The excited state dynamics of a water-soluble polymeric dye poly(S-119) was investigated using femtosecond time-resolved fluorescence upconversion. Multi-exponential relaxation of fluorescence was observed for poly(S-119) in picosecond and sub-picosecond time ranges. The azo-chromophore of the functionalized polymeric dye Sunset Yellow was used as a model compound for detailed investigations of intermolecular interactions. Excited slate decay of this ate-dye can be described by a two-exponential decay law with time-constants of similar to 0.48 ps and 1 ps. Fluorescence anisotropy decay was investigated for both systems. The difference in excited state dynamics between the polymeric dye and the azo-chromophore is explained in terms of inter-molecular interactions resulting in intra-chain aggregate formation.