A stroke of Philly pride spurs Scottish firm to back Dad Vail

A six-figure commitment from a global investment firm based in Scotland will keep the Dad Vail Regatta in Philadelphia for at least the next four years, if not forever.

Mayor Nutter announced the deal yesterday in City Hall. He was joined by leaders of the nation's biggest annual collegiate-rowing event and the top brass of Aberdeen Assets Management Inc., whose North American headquarters is in Philadelphia.

This year's event, officially rechristened the Aberdeen Dad Vail Regatta, will be on the Schuylkill May 7 and 8. More than 3,000 rowers, from more than 100 colleges and universities, are expected.

The regatta, named after a legendary rowing coach at the University of Wisconsin, dates from 1934 and has been a rite of spring on the Schuylkill since 1953.

Its leaders announced in November that they had run into financial problems here and accepted a $250,000 offer to take this year's competititon to the Navesink River, in Rumson, N. J.

But they reversed course after protests from Nutter and U.S. Rep. Bob Brady, coupled with renewed fundraising efforts that led to yesterday's announcement.

"We are very pleased with the way things have worked out," said Jim Hanna, president of the Dad Vail Regatta Organizing Committee.

Martin Gilbert, founder and chief executive of the Aberdeen-based asset-management firm, attended the announcement and exchanged gifts with Nutter - a big basket of snacks for the Scot and a fifth of single-malt Scotch for the mayor, who made sure the bottle got back to his office intact.

"We are honored to be associated with the long-established event and are delighted to play our part in ensuring that it remains in our own U. S. hometown of Philadelphia," Gilbert said.

By mutual agreement, regatta officials and Aberdeen did not disclose their financial arrangements, though Gilbert described it as "six figures." Eventually, more details will emerge in the regatta's nonprofit tax returns.

The Aberdeen firm manages more than $230 billion in assets worldwide, with close to $30 billion invested on behalf of U. S. clients, including the Pennsylvania state employees' pension fund. About 180 people work in its Philadelphia office.