Fred Alger Management Adds Large-Cap Co-Manager

NEW YORK, Jan. 11 /PRNewswire/ -- Fred Alger Management announced today that Andrew Silverberg will become co-portfolio manager of the Alger Large Cap Growth Fund, the Alger Institutional Large Cap Fund, Alger Institutional Balanced Fund, Alger Balanced Fund, and the Alger American Large Cap Growth Fund. Silverberg, who joined Alger in the fall of 2001, is a senior analyst at the firm responsible for media and telecommunication and has also served as Assistant Portfolio Manager on Alger's Midcap and Growth and Income portfolios.

Announcing the promotion, Daniel Chung, CEO of Fred Alger Management, said, "I am pleased to announce that Andrew Silverberg will be joining me as a portfolio manager for these large cap portfolios. Alger has a long tradition of finding and developing investment talent, and Andrew is another example of that tradition. I look forward to his successful management of these funds."

About Fred Alger Management

Founded in 1964, Fred Alger Management, Inc. is a leading asset management firm employing a bottom-up approach in its attempt to identify the fastest growing companies in their respective sectors. Over four decades, Alger has continued its tradition of independent research and style purity. Fred Alger Management offers investment advisory services to separately managed, sub- advised and wrap accounts. Fred Alger & Company, Incorporated offers mutual funds as well as institutional funds for defined benefit and defined contribution plans. For more information, please visit http://www.alger.com/.

Before investing in any of the Alger funds, you should carefully consider the Funds' investment objectives, risks, charges and expenses, which are contained in the Funds' Prospectus. For more information about any Alger fund, send for a Prospectus from the Fund's distributor, Fred Alger & Company, Incorporated, 111 Fifth Avenue, New York, NY 10003 or call 1-800-992-3863. Please read the Prospectus carefully before investing.

  CONTACT:  Zachary Karabell
            Fred Alger Management
            212-806-2938