Multi-functional additives which impart improved antioxidancy to lubricating oil compositions and frictional properties resulting in improved fuel economy in an internal combustion engine are disclosed. More particularly disclosed is a boron containing salt of an oil soluble hydroxylated amine and a hindered phenolic acid product prepared by: a) reacting an oil soluble hydroxylated amine of the general formula II: wherein A at each occurrence is each independently C2-C6 alkylene group; R is methyl or an alkyl or alkenyl group having C2-C24 carbon atoms; Y is hydrogen, C1-C6 alkyl group or A-OH; x is an integer of 1 or 2; and z is an integer of 0 or 1; with a boron containing compound under reactive conditions; and b) mixing the reaction product of step a) with a hindered phenolic acid.