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Monday, November 08, 2010|
Cost-Cutting Continues at a Fund Firm's Parent
A mutual fund company's parent is in the news this morning for its continued cost-cutting efforts. The Washington Post reports that FBR Capital Markets, whose subsidiaries include FBR Asset Management, has been "vacating more floors of its Arlington headquarters, subleasing the space as it continues to reduce its workforce in an effort to reposition itself."
During the first three quarters of 2010, FBR Capital cut 95 jobs and subleased 6,000 square feet of space at Potomac Tower. The firm is planning to sublease more space, according to the report, citing FBR's leasing agent, UGL Equis.
The impact of the cuts on FBR Capital Markets' asset management arm isn't clear. The report did not state which parts of FBR have been affected by the cuts.
The Post traced FBR Capital Markets' woes to losses in subprime mortgage investments. The article also noted that despite the troubles, FBR Capital Markets has been interested in acquisitions. Earlier this year, it completed the purchase of AFBA 5Star Funds.
Printed from: MFWire.com/story.asp?s=33957
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