Aberdeen Asset Management Inc. is helping to preserve a piece of local history in Philadelphia, its home city in the U.S.
The firm, based in Aberdeen, Scotland, earlier this month agreed to be the lead sponsor in the Dad Vail Regatta, recently renamed Aberdeen Dad Vail Regatta.
Now in its 72nd year, the regatta has been held in Philadelphia for more than 50 years and attracts thousands of rowers from more than 100 colleges and universities nationwide.
Gary Marshall, Aberdeen's U.S. CEO in Philadelphia, said financial problems had led event organizers to initially propose a new sponsor and moving the event to Rumson, N.J. But that plan fell through last year, and Aberdeen subsequently stepped in to provide financial support in a four-year agreement.
“This is clearly a major local event that's recognized across the U.S. and internationally,” Mr. Marshall added.
The May 7-8 event also kicks off Aberdeen AM's first major U.S. public relations campaign, which will include television advertising. Mr. Marshall declined to reveal how much Aberdeen has allocated for the PR campaign. Assets under management at Aberdeen AM totaled £143.8 billion ($221.4 billion) as of Dec. 31.