News / US / cnbc
How Dan Chung Led Fred Alger Management Through Tragedy to AI Market Success
Finance · Investment Managers · cnbc · 2026-09-11
SPECX, NVDA, CRWD, WDC, MU, NBIS, MSFT, AAPL, INTC
After losing 35 colleagues on 9/11, CEO Dan Chung rebuilt Fred Alger Management by prioritizing firm culture and identifying early winners in the AI sector.
What Happened
Tragic Resilience and Rebuilding: Following the devastating loss of 35 colleagues, including CEO David Alger, during the September 11 attacks, Dan Chung took the helm to lead a firm-wide recovery. By leveraging a robust disaster recovery plan and maintaining the firm's core investment philosophy, Chung successfully stabilized client relations and ensured business continuity within days of the tragedy.
Strategic Talent Acquisition: Rather than hiring external stars, Chung focused on recruiting former Alger alumni who shared the firm's cultural values and historical investment approach. This deliberate strategy helped preserve the company's identity while fostering a cohesive team capable of navigating complex market environments.
Investment Philosophy and AI Focus: The firm continues to prioritize "positive dynamic change," a growth-oriented strategy that has historically identified market leaders like Intel and Apple. Currently, Chung is heavily invested in the artificial intelligence boom, viewing the current cycle as being in its early stages, comparable to the mid-1990s tech expansion.
Legacy and Future Outlook: To honor the lives lost, the firm launched the Alger 35 ETF, which directs a portion of management fees toward charitable causes. Chung remains optimistic about the firm's trajectory, citing the resilience of the company and the broader economy as evidence of enduring institutional strength.