FBR Capital Markets has inked an agreement with a "smaller fund group" which will boost the firm's mutual fund business by 20 percent, Reuters reported, citing comments made by CEO Richard Hendrix in an earnings call on Tuesday.

The report did not identify the fund group.

The group will transfer their assets into FBR's funds next year, the report stated.

FBR spokesperson Troy Gravitt declined to comment on the deal.  

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