Alger's alumni continue to come home in the wake of the terrorist attack that killed many of the New York fund firm's team of analysts. The latest to return is Amy Ryan who was until now an analyst at Prudential Securities. Ryan last worked at Alger from 1987 to 1992. Also rejoining the firm was OppenheimerFunds portfolio manager David Hyun.
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Vanguard is closing in Fidelity as the largest direct seller of mutual funds, according to Financial Research Corp. Through August, Vanguard held $484.9 billion in stock and bond fund assets compared to $486.5 billion at Fidelity Distributors. Pushing Vanguard's sales is that it holds the top spot as the nation's largest seller of bond funds.
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Despite the slump in the value of equities, the proportion of Americans using mutual funds has now grown to more than half, according to an Investment Company Institute survey. Another third have employer-sponsored retirement accounts. The ICI estimates that 52 percent of U.S. households now own shares in mutual funds. That measn that 54.8 million U.S. households and 93 million individuals now have accounts compared to 51.7 million households last year.
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