The Philadelphia Fund Alliance, a newly-created group for fundsters in the Philly area, is holding its first event tonight.

Ronan Ryan IEX Group President

The Philadelphia asset management industry will gather at the Logan Philadelphia for a gala that will finally bring an event to a city with deep roots in the space. Bruce Leto, chair of the investment management group at Stradley Ronon, was sick and tired of traveling to other cities for industry events given that Philly has such a rich history in asset management.

"I wanted to create a networking event for people who see each other once in a while at events in New York, but hardly get together in their own backyard," Leto, who is serving as Host of the Inaugural Gala, said when he spoke with MFWire.

Based on the response he's gotten, it looks like there were a few other people who felt the same way. Thirteen organizations volunteered to serve on the Steering Committee for the alliance, and attendance tonight will be stronger than anyone could have expected. Leto says he would have been excited with 100 attendees. Over 200 people are scheduled to attend, representing 33 different firms.

This will also serve as a chance to highlight the importance of the asset management industry in Philadelphia. The cocktail hour and dinner reception will feature a silent auction and guest speaker Ronan Ryan, president at IEX Group. Each year, the event will benefit a charity that addresses an issue facing the Philadelphia community, and for the inaugural gala, all proceeds will go to The Children's Hospital of Philadelphia. So far, they have raised $40,000.

As for his future plans for the Philadelphia Fund Alliance? Leto says there's nothing specific just yet, but he hopes that more people will continue to get involved and that it can be a yearly event that everyone in the industry looks forward to. 

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