Bender Lane Advisory and Hugh Johnson Advisors Agree to Combine Firms to Provide Greater Range of Financial Planning, Wealth Management and Investment Advisory Services

ALBANY, N.Y.–(BUSINESS WIRE)–lt;a href=”” target=”_blank”gt;#Benderlaneadvisorylt;/agt;–Hugh Johnson and Dan Nolan of Hugh Johnson Advisors LLC (HJA) and Dan
Rutnik of Bender Lane Advisory LLC (BLA) today announced that they have
signed a Letter of Intent to combine their firms. BLA, a highly regarded
national multi-family office, and HJA, a widely respected asset
management firm, will join forces under the parent name JNB Advisors LLC
(JNB). JNB will be based in Albany.

JNB will have approximately $1.8 billion of assets under management.
Both BLA, a multi-family office for ultra-high net worth families, and
HJA, an asset management firm meeting the needs of individuals and
non-profit organizations, will continue to maintain their identities as
divisions of JNB. There will be no change in their respective missions
and all associates and principals of each organization will remain part
of the newly combined firm. Hugh Johnson will become the Chairman and
Chief Investment Officer of JNB, and Dan Nolan and Dan Rutnik will serve
as co-Presidents.

“This is an important and exciting time for both of our companies,” Hugh
Johnson said. “The world of finance is changing rapidly, and every
organization needs to respond to those changes. It is increasingly
important that organizations are able to provide high-level,
sophisticated financial planning to families of means while offering
carefully developed asset management services using the best and lowest
cost vehicles un-conflicted by a need to sell products. Our clients will
benefit from this combination of strengths, and that’s what counts.”

Dan Rutnik added, “HJA adds depth to our approach to asset management
while BLA adds sophistication to their financial planning. It truly is a
situation where the outcome is greater than the sum of the parts. I also
look forward to working closely with Dan Nolan once again.”

Firm to provide unique range of advisory services, investment
capabilities to wealthy families, individuals and non-profits

“The marketplace for both asset management and high quality advisory
services has been evolving for more than 40 years,” Dan Nolan said. “The
combination of our two firms will provide a unique range of advisory
services and investment capabilities that are sought after by a growing
number of wealthy families, individual investors and non-profit

About Bender Lane Advisory

Bender Lane Advisory was founded in 2002 by Dan Rutnik. Prior to BLA,
Dan spent 20 years with AYCO, a Goldman Sachs Company that provides
wealth management and other financial services to employees of corporate
clients, family office services, and investment management services to
high net-worth individuals. BLA employs 22 people at its offices at 4
Tower Place, Suite 1001, Albany, New York 12203.

About Hugh Johnson Advisors

Hugh Johnson Advisors was founded in 2005 by Hugh Johnson and many of
the firm’s current employees. Prior to starting HJA, Hugh was the
President of First Albany Asset Management Company and an officer and
director of First Albany Companies. In 2008, Dan Nolan joined HJA as
President and Chief Executive Officer after spending 28 years at AYCO
and Goldman Sachs. The firm has 171 individual clients and 62
institutional clients, of which 47 are non-profit institutions.
Currently, HJA manages $1.421 billion of assets and consults on $1.237
billion of assets. The firm has 12 employees and is located at 80 State
Street, Albany, New York 12207.


Steve Rose
The Rose Group LLC
203-329-8871 (o)

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