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Last updated 1 day ago
Jan 7 2011 | 1:56pm ET
FBR Capital Markets is pulling the plug on its 16-month-old prime brokerage unit, a source with knowledge of the closure told FINalternatives.
The unit was launched in 2009 with talent like Michael Murray and Matthew Ventura, both lured away from Shoreline Trading.
FBR's prime brokerage unit specialized in servicing small hedge funds—a market that was supposed to be lucrative, as the larger prime brokerages, post-2008, were dropping these smaller clients.
The business, however, never found traction.
Analysts say the brokerage unit represented only a small portion of FBR’s business and its disappearance will not damage the company’s bottom line.
FINalternatives could not reach anyone at FBR's prime brokerage unit for comment.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…