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Wednesday, September 9, 2015

The Fund Firm That Lived

News summary by MFWire's editors

14 years ago, 35 Fred Alger Management [profile] employees died in the terrorist attacks on the World Trade Center. Yet the New York City-based mutual fund shop rose from the ashes.

Daisy Maxey of the Wall Street Journal profiles the fund firm that lived, which now has 45 investment personnel (up from 19 in 2001) more than $24 billion in AUM (up from $13.6 billion) in 17 mutual funds and 14 institutional strategies (up from 10 funds).

The WSJ interviews Alger chief Daniel Chung and ponders the shop's history. The paper also highlights one interesting wrinkle in the Alger rebirth story: Patrick Kelly. The WSJ estimates that Kelly PMs or co-PMs more than 70 percent of Alger's total AUM, and S&P Capital IQ's Todd Rosenbluth says Alger is trying to reduce its dependency on a single person.

For fundsters interested in Alger, and in the struggles of boutique mutual fund shops, the full WSJ piece is well worth the read. 

Edited by: Neil Anderson, Managing Editor

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