Fred Alger Management has hired away yet another executive from Aeltus Investment Management in an effort to build up its institutional business.

Lisa McBirney, a former senior vice president and director of institutional marketing and sales at Aeltus, has joined Fred Alger as senior vice president of institutional sales.

"The hiring of Ms. McBirney further reinforces Alger's recently announced strategy to expand its institutional business in areas such as: corporate, public, Taft-Hartley, foundation and endowments business," the company stated in a release.

McBirney reports to Duke Meythaler, head of institutional sales. Meythaler was also hired away from Aeltus Investment Management in May.

"Institutional sales right now represents approximately 10 percent of the firm's assets…in the next two to three years, we hope to drive that north to 15 or 20 percent of assets and then move from there," a spokesperson for Fred Alger said at that time.

Aeltus Investment Management is a subsidiary of ING Groep. An ING spokesperson did not immediately return a call seeking information on replacements for McBirney and Meythaler.  

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