Another fund shop is being shopped. FBR & Co.
is looking at ways to boost its asset management unit -- possibly through selling it
Top brass at the Arlington, Virginia based mutual fund shop wrote about a possible sale in a securities filing earlier this week. That document was picked up by Washington Business Journal
reporter Bryant Ruiz Switzky.
Switzky also reported that the briefing said the firm would not comment on the matter any further unless a deal to sell the asset management business was reached.
FBR's asset management section includes 10 mutual funds and has $1.7 billion in assets. The past few years have not been easy for the company, as Switzky notes that asset management fees are down 38 percent from 2007, the last time the firm as a whole made a profit.
FBR also provides investment banking and institutional brokerage in addition to asset management.
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