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Friday, August 14, 2009

FBR Moves to Fill Akre's Void

Reported by Meredith Mazzilli

FBR Fund Advisers has tapped the successors for Akre Asset Management's Chuck Akre at the helm of the FBR Focus Fund. Akre, as previously reported, is leaving the fund to start his own.

Friday, FBR said David Rainey, Brian Macauley and Ira Rothberg will step in as co-managers of the fund. The trio has worked together at Akre Asset Management for the past five years as the analytical team behind the FBR Fund.

The three will now become employees of FBR.

Edward Wheeler, president and COO of FBR, said that the move will ensure continuity in the fund's management.

"We are very pleased to be able to retain the entire analyst team and bring David, Brian and Ira in-house to continue their work on the FBR Focus Fund," Wheeler stated. "The team has more than 20 years of collective experience with the FBR Focus Fund and has contributed substantially to its excellent long-term track record." 

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