Fund Times
FBR announced yesterday that David Rainey, Brian Macauley, and Ira Rothberg will be the new comanagers of FBR Focus (FBRVX). The three have worked on the fund together for five years under the direction of one of the most accomplished managers over the past decade, Chuck Akre, who resigned recently to start his own Akre Focus Fund (AKREX).
Rainey, the most tenured analyst on the team, had worked with Akre for the past 11 years on the fund. Macauley joined the duo in 2003, and Rothberg was added in 2004.
In a recent conversation Akre said he considers all of his former analysts "seasoned veterans" and that he has never had non-compete agreements with his staff, preferring instead to let them move on if and when they choose. He also told us that while he has managed portfolios in the past on his own, he is currently considering hiring a new analyst team on his new fund.
This is good news for FBR Focus shareholders, as the new management team has been integral in the fund's past success and has considerable experience. Less certain is how strictly the team will follow their former boss' successful investment philosophy and strategy.