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), Freddie Mac (FRE.N) 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,)