Friedman Billings Ramsey Group today announced the creation of a new office of the chief executive.

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The position will be staffed by the firm's three founders: Emanuel Friedman, 53, formerly chairman and ceo; Eric Billings, 47, formerly chief operating officer; and W. Russell Ramsey, 39, formerly president and secretary. The firm also named Robert Smith as the chief operating officer.

These moves were made as a result of the rapid growth of the firm, according to Michael Robinson, spokesman for FBR. "These changes will allow Eric, Russ, and I to focus on leading the company's broad growth initiatives, and positions Bob to devote all of his time to day-to-day operational issues," said Friedman, formerly the chairman and ceo.

The chief executives will share responsibilities equally, and will focus on devising and implementing long-term strategic plans for the company.

The new coo, Bob Smith, was previously the general counsel and executive vice president. He joined FBR in 1996, and has been leading the firm's day-to-day operations for the past year. Smith's new title "formalizes" his position as chief of operations, according to Friedman.

Smith was involved with the company's December 1997 IPO, the launch of FBR's online investment bank and electronic brokerage service, FBR's strategic alliance with Fidelity Investments, and the pending acquisition of Money Management Associates/Rushmore Trust & Savings, a Bethesda, Md.-based investment adviser and thrift.

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