Herndon Capital Management will be the new name of Atlanta Life Investment Advisors, an Atlanta-based institutional equity boutique launched in 2001, according to a company news release.
The new name, effective March 31, honors Alonzo Franklin Herndon, an former slave who founded what became Atlanta Life Financial Group, parent of the boutique, Randell A. Cain Jr., a principal and portfolio manager, said in the release. Atlanta Life Financial remains the money management unit's majority shareholder.
The boutique managed $1.6 billion for roughly 60 institutional clients as of March 25. Spokeswoman Mellissa Craig wasn't immediately available for further details.