Dan Chung rebuilt a decimated Alger Management after 9/11. He's still finding the market's winners — SkimNews
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- Daniel Chung survived the 9/11 attacks by chance after a midtown meeting kept him from Alger's 93rd-floor offices in the North Tower, where 35 colleagues including CEO David Alger were killed
- Alger Management resumed operations by Sept. 13 thanks to a backup recovery center in New Jersey built by CTO Michael Howell, who died in the attack
- Chung rebuilt the firm by recruiting Alger alumni rather than poaching outsiders, bringing back Teresa McRoberts, David Hyun, Jill Greenwald, and others to preserve the firm's culture
- Alger has grown assets to more than $47 billion since 9/11, with the flagship Alger Spectra Fund (SPECX) holding $4.5 billion and ranking in the top 4% of its category last year and top 2% in 2024
- Chung is heavily invested in AI, viewing the current moment as similar to 1995 rather than 1999; Nvidia is Spectra's top holding at 14% of assets, alongside CrowdStrike, Western Digital, Micron, and Nebius Group
- Alger launched an Alger 35 ETF honoring the 35 colleagues lost, with a portion of management fees donated to charities in memory of David Alger
Why it matters: Chung's AI-focused Alger Management now oversees $47 billion, with Spectra ranking top 4% in its category last year and top 2% in 2024. Nvidia alone represents 14% of Spectra's holdings — reflecting Chung's view that current compute shortages echo 1995's internet buildout rather than 1999's bubble.
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