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 Skandia’s Trust and Advisor Fund products ( MFMN 9/17/01).

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