Fred Alger Management is giving its Spectra Funds a makeover. The company said it plans to consolidate all its open-end funds under the "Alger" brand, with the changes slated for completion by September.

Alger's Spectra Funds will be marketed under the Alger brand.

New York-based Alger will rename the China-U.S. Growth Fund to include Alger and effective July 1, the Alger SmallCap and MidCap Growth Fund will be rechristened Alger SMidCap Growth Fund.

"We believe these changes are in the best interests of shareholders, reflect feedback from our clients, and will help simplify the Alger brand in our core distribution channels and with our shareholders," said Dan Chung, Fred Alger's CEO and CIO, said in a release.

In addition to name changes, the Spectra funds will also undergoing some tweaks to their share classes. Class N shares will be converted into Class A shares, and Class C and Class I shares will be added.

---

Company Press Release

NEW YORK, June 27 /PRNewswire/ -- Fred Alger Management, Inc. today announced several changes to its mutual fund line-up. Chief among them is the consolidation of all of the open-end mutual funds under the "Alger" brand, with the impending changes expected to be completed in September.

These actions include the integration of the Spectra family of no-load funds into The Alger Family of Funds. The Spectra Funds will be marketed under the Alger brand and will be offered similarly as The Alger Funds currently are offered through retirement plans, advisers and other intermediaries. Existing shareholders in The Spectra Funds will be "grandfathered in" allowing them to continue to purchase and exchange shares at net asset value (subject to any prospectus restrictions).

In addition, The China-U.S. Growth Fund will be renamed to include Alger and, effective July 1st the Alger SmallCap and MidCap Growth Fund will be renamed the Alger SMidCap Growth Fund to reflect the more commonly used name for this asset class.

"We believe these changes are in the best interests of shareholders, reflect feedback from our clients, and will help simplify the Alger brand in our core distribution channels and with our shareholders. More importantly, we are reinforcing our commitment to the intermediary community, which we believe can best benefit from the Alger style of managing money," said Dan Chung, CEO and CIO of Fred Alger Management, Inc.

These changes will not affect how the portfolios are managed. The following actions have been approved by the respective funds' Boards of Trustees.

Fund Name Changes Old Name New Name Spectra FundAlger Spectra Fund Spectra Green Fund Alger Green Fund Spectra Alchemy FundAlger Analyst Fund Spectra International Opportunities Alger International FundOpportunities Fund Spectra Technology Fund Alger Technology Fund Alger SmallCap and MidCap Growth Fund Alger SMidCap Growth Fund The China-U.S. Growth Fund Alger China-U.S. Growth Fund Operational Changes

-- Class N shares of The Spectra Funds will be converted into Class A shares; Class C and Class I shares will be added.

-- Existing shareholders of The Spectra Funds will be allowed to purchase The Spectra Funds, The Alger Funds, and The China-U.S Growth Fund on a load waived basis and will be allowed full exchangeability between The Spectra Funds, The Alger Funds, and The China-U.S. Growth Fund, subject to any prospectus restrictions.

About Fred Alger Management, Inc.

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. Alger 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 www.alger.com.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE