A New York City and Boston-based asset management firm is working with the Clinton Global Initiative to offer a new socially conscious mutual fund. Fred Alger Management announced
Tuesday its plans for the Spectra Green Fund
, for "investing in growth companies that are contributing to more sustainable and environmentally-beneficial businesses."
Zachary Karabell, chief economist at Fred Alger, described the Spectra Green Fund as something new.
"It used to be that there was a trade-off between social responsibility screens and investment returns," Karabell stated. "Unlike earlier socially responsible funds, we see the Alger Spectra Green Fund as an opportunity to move the investing needle."
According to the release, the fund will be no load, and Alger will seed it with $5 million. The firm hopes to officially launch the fund by early 2007. Christopher Walsh and Fauzia Rashid will serve as the fund's portfolio managers.
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