FBR exits prime brokerage
Investment bank FBR Capital Markets has announced that it is quitting the prime brokerage business.
FBR started the service two years ago and says the decision to close it is the result of a turn in market conditions.
"The market environment that prompted our entry into that business in the fall of 2009 changed materially, and our ability to successfully start up this business in a reasonable time frame changed with it," explained Richard J. Hendrix, president and chief executive of FBR Capital, during a recent earnings call.
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