Alger to Buy Redwood in M&A Ramp-Up for $22 Billion Fund Manager

Alger Group Holdings LLC, the $22 billion fund manager run by Dan Chung, agreed to acquire Redwood Investments as the growth equity investor seeks to expand further.

The takeover of Redwood, a two-decade-old asset manager based in Newton, Massachusetts, will combine two women-owned companies and add roughly $1.6 billion of assets under management to Chung’s firm. The deal is expected to be completed at the end of the month, according to a statement. Terms weren’t disclosed.