Fred Alger on Hot Seat at LA Utility
December 4, 2006
The Los Angeles Water and Power Retirement Plan could soon place Fred Alger Management on watch, according to the $6 billion plan's Web site.
The agenda for a Dec. 6 meeting, states that the manager was "failing to meet short term investment performance criteria" on its large-cap growth mandate.
Nelson's MarketPlaceWeb.com indicates that the firm's large-cap growth product saw returns of -4.13% for the second quarter of 2006.
Fred Alger was originally hired in May 2003 to oversee a $212 domestic equity portfolio benchmarked against the Russell 1000 Growth Index (See IMW, 5/12/03)
Further details regarding the firm's potential watch list status could not be obtained, however. Sangeeta Bhatia, administrator at the fund, could not be reached for comment.
Duke Meythaler, executive VP and head of institutional sales at Fred Alger, also could not be reached for comment.
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