NEW YORK--(BUSINESS WIRE)--
Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly“ or “the
Company“) announced today that its newly-formed subsidiary, Ranger
Capital Corp., is in the final stages of the application process to
operate as a broker-dealer. Ranger's business objectives include
operating as a sales agent for investment products managed by Annaly's
subsidiaries, engaging in securities lending, facilitating matched
book operations and providing market data products. Ranger, organized
as a taxable REIT subsidiary of Annaly, is expected to begin
operations in December 2008.
“We have been working for some time on bringing Ranger through the
approval process, as launching a broker-dealer has been a long-held
goal of ours,“ said Michael A.J. Farrell, Annaly's Chairman, Chief
Executive Officer and President. “I look forward to utilizing it to
expand our asset management capabilities.“
Annaly manages assets on behalf of institutional and individual
investors worldwide through Annaly and through the funds managed by
its wholly-owned registered investment advisor, FIDAC. The Company's
principal business objective is to generate net income for
distribution to investors from the spread between the interest income
on its mortgage-backed securities and the cost of borrowing to finance
their acquisition and from dividends Annaly receives from FIDAC, which
earns investment advisory fee income. The Company, a Maryland
corporation has elected to be taxed as a real estate investment trust
(“REIT“).
Source: Annaly Capital Management, Inc.
Contact: Annaly Capital Management, Inc.
Investor Relations, 1-888-8Annaly
www.annaly.com