FBR's Youngblood to leave, start new mortgage fund

NEW YORK, June 13 (Reuters) - Veteran mortgage analyst and money manager Michael Youngblood said on Friday he was leaving FBR Investment Management Inc. to launch a new company and mortgage fund.

Steve Gaenzler will also leave FBR FBR.N to join the new investment company and work on a Mortgage Opportunities Fund that will invest in mortgage loans and securities of "agency" and "non-agency" issuers, Youngblood wrote in a research note.

Agency mortgage bond issuers are Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz), Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz) and Ginnie Mae.

Youngblood said he intends to produce weekly publications for clients as he has done since 1986. He declined immediate comment in an e-mail.

(Reporting by Al Yoon and Richard Leong, Editing by Chizu Nomiyama,)