Alger and AmeriServ Launch Worker-Friendly Socially Responsible Fund; Firms Team up to Provide Unique Investment Option.Business Editors NEW YORK--(BUSINESS WIRE)--April 1, 2003 Fred Alger Management, Inc. and AmeriServ Trust and Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Company today announced the launch of an equity investment fund that invests in firms that are worker-friendly and socially responsible. AmeriServ is the Trustee of the Collective Trust which is sub-advised by Alger. The Worker-Friendly Socially Responsible Investment Fund is the first socially responsible portfolio that invests in companies that are considered worker-friendly. The primary objective of the portfolio is long-term capital appreciation by focusing on companies of all market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. sizes that conduct their business in a socially responsible, union friendly manner, while demonstrating promising growth opportunities. Socially responsible and worker-friendly conduct generally extends to the areas of protection of the environment, fair labor practices, equal employment, the protection of consumers, and more generally, the quality of life. "We are pleased to work with AmeriServ on this unique opportunity. This product highlights the strengths of both of our organizations," said Jim Connelly, Vice Chairman, Fred Alger Management, Inc. "There continues to be a growing demand for socially responsible investing Socially responsible investing describes an investment strategy which combines the intentions to maximize both financial return and social good. In general, socially responsible investors favor corporate practices which are environmentally responsible, support workplace diversity, . This meets those demands and brings socially responsible investing to a whole new level," continued Connelly. AmeriServ Trust and Financial Services Company and its affiliates employ a union workforce - a rarity in today's investment business. AmeriServ is sensitive to the needs of working people, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Chief Investment Officer Steve Krawick. "AmeriServ and Alger have been attentive to the interests of the American worker. Our innovative concept has been transformed into a viable, competitive investment option," said Krawick. "Every investor who values fair labor practices and ethical corporate stewardship should seriously consider investing in our Fund. The Worker-Friendly Fund will provide investors with a competitive return while being governed by proprietary guidelines that are compatible with the goals and objectives of unions and others interested in socially responsible investing. The working people of America now America Now is a former politics and business TV program on CNBC with Lawrence Kudlow and Jim Cramer. The program's name was later changed to Kudlow & Cramer. America Now: the Anthropology of a Changing Culture was the original title of have a conduit that aligns their values with specific, economic self-interest." "AmeriServ is one of only a few financial organizations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. whose work force is represented by organized labor Organized Labor An association of workers united as a single, representative entity for the purpose of improving the workers' economic status and working conditions through collective bargaining with employers. Also known as "unions". . As such, we have developed an excellent labor-management relationship that extends to our union clients in numerous states. We have specifically developed the Worker Friendly Fund in conjunction with Alger in response to the requests and suggestions of our union constituents," concluded Krawick. The Worker-Friendly investment portfolio is now available through AmeriServ Trust and Financial Services Company. AmeriServ is offering the Fund to its extensive network of union organized pension plans, foundations and education-based entities as well as its 401(k) platform of funds. Investors interested in learning more about the Worker-Friendly Socially Responsible Fund can contact AmeriServ Trust and Financial Services Company toll free at 1-800-837-2265 extension 338 or Fred Alger & Company, Incorporated at 1-800-992-3863. About Fred Alger Management, Inc. 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 pure growth investing Growth Investing A strategy whereby an investor seeks out stocks with what they deem good growth potential. In most cases a growth stock is defined as a company whose earnings are expected to grow at an above-average rate than its industry or the overall market. , independent research and style purity. Fred Alger Management, Inc. offers investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and 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 Defined contribution plan A pension plan whose sponsor is responsible only for making specified contributions into the plan on behalf of qualifying participants. Related: Defined benefit plan . For more information visit www.alger.com. About AmeriServ Trust and Financial Services Company(R) AmeriServ Trust and Financial Services Company is headquartered Johnstown, Pennsylvania Johnstown is a city in Cambria County, Pennsylvania, United States, 60 miles east of Pittsburgh and 46 miles (76.6 km) west-south west of Altoona, Pennsylvania. The population was 27,906 at the 2000 census. . With $1.2 billion of total client assets, AmeriServ Trust and Financial Services Company has union investor clients in Pennsylvania, Ohio, Michigan, West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. , Illinois, and Indiana. AmeriServ Trust and Financial Services Company is an expanding provider for all professional investment and trust administrative services. For more information visit www.ameriservfinancial.com. |
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