Christian C. Bertelsen, John LaForge, Mark Belanian, Jonathan Stanley and Sondra Miller joined FA Asset Management, the investment management unit of First Albany Cos., Albany, N.Y. The five previously had worked at Hollister Investment Management, Hartford, Conn., a division of Phoenix Investment Partners. Mr. Bertelsen, managing director of the team, held the same title at Hollister. Mr. LaForge, also a managing director, was a portfolio manager at Hollister; Mr. Belanian retained the title of portfolio manager; Mr. Stanley remained as analyst; and Ms. Miller, a vice president, was an administrative assistant at Hollister. Phoenix spokeswoman Sharon Bray said the firm had earlier decided to close the unit, which consisted solely of this value team. Other Phoenix managers will run the value strategy.
Ted Gillman, chief executive officer of FA, said the firm previously had no value capabilities. The new team brought $100 million in defined benefit with them. Mr. Gillman declined to name the clients.