CB Richard Ellis Group Inc. said it has been selected to advise the Federal Deposit Insurance Corp. on the agency’s growing portfolio of real estate from failed financial institutions.

The Los Angeles real estate services company said it will be responsible for managing and marketing residential and commercial properties held by the FDIC in its role as receiver for failed financial institutions.

As a result of the financial crisis, federal regulators have taken over 22 banks so far this year, the most since 1993. The FDIC said this week that bank failures rose 46 percent in the third quarter to 171.

“CBRE is honored to have been awarded this important assignment and to have the opportunity to serve both the FDIC and the nation,” William Concannon, vice chairman of CBRE Global Corporate Services, said in a statement Wednesday.

CB Richard Ellis shares were down 52 cents, or 10 percent, to $4.53 in morning trading on the New York Stock Exchange.