Voce CapitalManagement LLC said April 5 that it issued a presentation sayingthat FBR & Co.'sboard and management are responsible for the devaluation of the broker/dealer'sstock.

In a statement issued in connection with the presentation,Voce Capital said FBR needs strategic, operational and governance reformthrough new leadership and oversight. The investor said its director , Jarl Berntzen, MichaelMcConnell and J. Daniel Plants, have the necessary expertise to lead the boardthrough the transition by refocusing on FBR's core industry sectors, reducingexpenses, pursuing higher margin advisory services and reasserting appropriate corporategovernance and oversight.

Voce Capital Management holds a 5.3% stake in FBR & Co.