The FBR Family of Funds of Arlington, Va., has arranged to retain Charles Akre, the departing portfolio manager of the $13 million FBR Small Cap Value Fund, as the sub-adviser to the three-year-old fund.

FBR disclosed the impending departure of Akre in an April 7 proxy filing with the SEC. FBR will ask fund shareholders to approve the new sub-advisory arrangement at a meeting June 1. FBR Fund Advisers, a division of Friedman Billings & Ramsey, is the adviser to the $55 million fund group.

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