David Ellison, portfolio manager of the $759.2 million Fidelity Select Home Finance Fund, will join Friedman, Billings, Ramsey Oct. 2 to launch the firm's new mutual fund family. Friedman, Billings, Ramsey runs $300 million in private partnerships. In addition to launching the no-load fund family, to be called the FBR family of funds, Mr. Ellison likely will manage a similar home finance sector fund.
At Fidelity, Bill Rubin, who manages the Select Defense & Aerospace fund, will assume additional responsibility for the Home Finance fund
