MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, September 17, 2001 Insurer Names Co-Manager with Alger American Skandia has named Massachusetts Financial Services (MFS) an interim co-manager for its AST and ASAF Alger All-Cap Growth portfolios. The move was made after last Tuesday's events in the World Trade Center devastated Fred Alger Management's offices in One World Trade. The insurer said that the addition of MFS to the portfolio management team is effective immediately. MFS' Stephen Pesek is already manager of American Skandia's AST MFS Growth Portfolio. American Skandia said it has requested this action as an interim step until it can complete a review of Fred Alger Management's current capabilities. "We continue to have great confidence in Fred Alger Management's ability to rebuild and we will work with them to formulate plans that are in the best interest of American Skandia's investors," said Wade Dokken, chief executive officer of American Skandia. "This is a close knit community and both MFS' actions and those of Fred Alger Management certainly reflect that," Dokken continued. Alger reported that 36 of the 55 New York employees were unaccounted for as of 48 hours after the disaster. The list of missing includes David Alger, brother of founder Fred Alger, and Selai Khoo. The firm also said that it is rehiring some of its alumni to rebuild its professional staff. The portfolio management staff is operating from a backup and support center in Morristown, New Jersey. It's administrative, marketing, and fund pricing staff, who numbered 160, were located in Jersey City prior to the disaster and were unaffected by the event. MFS and American Skandia will contribute its management revenue from this contract to the families of the missing Alger employees. Additionally, American Skandia will contribute $25,000 to this fund. Printed from: MFWire.com/story.asp?s=27016 Copyright 2001, InvestmentWires, Inc. All Rights Reserved |