Article: Becoming A Boutique: First Albany draws inspiration, not to mention staff, from Robbie Stephens.(many former Robertson Stephens employees work at First Albany Corp.)

First Albany Corp., a small investment bank that has made its name in fixed-income and equity research, is now reinventing itself as a boutique. Inspired by the scrappy and now-defunct Robertson Stephens, First Albany has hired no less than 17 former Robbie Stephens pros in the past two months to start a colony of sorts.

"Effectively we've become a start-up," says Robert Gales, executive managing director and head of the equity capital-markets group at First Albany. Gales says his company did an "intense tearing-apart" of its equity capital-markets group in order to rebuild it in the image of a boutique.

"Our goal is to be one of the prominent investment ...

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