First Albany Cos. Inc. announced Wednesday that it had sold its asset management unit to a partnership of some of the unit's employees and a New York fund of funds company.
FA Asset Management was sold to a newly formed investment management company, Johnson Illington Advisors LLC.
Johnson Illington is a registered investment adviser formed by the partnership of employees in FA Asset Management's Albany, N.Y., division and Illington Fund Management LLC, a specialist in the distribution of structured and alternative investment products.
Hugh Johnson, formerly the executive managing director, chief investment officer, and a director of First Albany Capital, is to be chairman of Johnson Illington and will join the board of Illington Fund Management. He also is to continue at First Albany as a consultant. Johnson Illington's headquarters are in Albany.
