Mutual of America Capital Management Corp. has dropped Fred Alger Management as a sub-advisor to its All America Institutional fund, according to a document filed yesterday with the Securities and Exchange Commission.
The termination of the sub-advisory agreement is the second for Alger since David Alger, CEO of the firm, and approximately 38 employees were killed in the attacks of Sept. 11. Last month, American Skandia hired MFS Investment Management as an interim co-portfolio manager for the Alger All-Cap Growth portfolios offered through American Skandias Trust and Advisor Fund products ( MFMN 9/17/01).
Alger had managed 10% of the $45 million All America fund. That portion will be taken over by Mutual of America, according to the filing. The fund is also sub-advised by Oak Associates.
Neither Mutual of America nor Alger could be reached for comment by press time.