Investment managers deal with risk every day as an integral part of managing assets. But on Sept. 11, investment managers working in the World Trade Center - along with others visiting or employed in the buildings and those people on four hijacked airplanes and those at the Pentagon - faced a new, lethal risk, never contemplated in any scenario. Who ever gave a thought to a terrorist attack exploding in their midst in the course of an ordinary day, an atrocity killing some 6,000 people and ruining the lives of many, many more?
The investment profession, the audience of Pensions & Investments, was devastated by the losses at Fred Alger Management Inc., which total 35 staffers, and Fiduciary Trust Co. International, which has 82 employees missing and five confirmed dead, among other firms in the investment business.
Among those who perished was David Alger, president and chief investment officer, FAM, who was highly regarded for developing talent in investment staff. All these individuals who perished dedicated their work to helping clients plan their future by building assets through investing. In that work they hoped to provide, in some measure, for these clients - pension fund sponsors, 401(k) participants and other investors - more security for life in retirement or for other pursuits, all future plans none of the people who lost their lives will themselves ever have.
In the case of Sept. 11, the interests of employees took prominence, for once. In the sincere words of Bill Yun, president, Fiduciary Trust, "We've been focusing on employees and their families; business is secondary." Still in their grieving, Mr. Yun noted the resiliency of the remaining staffers and their dedication to their clients: "People were anxious to get back to work. It's amazing how driven people have been in a terrible time."
As John Donne wrote, "No man is an island, entire of itself; every man is a piece of the continent, a part of the main." These individuals, many of whom were known to P&I readers, no longer are part of our landscape. As a tribute, P&I is listing the names of those who died. The names were provided by the firms.
At the World Trade Center:
From Fred Alger Management Inc.:
On American Airlines flight 11, the first plane to hit the World Trade Center:
John Hancock Financial Services, Boston
On United Airlines flight 175, the second plane to hit the World Trade Center:
Putnam Investments, Boston