Analyst Darrell Hendrix, 30, has moved to Friedman, Billings, Ramsey & Co. from Duff & Phelps. He will continue to cover the specialty finance market, focusing on subprime auto and home lenders.

Before his two years with Duff & Phelps, Mr. Hendrix was with Compass Bank, Birmingham, Ala.

Friedman Billings, based in Arlington, Va., also recently added former Wheat First Butcher Singer analyst Merrill Ross to its team. Market sources said subprime lending analyst John Bailey has left Friedman Billings for a job with Wellington Management, Boston.

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