ARLINGTON, Va., Dec. 14, 2009 (GLOBE NEWSWIRE) -- FBR Capital Markets Corporation (Nasdaq:FBCM) (FBR Capital Markets), a leading investment bank serving the middle market, today announced that FBR Asset Management Holdings, Inc., a subsidiary, has entered into an agreement to acquire the mutual fund operations of AFBA 5Star Investment Management Company, a related enterprise of the Armed Forces Benefit Association ("AFBA"). Under the agreement, the AFBA 5Star Funds will be renamed and merged into the FBR Funds family of mutual funds upon approval by an AFBA shareholder vote in February. The acquisition is expected to close in the first quarter of 2010. As of November 30, 2009, the AFBA 5Star Funds had approximately $200 million in assets under management in six funds.
FBR Capital Markets Corporation (Nasdaq:FBCM) provides investment banking, merger and acquisition advisory, institutional brokerage, prime brokerage, and research services through its subsidiary FBR Capital Markets & Co. FBR Capital Markets focuses capital and financial expertise on seven industry sectors: consumer; diversified industrials; energy & natural resources; financial institutions; insurance; real estate; and technology, media & telecom. Asset management services are provided by FBR Fund Advisers, Inc. and FBR Investment Management, Inc. The FBR Funds are distributed by FBR Investment Services, Inc., member FINRA/SIPC. All companies are subsidiaries of FBR Capital Markets. FBR Capital Markets is headquartered in the Washington, D.C. metropolitan area with offices throughout the United States and in London. For more information, please visit www.fbrcapitalmarkets.com.
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Investors are reminded to consider the investment objectives, risks, charges, and expenses of the AFBA 5Star Funds and FBR Funds carefully before investing. A prospectus with this and other information about the AFBA 5Star Funds may be obtained by calling 800.243.9865 or by visiting www.afbafunds.com. For an FBR Funds prospectus, please call 888.200.4710 or visit www.fbrfunds.com. The prospectus should be read carefully before investing.