no longer appears in the names of three FBR funds. Arlington, Virginia-based FBR Funds
] made the change last week. [SEC filing
Effective August 27, FBR renamed the FBR Pegasus Fund
to FBR Large Cap Fund
and changed its principal investment strategy. The firm rechristened the FBR Pegasus Mid Cap Fund
to FBR Mid Cap Fund
and the FBR Pegasus Small Cap Fund
to FBR Small Cap Fund
The same day, FBR also reorganized the FBR Pegasus Small Cap Growth Fund
into the FBR Small Cap Fund
, chief marketing and distribution officer for FBR Funds, told The MFWire.com
that the decision to merge the funds
provided the impetus to drop the Pegasus name from FBR's fund menu altogether.
"On that occasion, we decided to continue to simplify the product lineup by eliminating the Pegasus name from the FBR funds," he said.
The use of the Pegasus name stemmed from the logo of FBR Funds' parent, FBR Capital Markets. The firm continues to have a pegasus logo.
The timing of the funds' name change comes as the funds now have their three- and five-year records and are being more broadly considered in the market.
"We wanted to streamline the name and avoid any kind of confusion between FBR Funds and FBR Pegasus Funds," Parker explained. "It's a simpler story to say FBR Funds."
Prior to last week's change, the FBR Funds brand was used only for sector and concentrated offerings and the FBR Pegasus Funds brand was used for core offerings.
FBR currently offers 10 mutual funds with total AUM of $1.5 billion.
Stay ahead of the news ... Sign up for our email alerts now