Friedman Billings Ramsey Announces Changes in Technology Team; Restructures FBR Technology Venture Partners Unit

Apr 02, 2001, 01:00 ET from Friedman, Billings, Ramsey Group, Inc.

    ARLINGTON, Va., April 2 /PRNewswire/ -- Friedman, Billings, Ramsey Group,
 Inc. (NYSE:   FBR) today announced the restructuring of its technology venture
 capital efforts in Washington, D.C., Northern Virginia, and suburban Maryland
 by naming Philip J. Facchina, FBR's Senior Managing Director of Technology and
 Growth Capital Markets, to lead two of the company's technology venture funds.
 He will also continue to head the company's technology investment banking
 group.
     "We are pleased that Phil will be taking on these additional
 responsibilities," Chairman and Co-Chief Executive Officer Emanuel J. Friedman
 said.  "Given the recent turbulence in the technology sector, Phil's breadth
 of operational, technology industry, and capital markets expertise makes him
 the right person to lead our technology efforts at this time," Mr. Friedman
 added.  "In fact, the dynamics in the technology market today are strikingly
 similar to what we saw in the early 1990s in financial services, and later in
 real estate.  Phil's expertise in public and private companies, coupled with
 FBR's history of profiting in turbulent markets, positions us well across the
 technology sector," Mr. Friedman said.
     Mr. Facchina, along with FBR's entire technology group, executed 28
 transactions last year for a total deal value of more than $4.7 billion.
 Under his direction, FBR's Technology and Growth Capital Markets Group focuses
 on four key sectors:  software, communications, Internet enabling
 technologies, and IT services.  Recently, Mr. Facchina also assumed
 responsibility for FBR's biotechnology initiatives, and for coordination with
 FBR's European technology and biotechnology investment banking operations.
     During the 15 years before he joined FBR, Mr. Facchina held senior-level
 positions with a number of public and private companies, which included
 serving as a member of several Boards of Directors, President, Chief Operating
 Officer, and Chief Financial Officer.  He joined FBR in 1998 from AOL-TV, a
 unit of AOL Time Warner, after orchestrating the sale of NetChannel Inc.,
 where he was Executive Vice President, to AOL.  In addition to his
 undergraduate degree, Mr. Facchina holds an M.B.A from the Wharton School at
 the University of Pennsylvania.
     As part of his new responsibilities, Mr. Facchina will provide day-to-day
 management of FBR Technology Venture Partners and FBR Technology Venture
 Partners II (FBR TVP I and FBR TVP II).  Working closely with FBR's technology
 team of 45 investment bankers and research analysts, Mr. Facchina will serve
 on the investment committees of both funds, and work closely with FBR TVP I
 and FBR TVP II portfolio companies.
     FBR also said that it has accepted the resignations of Gene Riechers and
 Hooks Johnston from their positions at FBR TVP and FBR TVP II.
     During the first quarter of 2001, FBR has expanded its businesses, opening
 new offices in Dallas and New York City; hiring a total of 48 new employees,
 including investment bankers, analysts, institutional brokers, sales traders,
 traders, and asset management professionals; and completing the acquisition of
 Bethesda, Md.-based Rushmore Trust and Savings, FSB (now FBR National Bank &
 Trust), and its parent company, Money Management Associates LP (MMA).
 
     Friedman, Billings, Ramsey Group, Inc. (NYSE:   FBR) is a holding company
 for investment banking, institutional brokerage, and specialized asset
 management products and services.  FBR provides capital and financial
 expertise throughout a company's lifecycle and affords investors access to a
 range of proprietary financial products and services.  Headquartered in
 Northern Virginia, home to an array of leading global companies, FBR has
 offices in Arlington and Reston, Va., Bethesda, Md., Boston, Charlotte,
 Chicago, Dallas, Irvine, Ca., New York, Portland, Seattle, London, and Vienna.
 For more information, see http://www.fbr.com .
 
     Statements concerning future performance, developments, negotiations or
 events, expectations or plans and objectives for future operations or for
 growth and market forecasts, and any other guidance on present and future
 periods, constitute forward-looking statements that are subject to a number of
 factors risks and uncertainties that might cause actual results to differ
 materially from stated expectations or current circumstances.  These factors
 include but are not limited to competition among venture capital firms and the
 high degree of risk associated with venture capital investments, the effect of
 demand for public offerings, activity in the secondary securities markets,
 available technologies, competition for business and personnel, and general
 economic, political and market conditions.
 
