My thoughts are with all Americans today as any true American will be in mourning for the loss of our collective innocence one year ago today...Let us never forget the tragic and heroic events of that fateful day as we push forward into our future...
Seven years ago, Fred Alger, the founder of Fred Alger Management decided it was time for some rest after taking himself, investors, and his company to the forefront of the investment world.
Fred handed the reigns over to his brother David who had been with him all along and then made his way to retirement split between Switzerland and parts of the U.S. This past September as Fred and his wife were getting ready to leave the house in East Hampton, New York, which they had leased for a month’s vacation, Fred glanced at the television and saw One World Trade Center ablaze.
Fred Alger had chosen the 93rd floor of the World Trade Center for his offices and recalls that it took him quite some time to realize not only that his brother and former colleagues were in harm’s way, but that they had been killed in the attack. Nearly all of the firm’s employees perished.
Fred Alger Management was virtually wiped out on September 11th, but in the typical Fred Alger style, instead of leaving his investors in peril, he immediately cancelled retirement indefinitely and is now working to get the firm back on its feet.
Former employees who had moved on after coming into their own at Fred Alger immediately lined up to help run the now-leaderless funds and pensions. Today, almost a year later, Fred Alger Management is pretty much back on its feet and pushing forward, a symbol of the spirit and determination of American will.
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