Founder Returns to Tragedy-Struck Funds Firm

With his brother believed to be a victim of Tuesday's World Trade Center attack, Fred Alger is retaking the reins of the funds firm he founded 37 years ago.

Fred Alger Management, the adviser of the $16 billion Alger family of funds, had 55 portfolio managers, analysts and administrative workers in its headquarters on the 93rd floor of the north tower. The firm said Thursday that 38 of those workers, including 57-year-old President and Chief Investment Officer David Alger, are unaccounted for in the wake of the terrorist attack.

Founder and Chairman Fred Alger, 66, David Alger's brother, will run the day-to-day operations from the firm's New Jersey offices, which house most of its 235 employees. ...