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Reprinted from press release MAYOR NUTTER, ABERDEEN ASSET MANAGEMENT ANNOUNCE PHILADELPHIA EXPANSION Thursday, October 09, 2008 FOR IMMEDIATE RELEASE
Philadelphia, October 09 – Mayor Michael A. Nutter announced today that Aberdeen Asset Management Inc., a subsidiary of one of the world’s largest investment firms, is expanding its presence in Philadelphia, doubling the number of employees housed at its U.S. Headquarters in Center City.
“This is great news for Philadelphia,” said Mayor Nutter. “This is a terrific opportunity for the City to share in the continued growth and success of one of Philadelphia’s leading global financial businesses. Despite the financial difficulties that are being experienced by cities all across America, Philadelphia continues to be a place where businesses are looking to locate and expand.”
Aberdeen currently houses 123 full-time personnel in its Philadelphia office at the Mellon Bank Center. With this expansion the firm is adding 69 full-time employees from its Conshohocken office and it will hire an additional 60 full-time employees over the next three years, essentially doubling its Philadelphia workforce to 252 full-time employees.
“I am delighted that our U.S. headquarters will remain in the city of Philadelphia,” said Gary Bartlett, U.S. Chief Executive Officer. “We believe that the city is an excellent location providing convenient accessibility for our clients, business partners and associates.”
The company’s plans to expand in Philadelphia also received significant assistance from the Pennsylvania Department of Community and Economic Development. The assistance package – which was coordinated by the Governor’s Action Team – consisted of $386,000 in grants and tax credits.
“Not only will this project expand the U.S. headquarters of a major financial services company, but it will bring dozens of high-paying jobs to the Philadelphia area,” said DCED Secretary Dennis Yablonsky. “Aberdeen’s choice to expand and invest in Pennsylvania goes to show that, even in these tough economic times, the Commonwealth’s economic development efforts are bearing fruit.”
The move is expected to commence in July 2009 and will house Aberdeen’s U.S. fixed income and equity teams, and supporting operations. Aberdeen will consolidate its two current locations, floor 37 of the Mellon Bank Center, and Five Tower Bridge, West Conshohocken. The firm has signed a 63,000 square feet lease at 1735 Market Street, the Mellon Bank Building for a term of 10.5 years to accommodate its existing Philadelphia employees, relocated employees, and new employment growth.
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