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Monday, August 31, 2009|
Akre Eyes Distribution Deals for His New Fund
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, Pershing, Schwab and TD Ameritrade "in the near future."
"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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