First Albany Picks Up Bond Arbitrage Manager

December 31, 2002 ( - First Albany Asset Management Corporation has acquired a Chicago-area convertible bond arbitrage asset management group, First Albany announced.

According to a press release, Noddings Investments, a division of Conning Asset Management Company, manages an unleveraged market neutral strategy.  This strategy combined with S&P 500 futures contracts, creates an enhanced S&P 500 Index product the team has managed for over six years.

With the approximately $300 million in assets Noddings currently manages, First Albany Asset Management will have a total of approximately $1 billion under management. The deal will also expand First Albany’s existing Chicago area presence, according to the announcement.

The Noddings Division of First Albany Asset Management is headed by Sue Christoph, Managing Director and Senior Portfolio Manager, and Chip Travis; Managing Director and head of client services. The office is located in Oakbrook Terrace, Illinois a Chicago suburb.