Less than a month after the Sept. 11 terrorist attacks destroyed its offices in the World Trade Center and claimed the lives of 38 of its employees, Fred Alger Management announced yesterday that it will keep its headquarters in Manhattan.
"New York City is the worlds financial capital, and has been for decades," said Fred Alger, the firms CEO who came out of retirement to assume leadership of the firm after his brother David was killed in the attacks. "There is no question in my mind that New York will recover from the recent terrorist attacks, and will continue and enhance its role as the worlds financial capital. For that reason it now makes sense for us to return."
Alger will reopen its headquarters in the Constable Building at 111 Fifth Avenue "as soon as possible" and should resume business in the new location by the end of the year, he said. The new office will occupy the entire second and third floors of the building and will house the firms primary research, trading, and client service functions. The firm will continue to keep support offices in Jersey City and Morristown, N.J., where it has been operating since Sept. 11.