Philadelphia, March 27 – Mayor Michael A. Nutter met today with representatives of PENN Capital Management Company, Inc., a financial firm that is re-locating its corporate headquarters to Philadelphia from Cherry Hill, New Jersey in summer 2009. Mayor Nutter met with Jerry McBride, Chief Financial Officer and Partner, and Christian Noyes, Senior Managing Partner and Director of Marketing and Client Services.
“I am delighted to welcome PENN Capital to Philadelphia,” said Mayor Nutter. “Even in these tough economic times our efforts to attract business and create jobs continue unabated and I am committed to establishing and maintaining Philadelphia as a premier location to do business in the United States.”
“The strategic location right between the Philadelphia International Airport and Center City Philadelphia will allow us greater access to management teams for research purposes. This, along with the convenience of location to receive clients, prospects, and consultants, all make The Philadelphia Navy Yard an outstanding location for our firm,” says Founder and CIO Richard Hocker.
The company, which currently employs around 60 people, has signed a 10 year lease with Liberty Property Trust for approximately 15,000 square feet of space in Three Crescent Drive, a new office building currently under construction. The company is using organizations either located in Philadelphia or with a business presence in the city to prepare the project.
As part of the City of Philadelphia’s effort to encourage growth and job creation, the Department of Revenue, in consultation with business leaders, continues to evaluate Philadelphia’s tax code to ensure that antiquated and outdated regulations are identified and improved. As the financial services sector evolves we are modernizing our tax structure to enhance Philadelphia’s competitiveness in attracting new firms and jobs and to help our current firms grow. Amendments to Philadelphia’s Business Privilege and Net Profits Tax regulations made in December 2008 related to certain pools of cash and securities now make Philadelphia an even more competitive business environment for financial sector firms.
PENN Capital Management Company, Inc., is an independent, 100% employee owned investment management firm that specializes in managing high yield fixed income and micro-to-mid capitalization equity portfolios for institutions and individuals.
