficial
(Instr. 3 and 4)              Security         Securities           Derivative        Ownership
                              (Instr. 5)       Beneficially Owned   Security:         (Instr. 4)
                                               at End of Month      Direct (D) or
                                               (Instr. 4)           indirect (I)
                                                                    (Instr. 4)
Title            Amount or
                 Number of
                 Shares

Class B          7,500                         0
Common Stock

Class B Common   2,250                         0
Stock

Class B Common   2,250                         0
Stock


Explanation of Responses:

** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.

See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

     Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, See Instruction 6 for procedure. Potential persons who
are to respond to the collection of  information  contained in this form are not
required to respond unless the form displays a currently valid OMB number.

/s/ James L. Murdy                  March 8, 2002
--------------------------------    -----------------------
**Signature of Reporting Person                            Date