FBR Capital Markets Corporation provides investment banking, merger and acquisition advisory, institutional brokerage and research services through its subsidiary FBR Capital Markets & Co. FBR Capital Markets focuses capital and financial expertise on seven industry sectors: consumer, diversified industrials, energy and natural resources, financial institutions, insurance, real estate, and technology, media and telecom. The Company’s subsidiaries are FBR Investment Management, Inc. and FBR Fund Advisers, Inc. FBR Investment Management, Inc. provides asset management services. FBR Fund Advisers, Inc. provides mutual funds. On August 31, 2009, the Company acquired Watch Hill Partners LLC, a boutique corporate finance advisory practice. The Watch Hill Partners team is now part of FBR Capital Markets' Investment Banking department.