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Tuesday, September 08, 2009|
Akre Aims to Add Analysts
Watch for Chuck Akre to hire some analysts in the near future. Last week Akre Capital Management launched the Akre Focus Fund, its first mutual fund. The fund is distributed by U.S. Bancorp's Quasar.
"I will add some analytical talent to our firm."
Akre and his firm have managed the FBR Focus Fund since inception in 1996. Then on July 24 of this year, Akre filed with the SEC to launch his own fund, the Akre Focus, and he submitted his resignation as sub-advisor of the FBR Focus Fund (effective September 22). FBR countered by hiring away Akre's analyst team -- Brian Macauley, David Rainey and Ira Rotheberg -- to co-manage the FBR Focus Fund as employees of FBR.
Does Akre plan to launch any more mutual funds?
"I have no idea," Akre said. "We'll just see what all of that takes us."
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