US - Fred Alger, chairman and founder of disaster struck asset manager Fred Alger Management, has taken over the day to day management of the firm following the tragic events in New York.
Alger, which had offices on the 93rd floor of World Trade Center's north tower, employed 55 staff there, of which 38 remain unaccounted for. Amongst the 38 missing, presumed dead, are the firm's research analysts and portfolio managers, as well as its president and chief investment officer (CIO), David Alger, for whom his brother had stepped aside to allow him to take over the firm.
The terrorist attack is a personal tragedy for my family as well as for all of our employees and their families, said Alger. Fortunately a nucleus of research analysts survived the attack. All of our administrative, marketing, and fund pricing functions, which operate out of our Morristown, New Jersey office, were unaffected.
Alger, who started the firm in 1964, said that no expense would be spared to rebuild its operations. He also claimed that the company will be prepared to operate once the markets reopen. As part of the rebuilding process, Alger announced that Dan Chung had been appointed as the firm's new CIO.
We will spare no expense in aggressively rebuilding this firm, beginning today, Alger said. We would like to thank our clients for their many expressions of compassion and sympathy during this time of loss. Our dedication to them is unwavering and, despite the enormity of this tragic and horrific event, which has affected each and every one of us, we will be prepared to serve our clients when markets resume trading. The firm employs 235 people world-wide and has $16bn in assets under management.
By Geoffrey Ho
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