Bender Lane Advisory LLC and Hugh Johnson Advisors LLC have agreed to combine their firms under the banner of JNB Advisors LLC, the companies announced Monday. Terms were not disclosed.
Bender Lane Advisory is a multi-family office for ultra-high-net-worth families, and Hugh Johnson Advisors is an asset management firm serving individuals and non-profit organizations. The combined entity will have roughly $1.8 billion in assets under management.
According to a press statement, both Albany, N.Y.-based entities will maintain their identities as divisions of JNB. There will be no change in their respective missions and all associates and principals of both organizations will remain part of the newly combined company.
The “JN” part of JNB stands for the last names of Hugh Johnson, founder and chief investment officer of his eponymous firm that formed in 2005, and Dan Nolan, the firm’s CEO. The “B” stands for Bender, which is led by Dan Rutnik, who started the company in 2002.
Johnson will become the chairman and chief investment officer of JNB, and Nolan and Rutnik will serve as co-presidents. Nolan and Rutnik were former colleagues at Ayco, a Goldman Sachs-owned wealth management outfit.