Fred Alger Management has turned 40, and company officials celebrated by ringing the closing bell at 4 p.m. at the New York Stock Exchange Wednesday. Fred Alger himself is 70 and, although chairman and CEO, leaves day-to-day management to Daniel C. Chung, president and chief investment officer.
"Today is a very special day for Alger," Chung said. "While we are ever mindful of our colleagues, including Fred's brother David, who perished in the World Trade Center on 9/11, we are thankful for 40 great years and look to the future with confidence."
The privately owned fund company manages $9 billion in assets and continues to perform independent research to root out growth companies undergoing "dynamic positive change."
Fred Alger founded the firm in October 1964 was named one of the 25 most influential investors of the 20th century by Barron's.