Alger Announces Brand Consolidation
According to a press release, these actions include the integration of the Spectra family of no-load funds into The Alger Family of Funds. The Spectra Funds will be marketed under the Alger brand and will be offered similarly as The Alger Funds currently are offered through retirement plans, advisers, and other intermediaries.
Existing shareholders in The Spectra Funds will be “grandfathered in” allowing them to continue to purchase and exchange shares at net asset value (subject to any prospectus restrictions), the announcement said.
In addition, The China-U.S. Growth Fund will be renamed to include Alger, and, effective July 1, the Alger SmallCap and MidCap Growth Fund will be renamed the Alger SMidCap Growth Fund to reflect the more commonly used name for this asset class.
The changes are expected to be completed in September.
The following actions have been approved by the respective funds' Boards of Trustees.
Fund Name Changes | |
Old Name | New Name |
Spectra Fund | Alger Spectra Fund |
Spectra Green Fund | Alger Green Fund |
Spectra Alchemy Fund | Alger Analyst Fund |
Spectra International Opportunities Fund | Alger International Opportunities Fund |
Spectra Technology Fund | Alger Technology Fund |
Alger SmallCap and MidCap Growth Fund | Alger SMidCap Growth Fund |
The China-U.S. Growth Fund | Alger China-U.S. Growth Fund |
Operational Changes
• Class N shares of The Spectra Funds will be converted into Class A shares; Class C and Class I shares will be added.
• Existing shareholders of The Spectra Funds will be allowed to purchase The Spectra Funds, The Alger Funds, and The China-U.S Growth Fund on a load-waived basis and will be allowed full exchangeability between The Spectra Funds, The Alger Funds, and The China-U.S. Growth Fund, subject to any prospectus restrictions.