MutualFundWire.com: Another Evergreen Exec Departs

MutualFundWire.com

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Monday, August 4, 2008

Another Evergreen Exec Departs

Fred Alger Management has a new senior vice president and national sales manager. The new hire is Elizabeth Clapp, who was previously managing director, head of national accounts at Evergreen Investments.

A Evergreen spokeswoman told The MFWire that Clapp departed the company on July 18. She added that a replacement for Clapp has not yet been named.

Last week, The MFWire reported that Gail Eisenkraft, who had been director of marketing at Evergreen, has taken a position with another company.

An industry insider told The MFWire at the time of Eisenkraft's departure that a succession battle was on at Evergreen to succeed Peter Cieszko, who heads up global distribution and will become the firm's president and CEO after Dennis Ferro retires from those positions at year-end.

An Evergreen representative told The MFWire at the time that the company did not have plans to fill Cieszko's spot; rather, he would continue to oversee the sales team in his new role.

Company Press Release

NEW YORK, Aug. 4 /PRNewswire/ -- Fred Alger Management, Inc. (Alger), a leading asset management firm, today announced the hiring of Elizabeth Clapp as Senior Vice President, National Sales Manager for Fred Alger & Company, Incorporated. In her new role, Ms. Clapp will lead the existing team of Alger field salespeople responsible for calling on advisors and brokers throughout the U.S.

Ms. Clapp was most recently Managing Director, Head of National Accounts at Evergreen Investments. Prior to Evergreen, Liz held leadership roles at DWS Scudder and Columbia Funds Distributor, Inc. Liz has over 20 years of industry experience.

Dan Chung, CEO and Chief Investment Officer of Alger, said, "We are pleased to add an individual with Liz's background and experience to our organization. Her extensive knowledge of distributing investment products through financial advisors and brokers makes her a valuable addition to the sales organization."

About Fred Alger Management

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. Fred Alger Management 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 http://www.alger.com/.

Before investing, carefully consider the fund's investment objective, risks, charges, and expenses. For a prospectus containing this and other information about the fund, call (800) 992-3863, visit http://www.alger.com/, or contact your financial advisor. Read it carefully before investing.