Fred Alger Managements customers held their shares Monday despite the fact that U.S. equity markets plummeted and the firms key official as well as 38 staff members are missing after last weeks 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.
The company reported "virtually no redemption of assets by investors as of market close," according to a statement from Fred Alger, now president of the asset management company.
Alger has close to $16 billion under management in its funds, which posted losses on the day. The Balanced Fund was down 2%, the Mid-Cap Growth Fund was down 4.5% and the Small-Cap Fund was down 4.8%. All figures quoted are for A shares.
Alger said he was proud of the companys nearly 200 employees and their professional response. "The strength that our employees have exhibited during this time is truly inspirational," he said.