Fred Alger Management, which has some $14 billion in AUM, has recently consolidated its open-end mutual funds under the "Alger" brand. This move includes the integration of the Spectra family of no-load funds into the Alger Family of Funds.
The Spectra Funds are now being marketed under the Alger brand and are being offered to investors via retirement plans, advisors and other intermediaries. Existing shareholders of Spectra funds have been "grandfathered in," allowing them to continue to purchase and exchange shares at net asset value (subject to any prospectus restrictions).
"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. More importantly, we are reinforcing our commitment to the intermediary community, which we believe can best represent the Alger style of managing money," says Dan Chung, CEO and CIO of Fred Alger Management.
