US asset manager Alger Associates has opened a new London office as part of the formation of a UK-based subsidiary, Alger Management Limited.
As part of the creation of the new subsidiary and opening of the office in London, the firm has also appointed Kirk Hotte senior vice president and head of international sales.
Fred Alger Management Inc, executive vice president and chief distribution officer, Jim Tambone, said: “Establishing Alger Management, Ltd. and hiring Kirk adds to our ongoing global distribution efforts, and is an indication of the optimism we have to build our presence outside the U.S. and a reflection of the offshore growth we have had over the past five years.
“This expansion, and the hiring of an individual with the talent and experience that Kirk possesses, demonstrates our long-term commitment to our existing clients, shareholders, and consultants.”
It will be Hotte’s responsibility to expand the firm’s presence and establish relationships outside of the US.
Alger Associates is the parent company of Fred Alger Management, which has actually operated its asset management services in Europe since 1996.
The firm manages more than $21.5bn in funds with around $2.5bn of that managed outside of the US under the Alger Associates banner.
By: Kirsty MacGregor
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