UppersJoining an I-bank on the rise
DownersJoining an I-bank in D.C., not NYC
ABOUT THIS COMPANY:Down to one corner office
Friedman, Billings, Ramsey Group (FBR) was founded in 1989 by Emanuel Friedman, Eric Billings and Russell Ramsey. In April 2005, co-chairman and co-CEO Emanuel "Manny" Friedman announced he was retiring, leaving the responsibilities in the hands of his partner, Eric Billings. As co-CEO, Billings had executive responsibility for substantially all of the company's operations since the merger of FBR and FBR Asset Investment Corporation in 2003. Following that merger, in April 2004, FBR established the office of the chief executive to perpetuate the partnership culture on which the company was built. Since Friedman's departure, the office is comprised of Billings, Richard J. Hendrix, president and COO, and J. Rock Tonkel Jr., president and head of investment banking.
At its inception, FBR set out to deliver research on a select group of industries. The firm has since expanded its capabilities, today providing a full range of financial services, including investment banking, institutional brokerage, asset management and private client. FBR also invests on behalf of its shareholders in a portfolio of REIT-qualified mortgaged-backed assets, as well as in a portfolio of merchant banking and other long-term assets. As of February 22, 2006, the firm had sold mortgage-backed securities valued at $6.7 billion. Headquartered in the Washington, D.C., metropolitan area, FBR also has offices in Boston, Cleveland, Dallas, Denver, Houston, Irvine, London, New York, Phoenix, San Francisco, Seattle and Arlington, Va.
FBR concentrates on delivering investment banking services to and investing in middle-market companies primarily in eight industries: consumer, diversified industrials, energy, financial institutions, health care, insurance, real estate, and technology, media and telecommunications. The firm's investment banking practice offers securities underwriting as well as M&A and restructuring advisory. FBR complements its offerings with an equity research team that covers more than 550 companies.
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