Nearly two weeks after he quit as sub-advisor to the FBR Focus Fund
, Chuck Akre
has taken the wraps off his own fund. Executives at Middleberg, Virginia-based Akre Capital Management
said they "anticipate" that the Akre Focus Fund
will be available through platforms such as Fidelity
and TD Ameritrade
"in the near future."
| Chuck Akre|
Akre Capital Management
ACM officials are betting that investors in the FBR fund will follow Akre to his new venture.
"While Akre Focus Fund is a new mutual fund, we do expect many investors who have had an above average experience over the past 13 years to follow Chuck from the old focus fund to Akre Focus Fund," said ACM president and chief operating officer Andrew Schaefer
in a news release Monday.
The fund carries an expense ratio of 121 basis points for the institutional class shares and 145
for the retail class shares.
Akre started Akre Capital Management in 1989 and operated it as part of Friedman, Billings, Ramsey Investment Management, Inc. Akre left the Morningstar five-star rated FBR earlier this year to start the Akre Fund.
FBR said in mid-August that David Rainey, Brian Macauley and Ira Rotheberg will step in as co-managers of the fund. The three were previously part of Akre Asset Management and are now employed with FBR.
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