(updated with correction)
David S. Rainey, Brian Macauley and Ira Rothberg joined FBR Fund Advisers as portfolio managers of the $990 million midcap growth equity FBR Focus Fund.
The three had been analysts for the fund's subadviser, Akre Capital Management, working under CIO Charles T. Akre.
Mr. Akre resigned as the fund's subadviser in late July, in line with Akre Capital Management's move to seek SEC approval to start a new fund, confirmed Andrew C. Schaefer, Akre's COO.
Mr. Schaefer declined to say if Messrs. Reiney, Macauley and Rothberg would be replaced.