Pleasantville, New York-based Illington Fund Management is planning to launch its first mutual fund. The Albany, New York-based fund firm until now has focused on institutional clients through hedge funds and managed accounts.

The fund, which is still in registration with the SEC, will be advised by Johnson Illington Advisors with First Albany veteran Hugh Johnson serving as portfolio manager. It will carry a minimum initial investment of $1,000.

The firm expects to launch the fund early next year, perhaps in January or February.

The asset manager decided to get into the fund business after it purchased Proactive Financial Services Inc., a St. Louis-based broker-dealer, earlier this year. 

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