Fred Alger Management
is giving its Spectra Funds
a makeover. The company said it plans to consolidate all its open-end funds under the "Alger" brand, with the changes slated for completion by September.
Alger's Spectra Funds
will be marketed under the Alger brand.
New York-based Alger will rename the China-U.S. Growth Fund
to include Alger and effective July 1, the Alger SmallCap and MidCap Growth Fund
will be rechristened Alger SMidCap Growth Fund
"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
, Fred Alger's CEO and CIO, said in a release.
In addition to name changes, the Spectra funds will also undergoing some tweaks to their share classes. Class N shares will be converted into Class A shares, and Class C and Class I shares will be added.
Company Press Release
NEW YORK, June 27 /PRNewswire/ -- Fred Alger Management, Inc. today
announced several changes to its mutual fund line-up. Chief among them is the
consolidation of all of the open-end mutual funds under the "Alger" brand,
with the impending changes expected to be completed in September.
These actions include the integration of the Spectra family of no-load
funds into The Alger Family of Funds. The Spectra Funds will be marketed under
the Alger brand and will be offered similarly as The Alger Funds currently are
offered through retirement plans, advisers and other intermediaries. Existing
shareholders in The Spectra Funds will be "grandfathered in" allowing them to
continue to purchase and exchange shares at net asset value (subject to any
In addition, The China-U.S. Growth Fund will be renamed to include Alger
and, effective July 1st the Alger SmallCap and MidCap Growth Fund will be
renamed the Alger SMidCap Growth Fund to reflect the more commonly used name
for this asset class.
"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 benefit from the Alger style of managing money," said Dan Chung, CEO
and CIO of Fred Alger Management, Inc.
These changes will not affect how the portfolios are managed. The
following actions have been approved by the respective funds' Boards of
Fund Name Changes
Old Name New Name
Spectra FundAlger Spectra Fund
Spectra Green Fund Alger Green Fund
Spectra Alchemy FundAlger Analyst Fund
Spectra International Opportunities Alger International
Spectra Technology Fund Alger Technology Fund
Alger SmallCap and MidCap Growth Fund Alger SMidCap Growth Fund
The China-U.S. Growth Fund Alger China-U.S. Growth Fund
-- Class N shares of The Spectra Funds will be converted into Class A
shares; Class C and Class I shares will be added.
-- Existing shareholders of The Spectra Funds will be allowed to purchase
The Spectra Funds, The Alger Funds, and The China-U.S Growth Fund on a load
waived basis and will be allowed full exchangeability between The Spectra
Funds, The Alger Funds, and The China-U.S. Growth Fund, subject to any
About Fred Alger Management, Inc.
Founded in 1964, Fred Alger Management, Inc. is a leading asset management
firm managing more than $14 billion. Alger employs a bottom-up approach in its
attempt to identify the fastest-growing companies in their respective sectors.
For more than 40 years, Alger has followed a rigorous process, a consistent
approach, and a core philosophy: find dynamic, innovative companies creating
change and invest in them. Alger offers investment advisory services to
separately managed, sub-advised, and wrap accounts. Fred Alger & Company,
Incorporated offers mutual funds as well as institutional funds for defined
benefit and defined contribution plans. For more information, please visit
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