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Spectra Allows Online Transactions

Shareholders of The Spectra Fund, managed by Fred Alger Management of Jersey City, N.J., are now able to purchase, redeem and exchange shares through the fund's website,

The site also has a calculator that investors can use to make and track hypothetical investments in the Spectra Fund. The calculator allows existing shareholders to compare the results of these hypothetical investments against the S&P 500.

The diversified equity fund currently has $758 million of assets under management, up from $272 million in the beginning of this year, said Jim Connelly, a spokesperson for the fund. The 30-year-old fund has enjoyed strong growth ever since it converted from a closed-end fund in 1996, Connelly said.