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Friedman, Billings, Ramsey Group Inc., the No. 7 underwriter of U.S. initial public offerings last year, said Co-Chief Executive and Co-Chairman Emanuel J. Friedman would retire June 9.
Eric Billings will become sole chairman and CEO of the Arlington, Va.-based securities firm, spokesman Bill Dixon said Monday.
Billings, 52, started the firm with Friedman, 58, and Russell Ramsey in 1989.
The company had $1 billion in revenue last year, compared with $628.5 million in 2003.
It is under investigation by the Securities and Exchange Commission for its role in a 2001 deal.
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