Pros
The company is focused on investment management. There are no other lines of business. If this is your interest, then Federated is a decent place to pursue it. It has sufficient scale to offer the resources you need to succeed, but only if you are a self starter. There are no formal training programs that I know of (probably not true in the sales organization, though). So I would not suggest this company to somebody just starting a career in investment management that wants to emphasize maximum learning.
Cons
Like many others before me have said, the company is behind the curve in innovation, talent, infrastructure, and desire to win. The company's stock is split into two share classes, voting and non-voting. The voting class is controlled by the founding families and related trusts. So the company cannot be pressured to move faster by non-voting shareholders. Nepotism is rampant, and I really don't know how one moves up the ladder at this company. This is a company that plays not to lose, which is fine for people who are risk averse themselves. If you are the kind of person that wants to work at a place forever and is OK with modest upside with low downside risk, Federated is the place for you.