Alger to co-manage Delaware fund

Alger to co-manage Delaware large-cap fund Aaron Siegel Delaware Management Holdings Inc. hired Fred Alger Management Inc. to manage part of its $900 million multimanager Optimum Large Cap Growth Fund (OILGX), beginning on Tuesday. Fred Alger Management of New York manages more than $13 billion in assets. Patrick Kelly, executive vice president and portfolio manager of the Alger Spectra Fund and the Alger Capital Appreciation Fund, will be the portfolio manager for Fred Alger Management's portion of Philadelphia-based Delaware Management’s fund, which is estimated to be $350 million. The fund is sub-advised by T. Rowe Price Group Inc. of Baltimore and Marsico Capital Management LLC of Denver. They will continue in those roles for the fund. The Optimum Large Cap Growth Fund has fallen $3.36 per share, or 25.7% year-to-date through Wednesday. Delaware Management, an affiliate of Lincoln Financial Group of Philadelphia, launched the Optimum Fund Trust in August 2003, It offers six mutual funds with more than $3 billion under management.