Dan Chung Rebuilt Fred Alger to $47 Billion After 35 Colleagues Died on 9/11
Updated
Updated · CNBC · Sep 11
Dan Chung Rebuilt Fred Alger to $47 Billion After 35 Colleagues Died on 9/11
2 articles · Updated · CNBC · Sep 11
Summary
Fred Alger Management has grown to more than $47 billion under Dan Chung, who took over after the Sept. 11 attack killed 35 colleagues, including then-CEO David Alger.
Sept. 13 was the firm's operational restart date, enabled by a fully mirrored backup trading center in Morristown, New Jersey, that preserved client records, models and trading capability.
SPECX, Alger's $4.5 billion flagship Spectra Fund, ranked in the top 2% of its category in 2024 after Chung leaned heavily into the AI trade.
Nvidia made up 14% of Spectra assets as of June, while Chung also highlighted CrowdStrike, Micron, Western Digital and Nebius as long-term AI-linked bets.
The recovery still shapes the firm's identity: Alger launched an Alger 35 ETF honoring the 35 dead and donates part of its fees to related charities.