 

SOURCE Friedman, Billings, Ramsey Group, Inc.
    ARLINGTON, Va., April 2 /PRNewswire/ -- Friedman, Billings, Ramsey Group,
 Inc. (NYSE:   FBR) today announced the restructuring of its technology venture
 capital efforts in Washington, D.C., Northern Virginia, and suburban Maryland
 by naming Philip J. Facchina, FBR's Senior Managing Director of Technology and
 Growth Capital Markets, to lead two of the company's technology venture funds.
 He will also continue to head the company's technology investment banking
 group.
     "We are pleased that Phil will be taking on these additional
 responsibilities," Chairman and Co-Chief Executive Officer Emanuel J. Friedman
 said.  "Given the recent turbulence in the technology sector, Phil's breadth
 of operational, technology industry, and capital markets expertise makes him
 the right person to lead our technology efforts at this time," Mr. Friedman
 added.  "In fact, the dynamics in the technology market today are strikingly
 similar to what we saw in the early 1990s in financial services, and later in
 real estate.  Phil's expertise in public and private companies, coupled with
 FBR's history of profiting in turbulent markets, positions us well across the
 technology sector," Mr. Friedman said.
     Mr. Facchina, along with FBR's entire technology group, executed 28
 transactions last year for a total deal value of more than $4.7 billion.
 Under his direction, FBR's Technology and Growth Capital Markets Group focuses
 on four key sectors:  software, communications, Internet enabling
 technologies, and IT services.  Recently, Mr. Facchina also assumed
 responsibility for FBR's biotechnology initiatives, and for coordination with
 FBR's European technology and biotechnology investment banking operations.
     During the 15 years before he joined FBR, Mr. Facchina held senior-level
 positions with a number of public and private companies, which included
 serving as a member of several Boards of Directors, President, Chief Operating
 Officer, and Chief Financial Officer.  He joined FBR in 1998 from AOL-TV, a
 unit of AOL Time Warner, after orchestrating the sale of NetChannel Inc.,
 where he was Executive Vice President, to AOL.  In addition to his
 undergraduate degree, Mr. Facchina holds an M.B.A from the Wharton School at
 the University of Pennsylvania.
     As part of his new responsibilities, Mr. Facchina will provide day-to-day
 management of FBR Technology Venture Partners and FBR Technology Venture
 Partners II (FBR TVP I and FBR TVP II).  Working closely with FBR's technology
 team of 45 investment bankers and research analysts, Mr. Facchina will serve
 on the investment committees of both funds, and work closely with FBR TVP I
 and FBR TVP II portfolio companies.
     FBR also said that it has accepted the resignations of Gene Riechers and
 Hooks Johnston from their positions at FBR TVP and FBR TVP II.
     During the first quarter of 2001, FBR has expanded its businesses, opening
 new offices in Dallas and New York City; hiring a total of 48 new employees,
 including investment bankers, analysts, institutional brokers, sales traders,
 traders, and asset management professionals; and completing the acquisition of
 Bethesda, Md.-based Rushmore Trust and Savings, FSB (now FBR National Bank &
 Trust), and its parent company, Money Management Associates LP (MMA).
 
     Friedman, Billings, Ramsey Group, Inc. (NYSE:   FBR) is a holding company
 for investment banking, institutional brokerage, and specialized asset
 management products and services.  FBR provides capital and financial
 expertise throughout a company's lifecycle and affords investors access to a
 range of proprietary financial products and services.  Headquartered in
 Northern Virginia, home to an array of leading global companies, FBR has
 offices in Arlington and Reston, Va., Bethesda, Md., Boston, Charlotte,
 Chicago, Dallas, Irvine, Ca., New York, Portland, Seattle, London, and Vienna.
 For more information, see http://www.fbr.com .
 
     Statements concerning future performance, developments, negotiations or
 events, expectations or plans and objectives for future operations or for
 growth and market forecasts, and any other guidance on present and future
 periods, constitute forward-looking statements that are subject to a number of
 factors risks and uncertainties that might cause actual results to differ
 materially from stated expectations or current circumstances.  These factors
 include but are not limited to competition among venture capital firms and the
 high degree of risk associated with venture capital investments, the effect of
 demand for public offerings, activity in the secondary securities markets,
 available technologies, competition for business and personnel, and general
 economic, political and market conditions.
 
 SOURCE  Friedman, Billings, Ramsey Group, Inc.