Salvatore Capizzi has been named president of Illington Funds, the mutual fund family owned by Illington Fund Management.

Capizzi was most recently executive president of retail investments at New York Life Investment Management.

In his new role, he is tasked with setting and executing strategies for the development of distribution of Illington’s investments in the United States.

"We are extremely interested in diversifying the success Illington has had raising assets overseas by building a strong presence and distribution domestically," said Douglas Brennan, chairman and chief executive of Illington Fund Management, in a statement.

Last year, the Pleasantville, New York-based firm purchased Proactive Financial Services, Inc., a registered broker-dealer based in Missouri, and Proactive Asset Allocation Funds, a Massachusetts business trust.

Proactive Asset Allocation Funds has since been renamed Illington Funds, while the broker-dealer has been renamed Illington Capital Inc.

Also last year, Illington acquired the asset management division of First Albany Companies Inc., in partnership with the division’s management, and formed Johnson Illington Advisors with Hugh Johnson as its chairman. 

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