Chuck Akre is leaving the five-star FBR Focus Fund next month to start his own fund. FBR Asset Management has yet to name his replacement.

Chuck Akre

"Chuck Akre of Akre Capital Management has tendered his resignation as sub-adviser to the FBR Focus Fund effective September 22, 2009," FBR spokesman Tucker Hewes confirmed to The MFWire. "FBR Fund Advisers will continue to manage the Fund and anticipates the shareholders will continue to benefit from the Fund's strong performance achieved since inception."

On July 24, Akre filed papers with the SEC to launch the Akre Focus Fund. Retail class shares will come with an expense ratio of 146 basis points, and institutional class shares will sport a 121 bps expense ratio.

Akre founded ACM in 1989 and for a time operated it as part of Friedman, Billings, Ramsey & Co. In 2000, ACM once again became an independent firm.

Akre has been at the helm of FBR Focus Fund since 1996, chalking up a 12.6 percent annualized gain through August 3, noted Morningstar analyst Ryan Leggio.

"This is a big loss for FBR," Leggio wrote in the Fund Times column, noting that the fund never lagged the S&P 500 in any rolling five-year period while Akre was in charge. 

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