CONTACT: Jim Connelly, EVP
201-547-3650
FOR: Fred Alger Management, Inc. For Immediate Release
Fred Alger Assumes leadership of Fred Alger Management, Inc.,
in Wake of Terrorist Attack on World TraDe Center Office
- - Firm Will Be Prepared to Operate When Markets Resume Trading - -
- - All Administrative and Sales Staff, as well as a Small Core of Research Analysts,
Survived - -
New York, New York, September 12, 2001 Fred Alger, Chairman of Fred Alger Management Inc., announced that he would resume, effective immediately, day-to-day active management of the investment management firm that he founded in 1964. The announcement was made as Fred Alger Management's President, David Alger, and many of the firm's research analysts and portfolio managers remain unaccounted for as of today, following yesterday's terrorist attack on the World Trade Center, where Fred Alger Management's New York offices were headquartered. Approximately 55 employees worked at the World Trade Center; 38 remain unaccounted for. The firm employs 235 people worldwide.
"The terrorist attack is a personal tragedy for my family as well as for all of our employees and their families," said Mr. 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.
"We will spare no expense in aggressively rebuilding this firm, beginning today," said Mr. Alger. "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," said Mr. Alger.
Mr. Alger said that he has named Dan Chung as Chief Investment Officer.
"Clearly, we have experienced a loss of enormous magnitude. However, I am confident that, with the core of talented and experienced professionals who have survived this unspeakable attack on democracy, we will succeed in rebuilding this firm in accordance with the historic investment philosophy that has served us and our clients well for nearly four decades," Mr. Alger concluded.
Fred Alger Management, Inc. manages approximately $16.0 billion in assets for its clients.
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