Fred Alger Management has announced its plans to consolidate all of its open-end mutual funds into the Alger brand by September.
We believe these changes are in the best interests of shareholders, reflect feedback from our clients, and will help simplify the Alger brand in our core distribution channels and with our shareholders, said Dan Chung, CEO and CIO of Fred Alger. More importantly, we are reinforcing our commitment to the intermediary community, which we believe can best benefit from the Alger style of managing money.
The Spectra family of no-load funds will be marketed under the Alger brand and will be offered through retirement plans, advisers and other intermediaries. Existing Spectra Fund shareholders will be grandfathered in, allowing them to continue purchasing and exchanging shares at net asset value.
Effective July 1, the Alger SmallCap and MidCap Growth Fund will be renamed and shortened to the Alger SMidCap Growth Fund.
These changes do not reflect how the portfolios are managed.