Fred Alger Management
plans to raise its profile in institutional areas. The asset management firm has hired L. Charles "Duke" Meythaler
as senior vice president and head of institutional sales.
Meythaler comes to Alger from Aeltus Investment Management
, part of ING Investment Management. At Aeltus, he was executive vice president and head of an institutional sales team. He has also worked at New England Investment Associates and at SEI Corporation.
The head of institutional sales for public, Taft-Hartley, foundation and endowments business is a new position at Alger.
"Alger has had people focused on institutional sales for some time, but not at such a senior level," a spokesperson said.
Meythaler will report to Alger's president Daniel Chung
"This new position with Duke reinforces Alger's commitment to the institutional sponsor market and their valuable advisors, the consultants," Chung said.
"Institutional sales right now represents approximately 10 percent of the firm's assets," Meythaler said. "In the next two to three years, we hope to drive that north to 15 or 20 percent of assets and then move from there."
"There will be other hires in the coming weeks, months and years," in the institutional area, Meythaler said. He expects to hire two to three salespeople in the next six months.
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