Fred Alger Management’s customers held their shares Monday despite the fact that U.S. equity markets plummeted and the firm’s key official as well as 38 staff members are missing after last week’s terrorist attack on New York City.

The news comes after the major averages shed between 5% and 7% Monday and the company announced that it will replace well-known investment manager David Alger, missing since last week, with his brother, Fred Alger, who has come out of retirement to oversee the firm.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.