Daniel Chung, CEO and chief investment officer of Fred Alger Management, recounts his experience during the September 11 attacks, which decimated his firm located in the North Tower of the World Trade Center. On that fateful day, he was attending a meeting when news of the attacks broke, leading to a frantic search for colleagues and survivors.
In the aftermath, Chung was tasked with rebuilding the firm, which had lost 35 employees, including its CEO. Utilizing a robust capital account and a backup recovery center, Alger resumed operations just two days later. Over the past 25 years, Chung has transformed Alger into a powerhouse with over $47 billion in assets, focusing on high-growth sectors like technology and artificial intelligence.
The flagship Alger Spectra Fund, which has performed exceptionally well, particularly in AI investments, exemplifies this strategy. Chung's commitment to maintaining the firm's culture and philosophy, rather than simply hiring external talent, has been pivotal in its success.
Today, Alger continues to thrive, with a strong emphasis on investing in companies that drive 'positive dynamic change,' such as Nvidia and CrowdStrike, while also engaging in charitable initiatives as a tribute to those lost on 9/11