Friday, December 13, 2019

Smead Capital Management Picks West Conshohocken for East Coast hub

Jeff Blumenthal Reporter Philadelphia Business Journal
A Seattle-based investment adviser has selected the Philadelphia region for its East Coast expansion.

Smead Capital Management in January will open an office in West Conshohocken, saying it will serve as an East Coast sales hub to provide better service to clients across the eastern seaboard. By planting a flag in the northeast, Smead said it is also reducing the time needed for travel to serve clients in the region.

With just over $2.2 billion in assets under management, Smead is ranked No. 16 in the Puget Sound Business Journal’s latest List of the largest asset managers. In Philadelphia, that would be good enough for No. 23.

Smead’s decision to open an office in the Philadelphia suburbs is due to its attractive cost of living and housing, tax assessment in the region and accessibility to Smead’s client base via planes, trains and automobiles.

The office will be located at Four Tower Bridge — at 200 Barr Harbor Drive near the intersection of River Road and Matsonford Road. A spokesman for the firm declined to share the size of the office or length of the lease but said they plan to stay in the building "for the long haul."

Scott Herdemian, a 2011 graduate of Villanova University who has led East Coast sales for Smead since 2014, will oversee the office and receive a promotion to senior vice president. He will be joined by two other employees in building an East Coast team.
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