A Big Apple mutual fund firm's leadership recently trimmed their staff. The restructuring comes as the firm continues to suffer outflows amid the current stock market volatility.
| Daniel "Dan" Cayley Chung|
Fred Alger Management
] recently laid off nine employees, MFWire
has learned. That translates into less than five percent of the New York City-based firm's global headcount, and word is that no analysts or portfolio managers were affected by the cuts.
A spokesperson for Alger declined to comment.
The staff reduction comes as Alger is navigating outflows. In January, Alger suffered
net mutual fund outflows equivalent to 2 percent of its remaining AUM, after suffering
net 2022 outflows equivalent to 42.9 percent of its remaining AUM.
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