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Some Fred Alger Alumni Rejoin Wounded Firm

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NU On-Line News Service, Oct. 11, 10:05 a.m. – Fred Alger Management, Inc., a leading money management firm whose ranks were decimated in the World Trade Center disaster, has recently rehired some former executives as it tries to rebuild.

The company, now based in Morristown, N.J., announced today that Teresa McRoberts, an alumna of the firm, has rejoined its ranks as a senior vice president and senior analyst. McRoberts will officially assume her duties on October 15, the firm says.

McRoberts worked for Fred Alger from 1994 until 1998 as a senior analyst, specializing in covering the health care sector. Since then, she has been a portfolio manager at Morgan Stanley and most recently at Maximus Capital, where she was also a partner.

The president of Fred Alger Management, David Alger, the brother of the company’s founder, remains unaccounted for along with 37 others, out of 55 employees who worked on the 93rd floor of Tower One of the WTC. The firm had employed 235 people worldwide.

Following the disaster, Fred M. Alger, founder of the company, emerged from semiretirement to resume his former duties as chairman and president and announced his determination to rebuild the firm.

Fred Alger Management announced last month that Dave Hyun, another alumnus, had rejoined the firm as a portfolio manager. Last week, it said that Amy E. Ryan, an analyst covering the retail sector, had returned as a senior vice president and senior analyst.