Martin Friedman, head of research at Friedman Billings Ramsey, has become ceo of a newly formed collateralized debt obligation manager. The Arlington, Va.-based Cheetah LLC, which will focus on the financials, energy and industrial sectors, will spend the next month raising capital and has received indications that investors will soon put $30-50 million into the firm, Friedman said. It expects to raise $120-125 million by April and go public within 12-18 months.
Friedman served as head of research at FBR for nine years. The bank is now looking for a replacement to lead its 43-analyst department, and is considering both internal and external candidates. A FBR spokesman did not return calls.