FBR Broadens Capital Markets Franchise With Addition of Team From Lazard Capital Markets
October 14 2013 - 4:24PM
FBR & Co. (Nasdaq:FBRC) ("FBR" or the "Company"), a leading
investment bank serving the middle market, announced today that it
has expanded its core capital markets organization with the
addition of 29 professionals from Lazard Capital Markets, the
privately held financial services firm, in connection with a
negotiated transaction. Included in this group are 6 senior
research analysts, 6 sales traders, 3 position traders, and 4
institutional sales people.
FBR will initiate coverage within the Healthcare industry and
add significantly to existing coverage within the TMT (Technology,
Media, and Telecom) and Consumer groups. Combined with other recent
hires in research, the overall team will include 31 senior analysts
covering 7 industry groups and Washington Policy. The expanded FBR
Research team will initially provide coverage of approximately 500
publicly traded securities.
"The additions in institutional sales and trading will add to an
already strong team in distribution at FBR and help to broaden and
deepen important client relationships," said Richard J. Hendrix,
Chairman and Chief Executive Officer of FBR. "A valuable feature of
the group joining FBR is the complementary fit from a client
perspective. Our combined teams have little overlap in terms of key
clients and will be able to serve those clients much more
effectively with a meaningfully enhanced product offering."
"Over the last several years, we have focused on creating the
industry leading small-cap equities franchise by delivering for
clients and shareholders. The new team supports both of those
priorities. High quality, differentiated research, high-touch
execution, and corporate access continue to be valued by
institutional investors. The addition of these professionals
enhances our capability in each of those areas," continued
Hendrix.
"From a shareholder perspective, revenue per head remains a key
metric to manage in our business in order to achieve competitive
returns on equity. This new team is expected to contribute to our
ability to maintain our current industry leading revenue per
person, keeping us on the path of consistent profitability that we
have been building upon. Further, this addition can be supported by
our existing infrastructure and does not come with any associated
goodwill or other direct capital costs and should enhance our
ability to manage capital in a way that maximizes shareholder
value."
"I am pleased to welcome these new team members to our current
FBR team that is performing at an exceptional level, and I look
forward to working together to achieve our goal of being the
leading small-cap equities business in the US," concluded
Hendrix.
FBR & Co. (Nasdaq:FBRC) provides investment banking, merger
and acquisition advisory, institutional brokerage, and research
services through its subsidiary FBR Capital Markets & Co. FBR
focuses capital and financial expertise on the following industry
sectors: consumer; diversified industrials; energy & natural
resources; financial institutions; healthcare; insurance; real
estate; and technology, media & telecom. FBR is headquartered
in the Washington, D.C. metropolitan area with offices throughout
the United States. For more information, please visit
www.fbr.com.
CONTACT: Investors:
Bradley J. Wright
703.312.9678
bwright@fbr.com
Media:
Shannon Small
703.469.1190
ssmall@fbr.com
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