ARLINGTON, Va., Dec 06, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Friedman, Billings, Ramsey and Co., an operating subsidiary of Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR), today announced that Michael E. Hoffman, Managing Director, and Blake Tennant, Senior Vice President, have joined its Diversified Industrials Group in Investment Banking. Mr. Hoffman and Mr. Tennant join Senior Managing Director and Group Head Joe Nardini and Senior Vice Presidents Thomas Murphy, Jason Rigoli and Gordon Treco.
"The addition of Michael and Blake to our Diversified Industrials Group demonstrates FBR's commitment to strengthening our current industry verticals and positioning ourselves to maintain and achieve market leading positions across the board," said J. Rock Tonkel Jr., President & Head of Investment Banking. "The strategic placement of veterans who bring with them years of industry-specific and capital raising experience will certainly help us attain those goals."
Michael Hoffman joins the group from FBR's Equity Research Department where he was most recently Managing Director and Group Head of the Diversified Industrials Group, responsible for leading what the company believes to be the most comprehensive defense, government IT and homeland security coverage in the industry. In his 20 years as a top-rated senior equity analyst at FBR, Credit Suisse First Boston, Salomon Brothers and Robertson Stephens, Mr. Hoffman has brought clarity to a wide range of complex industries including specialty chemicals, environmental services, security, instrumentation, industrial business services and small-cap special situations. Peers and clients have consistently acknowledged him among the industry's best, recognizing him in rankings such as the Institutional Investor All American Poll, Greenwich Associates Poll and the Reuters Large- and Small-Cap Polls. Mr. Hoffman graduated with a B.S.E. in Mechanical Engineering from Widener University and earned his M.B.A. in Finance and Accounting from Cornell University Johnson School of Management. He also served as an engineering duty officer in the United States Naval Reserve for ten years. Mr. Hoffman as the owner and rider is the 2001 winner of the Maryland Huntcup.
Prior to his arrival at FBR, Blake Tennant was Director, Investment Banking at Citigroup Global Markets, responsible for mid-size regional financial sponsors and middle market clients in the western United States. His coverage focused on industrial clients particularly within metals and mining, paper and forest products, engineering and construction and defense and aerospace. His extensive transactional experience includes his time at Schroders & Co. where he was a member of the European Emerging Markets team and at Oppenheimer & Co., Inc. where he was a Financial Analyst in the Investment Banking Department. Mr. Tennant graduated with a B.A. in Economics from the University of California, Los Angeles and earned his M.B.A. from The Anderson School at UCLA.
Mr. Hoffman and Mr. Tennant are key additions to FBR's Diversified Industrials platform. They are also recently joined by Greg Agnew, Vice President in Investment Banking.
Additionally, Ned Armstrong and Patrick McCarthy, Managing Directors and Co-Group Heads of the company's Diversified Industrials Group in Equity Research, continue with their coverage of capital goods and aerospace & defense, respectively. Brian Butler, Vice President, Thomas Meagher, Senior Vice President and Alex Rygiel, Senior Vice President continue covering environmental services, homeland defense, and staffing services; government IT; and electrical products, engineering & construction, and specialty contracting, respectively.
Based in Washington, D.C. metropolitan area and with its Washington Policy Analysis Group, FBR is in the unique position to offer proprietary industry, legislative and regulatory expertise in the diversified industrials sector.
Also recently, FBR announced the expansion of its Consumer platform with Managing Director John Heron, Senior Vice President David Robertson and Vice President James Keeley joining its Investment Banking group and the addition of several senior analysts to its Equity Research group. The new appointments continue the company's efforts to build-out its eight industry verticals.
Friedman, Billings, Ramsey Group, Inc. provides investment banking*, institutional brokerage*, asset management, and private wealth services through its operating subsidiaries and invests in mortgage-related assets and merchant banking opportunities. FBR focuses capital and financial expertise on eight industry sectors: consumer, diversified industrials, energy and natural resources, financial institutions, healthcare, insurance, real estate, and technology, media and telecommunications. FBR is headquartered in the Washington, D.C. metropolitan area with offices in Arlington, VA, Boston, Dallas, Houston, Irvine, London, New York, Phoenix and San Francisco. Friedman, Billings, Ramsey Group, Inc. is the parent company of First NLC Financial Services, Inc., a non-conforming residential mortgage originator headquartered in Deerfield Beach, Florida. For more information, see http://www.fbr.com.
*Friedman, Billings, Ramsey & Co., Inc.
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