First Albany Cos. spun off the bulk of its $624 million asset management business to Johnson Illington, a new firm formed by the employees of First Albany's FA Asset Management core asset management division and Illington Fund Management, a structured products and alternative investments fund of funds. Terms were not disclosed.
Hugh Johnson, former executive managing director, CIO and director of First Albany, will be chairman of Johnson Illington, which will focus on small and midsized institutions as well as the high-net-worth market. Mr. Johnson will also join Illington Fund Management's board of directors and will be a consultant with First Albany. Myranda "Mimi" O'Bara and Bob Hennes are managing directors of Johnson Illington, and Charles Brown, Kim Saba, Dianne McKnight and Rozanne Summerson are vice presidents; all held similar positions at FA Asset Management.