Hedge Funds

First Albany tests the hedge fund waters

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First Albany is about to dive into the hedge fund market. The investment banking firm is joining other traditional asset management shops jumping on the alternatives bandwagon and is readying its first hedge fund under its subsidiary FA Asset Management. At the same time, the firm is also looking to tap the market for talented hedge fund professionals to help build out a suite of hedge fund strategies to offer its clients.

Earlier this year, the firm wooed Theodore Gillman, who formerly headed up the Private Client Group at Lazard Asset Management, as CEO of FA Asset Management. Gillman