NEW YORK, July 11, 2023 – Fred Alger Management, LLC (“Alger”), a privately-owned $22 billion growth equity investment manager announced today a new agreement under which BNY Mellon will deliver a comprehensive suite of innovative solutions and services designed to provide Alger with operational alpha.
As part of the agreement, BNY Mellon will provide global fund services, as well as portfolio accounting, performance measurement and data management solutions to Alger.
“Our objective has been to streamline and modernize our middle office systems to accommodate our growing suite of growth equity offerings and to increase the use of technology to support our investment operations. The relationship with BNY Mellon enables us to accomplish this in an efficient way that we believe will benefit our clients. We also look forward to working with the BNY Mellon integration team as we strive to continuously improve our business operations,” said Alger’s Michael Martins, Senior Vice President, Head of Client & Fund Administration.
“Asset managers are increasingly recognizing the value, if not necessity, of true integration within and across businesses. We are taking a data-centric approach to integrating Alger’s front-office platform of choice with their middle- and back-office technology. By doing so, we will provide Alger with an efficient and streamlined front-to-back model that’s well-positioned to manage their client and investment needs of today and the future,” said Alan Flanagan, Head of Fund Services, BNY Mellon.
Alger expects to complete this transition by early 2024.
CONTACTS:
Prosek Sheila Kulik 203-745-2523 pro-alger@prosek.com
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Alger Scott A. Anderson 212-806-2972
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BNY Mellon Ryan Wells ryanw@bnymellon.com
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