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A Bittersweet Homecoming For Hyun

Dave Hyun, who began his career with Fred Alger Asset Management, is leaving OppenheimerFunds to rejoin his old firm as manager of three funds and its separately managed accounts.

Hyun started with Alger in 1991 as an analyst and worked his way up to portfolio manager. He helped the firm's late president, David Alger, run the firm's separately managed accounts before leaving last year to join OppenheimerFunds where he ran the Enterprise Fund.

Hyun will take over as manager of the Spectra Fund, Alger Capital Appreciation Fund and the Alger American Asset Growth Fund. Hyun will join CEO Fred Alger and CIO Dan Chung as a member of the portfolio management team.

Fred Alger came out of retirement last week to fill a leadership vacuum left when David Alger and 38 other staff members died in the World Trade Center terrorist attack. Chung was named CIO last week.

OppenheimerFunds supports and understands Hyun's decision to return to Alger and will fill his position with other members of its growth investment team, said Len Darling, Oppenheimer's CIO.

Hyun's homecoming is welcome, but bittersweet. "Dave Hyun has many long-standing friends among his colleagues at Fred Alger Management, and his return to the firm, particularly during this painful time, is very meaningful to all of us," said Fred Alger, in a statement.