• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

2

‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion

3

OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation

1

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

2

‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion

3

OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation
FinanceSeptember 11

Alger CEO: Why we stayed in Manhattan after 9/11

Fortune Editors
By
Fortune Editors
Fortune Editors
Down Arrow Button Icon
Fortune Editors
By
Fortune Editors
Fortune Editors
Down Arrow Button Icon
September 9, 2011, 2:06 PM ET
Add Fortune on Google for similar content.

By Dan Chung, CEO of Alger



Dan Chung

FORTUNE – Like they are for most New Yorkers who were in Manhattan on 9/11, the events of that terrible day are indelibly engraved in my memory. I was out of the office at a research meeting when the news came that one, and then another, jumbo jet had crashed full-speed into the World Trade Center Towers.

Alger’s headquarters, which housed our entire investment team, were on the 93rd floor of 1 World Trade Center. As the day unfolded and the enormity of what happened became clear, my greatest fears would be realized: 35 of my colleagues — including our CEO, David Alger, and all but four members of the investment team — were dead. I was a senior analyst for the technology sector, and I was the most senior surviving member of the investment organization.

The following Monday, and for the next six months, the 200 of us who were left worked out of Alger’s disaster-recovery center — a fitting metaphor — in Morristown, N.J. Some in our industry predicted Alger, an asset management firm founded in 1964, would not survive as an independent company. However, Alger’s greatest strength was, and is, its culture. What few outside of Alger understood is that our shock and grief over losing so many close friends and colleagues drove our determination to not only survive but to rebuild Alger stronger than it was before 9/11. We all believed it would be the best way to honor our lost co-workers, and it’s something they would have wanted.

Soon after 9/11, several former employees returned, leaving their current employers because of the strong obligation they felt to help rebuild Alger. Existing employees redoubled their efforts and many of our clients chose to stay with us as a show of faith in Alger’s investment philosophy and process.

In March 2002, Alger moved back to Manhattan, a decision really made on that fateful day six months earlier. Alger was not willing to abandon New York City, which symbolizes so much of what makes this country great. In the end, my choice was easy and came down to three core beliefs:

History. Alger was founded in New York City in 1964. I did not want to turn our backs on the city that has been so good to us over the years. The idea that Alger would be forced out of its hometown by the acts of a handful of fanatics just didn’t sit right with me. It was important that Alger remain in Manhattan to show our solidarity with, and appreciation of, all who suffered that day.

The American Dream. Millions of people dream of coming to America to build a better life. It is a story that has been replayed by generations of immigrants from all over the world. It’s a uniquely American story with New York City at its epicenter. In our industry, countless young people also dream of coming to New York to build careers on Wall Street. Many of them started at Alger, right out of school, with nothing but smarts, desire and a willingness to work hard for a chance at success. I wanted to preserve that – and not just for sentimental reasons. Ours is an extraordinarily competitive business that relies on attracting the best and brightest people. We needed to be here.

Honor. Staying in Manhattan honors the memory of our friends and colleagues we lost that day, but we also had a commitment to the Alger employees who survived. Many of them live in New York City, and if we had left, they would have had to find new jobs at a time when businesses in the city were still healing and not yet ready to think about adding staff.

So we leased space at 111 Fifth Ave., near Union Square, and Alger came home. Once in our new offices, we gradually rebuilt our organization and, more importantly, began to rebuild our culture. I have enormous gratitude for the employees who stayed during our most trying times, those who returned when they could have had stability at their current employers, and those who joined later to help us rebuild the firm.

Thanks to our clients and the hard work and dedication of our employees, we did not just survive, we thrived. Alger now manages more money than we did on 9/11. We have $17 billion in assets, compared with $15 billion on 9/11, and more than 130 employees. Most importantly, our investment track record this decade is impressive with several strategies with industry leading performance records. To accomplish this, while rebuilding Alger, shows the true spirit of not only our firm and those we lost, but the values of Americans everywhere and, especially, those for whom “New York” is a symbol of the American Dream.

Alger recently recommitted to New York City. We leased space for our new headquarters on Park Avenue South, near Madison Square Park, and will move in later this year. Our new offices will be larger, reflecting our growth and optimism for the future. I am confident that the next 10 years will bring Alger, New York City and the U.S. to even greater heights.

See Alger’s tribute to its lost colleagues here.

About the Author
Fortune Editors
By Fortune Editors
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

Latest in Finance

t
AIMarkets
Billionaire Mike Bloomberg warns Trump’s AI ownership plan would make ‘George Orwell blush’
By Eva RoytburgJuly 21, 2026
7 hours ago
Defense Secretary Pete Hegseth sits and speaks at a Senate Committee Hearing
PoliticsDonald Trump
‘Without these funds, we face critical shortfalls’: Hegseth on additional defense spending following $37.5B Iran War price tag
By The Associated Press and Lisa MascaroJuly 21, 2026
8 hours ago
A ski worker in winter skiing gear strikes a pose in front of a ski slope in Lesotho.
Travel & LeisureDonald Trump
In Lesotho, the country’s only fully operational ski resort offers snowy slopes for Africa’s ski enthusiasts
By The Associated Press and Mogomotsi MagomeJuly 21, 2026
8 hours ago
Moldova’s parliament elects 44-year-old businessman investor Vasile Tofan as prime minister
PoliticsEuropean Union
Moldova’s parliament elects 44-year-old businessman investor Vasile Tofan as prime minister
By The Associated PressJuly 21, 2026
8 hours ago
UN’s worst-case scenario: Energy and fertilizer shock from Iran war could push nearly 19 million more into chronic hunger by 2030
EconomyUnited Nations
UN’s worst-case scenario: Energy and fertilizer shock from Iran war could push nearly 19 million more into chronic hunger by 2030
By Mia OsmonbekovJuly 21, 2026
8 hours ago
holland
Arts & EntertainmentMovies
‘The audience is telling the industry something’: even IMAX is stunned by Christopher Nolan’s runaway ‘Odyssey’
By Tatiana SatauaJuly 21, 2026
9 hours ago

Most Popular

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
Success
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
By Sasha RogelbergJuly 20, 2026
1 day ago
‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion
Success
‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion
By Sydney LakeJuly 20, 2026
2 days ago
OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation
Cybersecurity
OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation
By Jeremy Kahn and Emily ForliniJuly 21, 2026
9 hours ago
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
AI
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
By Eva RoytburgJuly 21, 2026
13 hours ago
'Dr. Doom' Nouriel Roubini says we're headed for universal basic income or 'some form of socialism' as AI revolutionizes work—He calls that optimistic
AI
'Dr. Doom' Nouriel Roubini says we're headed for universal basic income or 'some form of socialism' as AI revolutionizes work—He calls that optimistic
By Jason MaJuly 18, 2026
3 days ago
Despite a $156 million contract, Knicks star Jalen Brunson still calls his parents for financial advice any time he makes a big purchase
Success
Despite a $156 million contract, Knicks star Jalen Brunson still calls his parents for financial advice any time he makes a big purchase
By Emma BurleighJuly 21, 2026
14 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.