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Tuesday, July 10, 2012|
Hennessy Has FBR's Russell Parker Feeling Good
Don't expect FBR & Co to overhaul its distribution team when the firm's recently announced merger with Hennessy Management Group goes through.
FBR distribution and marketing head Russell Parker told MFWire that his team will remain intact when the two firms merge, and that he expects the partnership with Hennessy will strengthen both firms.
With Hennessy's acquisition of FBR only waiting on shareholder approval, the two funds shops can start planning for a life together. Parker said that he thinks that Hennessy and FBR can be more than the sum of their parts.
"This is, by my estimation, really a 'one plus one equals three' situation," he told MFWire. "Hennessy has had a very strong foothold with the direct investor and a strong PR campaign, and we at FBR have had, for our size, a significant distribution effort with institutions and advisors."
As to whether he will be able to expand his sales team under Hennessy going forward, Parker said he is optimistic and that hiring depends on whether the funds can grow.
"Distribution resources has always been tied to assets. You need more people to grow your assets, and you get more people by growing assets," Parker said. "Fortunately, we're starting off with a good combination at the outset."
FBR's mutual fund business has about $1.9 billion in total AUM, while Hennessy currently has about $800 million. The deal is expected to close in October.
Printed from: MFWire.com/story.asp?s=40568
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