Investments
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Conshohocken-based eLocal completes $25M capital infusion
Conshohocken based eLocal, a leading provider of digital performance marketing and new customer acquisition for local, regional and national service businesses, today announced it has raised $25M in capital from LLR Partners. The investment will help support numerous growth initiatives, including expanding sales, marketing and technology efforts as well as potential acquisitions that complement eLocal’s existing…
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Self-storage empire building in Bala Cynwyd
By the end of 2017 — less than one year after its first acquisition — City Line Capital LLC’s self-storage portfolio should be well over 1 million rentable square feet. And the Bala Cynwyd-based self-storage investment firm shows no signs of slowing its brisk pace for acquisitions, writes John Egan for sparefoot.com. In fact, if…
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Betting on sports as a new investment strategy?
Susquehanna International Group has always embraced game theory, taking employees to baseball games and using poker as a tool for teaching its traders. Now the U.S. firm is betting that gambling on sports could be its next winning investment strategy, writes Kit Chellel and Annie Massa for bloomberg.com. [uam_ad id=”54865″] Susquehanna has set up a unit at its…
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Oaks’ SEI Investments Acquires Archway Technology Partners for $80 Million
Oaks’ SEI Investments has agreed to pay $80 million plus up to $8 million in financial growth earn-outs for Archway Technology Partners, writes Jeff Blumenthal for Philadelphia Business Journal. Archway provides operating technologies and services to the family office industry and provides technology to other institutions that service this market. According to SEI, the deal…
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From DELCO: Sisters of St. Francis, Vanguard Vote for ExxonMobil Climate-Change Analysis
Local investors of both thousands and millions defied the ExxonMobil board’s recommendation and passed a resolution that called for the energy company to analyze what it would take to keep Earth from warming another degree Celsius. The resolution originated from members of the Interfaith Center on Corporate Responsibility like the Aston-based Sisters of St. Francis…
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Vanguard Cautious About Record-High Stocks
Vanguard Group, based a few miles west of King of Prussia in Chester County, has benefitted more than most from the record-setting influx of money into indexed mutual funds, but the leader of the financial giant is growing leery of the escalating record highs in the U.S. stock market. “I think the U.S. market is…
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Pennsylvania’s Highest-in-Nation Gas Tax About to Increase … Again
More money from filling gas tanks is about to spill out onto the state’s roads and bridges as the third and final gas tax increase since 2013 goes into effect on Jan. 1. Authorized by Act 89 three years ago, Pennsylvania’s highest-in-the-nation gas tax will go up eight cents per gallon, or 16 percent, according…
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King of Prussia’s Renmatix Attracts Bill Gates as Investor
Microsoft founder Bill Gates has thrown his support behind King of Prussia’s Renmatix by joining the French oil giant Total in a $14 million investment in the company, writes Joseph DiStefano for the Philadelphia Inquirer. Last week, Renmatix announced the investment, more than half of which was provided by Gates, according to Renmatix’s CEO, Mike…
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Breakaway KofP Wealth Manager, 48-year Career Featured in Wall Street Journal
Most people are retired by their 70th birthday, but Gerald Strid instead saw an opportunity to co-found, with his sons in 2014, King of Prussia’s Concentus Wealth Advisors, writes Norb Vonnegut for The Wall Street Journal. A relatively small fish in the world of wealth management, controlling assets of around $420 million, Concentus is part…
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Wayne’s Ira Saligman, Aviator, Philanthropist, and Investor Dies Aged 53
Wayne ‘s aviator, philanthropist, and real estate investor, Ira M. Saligman, died on Sunday aged 53, from injuries sustained after his vintage aircraft caught fire while landing in West Mifflin, writes Bonnie L. Cook for Philly.com. The cause of the fire in the World War II-era plane is undetermined and occurred while Saligman was heading…
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Oaks-Based SEI: Middle Office Can Be a Hidden Source of Competitive Advantage
In response to the investment industry’s desire to extract value from all aspects and functions of its firms, Oaks-based SEI, a financial services company, conducted a survey with FSO Knowledge Xchange (FSOkx), a provider of analysis and marketing solutions. SEI recently concluded that an asset management firm’s middle-office functions, despite not having a consistent industry-wide…
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King of Prussia Town Center Not Part of JBG’s Proposed Merger
The new King of Prussia Town Center , a project of The JBG Companies, will not be part of JBG’s planned merger with New York REIT, writes Natalie Kostelni for the Philadelphia Business Journal. The retail complex JBG is constructing at the Village of Valley Forge in King of Prussia is one of close to three…
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Former Bentley Systems Executive Invests Big in Pottstown’s American Keg
Production is pouring out of the only stainless steel keg manufacturer in the country in order to quench the growing thirst of the craft brewing industry, and that means big business for Pottstown. A business venture that originated with Sly Fox Brewing’s John Giannopolous as Geemacher is now flowing at full speed thanks to a…
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Is a Recession Looming? Vanguard Economist Says Downturn Unlikely
In the following video, Vanguard Global Chief Economist Joe Davis examines the current low-growth environment and places the likelihood of a U.S. recession in the near future at 15 to 20 percent odds. Davis concedes that the odds of a recession are elevated given the economy’s slow growth, reduced exports and declining corporate profits. But…
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KOP’s Hyatt Place Acquired for $13 Million; Renovations Planned
King of Prussia’s Hyatt Place hotel has been acquired for $13 million by DoveHill, a real-estate investment firm, and its partner, Wurzak Hotel Group, writes Kenneth Hilario of the Philadelphia Business Journal. Wurzak, which has operations in Philadelphia and now has a portfolio of five hotels in the area, assumed management of the 129-room hotel,…
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Horsham’s Workspace Property Trust Has Strong First Quarter
Workspace Property Trust, a leading real-estate investment firm based in Horsham, announced the completion of 13 lease transactions in the first quarter of 2016, comprising over 150,000 square feet of space. These significant lease transactions are indicative of the strong demand for office/flex space in the vibrant Horsham submarket. “Since acquiring this portfolio in early…
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Bryn Mawr Bank Corporation Bounces Back in First Quarter
After a rare, fourth-quarter loss, Bryn Mawr Bank Corporation has bounced back with a net income of $8.3 million in the first quarter of 2016, writes Jeff Blumenthal of the Philadelphia Business Journal. The loss at the end of last year was due to a previously announced $17 million charge to terminate the company pension…
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Fort Washington’s Madrigal Pharmaceuticals Procures $3.4 Million in Debt Financing
Fort Washington’s Madrigal Pharmaceuticals has procured $3.4 million in debt financing, according to a filing with the Securities and Exchange Commission, writes John George of the Philadelphia Business Journal. According to George, the biopharmaceutical company has previously entered into an all-stock reverse merger deal with Synta Pharmaceuticals valued at about $60 million. The merger is…
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