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

Trendingnow

1

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

2

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises

3

Current price of oil as of May 19, 2026

1

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

2

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises

3

Current price of oil as of May 19, 2026
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

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

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
  • Pinterest icon

Latest in Finance

Alex Israel crosses his arms
AITerm Sheet
How Metropolis built a $5 billion AI infrastructure company out of America’s parking problem
By Lily Mae LazarusMay 20, 2026
37 minutes ago
trump
CommentaryCongress
Milken-Harris Poll: 80% of Americans want AI workforce programs now — and Washington hasn’t delivered
By Karen Kornbluh and Libby RodneyMay 20, 2026
41 minutes ago
The bond market is firing a warning shot in the direction of Washington, D.C.
EconomyMarkets
The bond market is firing a warning shot in the direction of Washington, D.C.
By Eleanor PringleMay 20, 2026
41 minutes ago
Top CD rates today, May 20, 2026: Lock in up to up to 4.20%
Personal FinanceCertificates of Deposit (CDs)
Top CD rates today, May 20, 2026: Lock in up to up to 4.20%
By Glen Luke FlanaganMay 20, 2026
55 minutes ago
The top high-yield savings rates: Up to 5.00% on May 20, 2026
Personal FinanceSavings accounts
The top high-yield savings rates: Up to 5.00% on May 20, 2026
By Glen Luke FlanaganMay 20, 2026
55 minutes ago
Exclusive: Advocacy groups file complaint against Roblox, alleging its manipulative design puts kids at risk
CybersecurityRoblox
Exclusive: Advocacy groups file complaint against Roblox, alleging its manipulative design puts kids at risk
By Catherina GioinoMay 20, 2026
56 minutes ago

Most Popular

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
Workplace Culture
Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
By Preston ForeMay 19, 2026
14 hours ago
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
Politics
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
By Jake AngeloMay 12, 2026
8 days ago
Current price of oil as of May 19, 2026
Personal Finance
Current price of oil as of May 19, 2026
By Joseph HostetlerMay 19, 2026
22 hours ago
Employers are quietly pausing 401(k) matches again. The last time this happened was the 2008 recession and Covid
Personal Finance
Employers are quietly pausing 401(k) matches again. The last time this happened was the 2008 recession and Covid
By Courtney Vinopal and HR BrewMay 18, 2026
2 days ago
Current price of silver as of Monday, May 18, 2026
Personal Finance
Current price of silver as of Monday, May 18, 2026
By Joseph HostetlerMay 18, 2026
2 days ago
While Trump insisted the Iran war would end ‘soon,’ an account in his name was buying millions in oil, defense, and gold
Economy
While Trump insisted the Iran war would end ‘soon,’ an account in his name was buying millions in oil, defense, and gold
By Eva RoytburgMay 18, 2026
2 days 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.