Fred Alger wins fund deal at rivals' expense
BOSTON, Sept 30 (Reuters) - Fred Alger Management Inc, an independent U.S. asset manager, said on Tuesday it had won a $350 million contract to manage a large-cap growth fund, possibly taking assets away from rivals T. Rowe Price Group Inc (TROW.O) and Marsico Capital Management.
Fred Alger said in a statement it was hired by Delaware Management Co as the third 'sub-advisor' to manage a portion of the $900 million Optimum Large Cap Growth Fund.
It did not disclose how much assets T. Rowe or Marsico, the fund's other two managers, will handle under the new arrangement. T. Rowe said it would not comment on clients' actions. A Marsico spokeswoman was not immediately available for comment.
Delaware Management, part of U.S. insurer Lincoln Financial Group (LNC.N), also declined to comment.
The Optimum Large Cap Growth Fund OILGX.O has fallen 28.29 percent in 2008 through Monday's close, underperforming the 23.40 percent drop at the Standard & Poor's 500 index .SPX. (Reporting by Muralikumar Anantharaman, editing by Richard Chang)
