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Fall 2023 BABCPHL New Members

Club Member:

Baker Tilly US, LLP
Robert Jaffe
Director, Growth Strategies
E: robert.jaffe@bakertilly.com
P: 215-972-2521
1650 Market Street
Suite 4500
Philadelphia, PA 19103

Baker Tilly US, LLP (Baker Tilly) is a leading advisory CPA firm, providing clients with a genuine coast-to-coast and global advantage in major regions of the U.S. and in many of the world’s leading financial centers – New York, London, San Francisco, Los Angeles and Chicago. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 145 territories, with 41,000 professionals and a combined worldwide revenue of $4.7 billion. Visit bakertilly.com or join the conversation on LinkedIn, Facebook and Twitter.

Corporate Members:

ieso Digital Health Inc.
Deborah Cleary
Head of Payer Development
E: d.cleary@iesohealth.com
P: +44 (01223) 752574
101 Federal Street
Suite 900
Boston, MA 02110

Jodi Prohofsky
Chief Operations Officer (US)
E: j.prohofsky@iesohealth.com

Little is known about what makes mental healthcare successful and why. We’re blending data science and deep clinical expertise, to learn what helps people access the right treatment and recover. We use this knowledge to create fully scalable, highly personalised, digital solutions that help prevent, treat and manage poor mental health.

Our pioneering discoveries in mental healthcare are improving how the world understands and treats mental health. From the beginning, we’ve placed patients at the heart of everything we do, and believe in a world where everyone has access to effective mental healthcare that is right for them at the time they need it.

Grace Fitts
Director, Client Advisory Services | Private & Corporate Collections
E: gfitts@freemansauction.com
P: 267-414-1254
2400 Market Street
Suite 304
Philadelphia, PA 19103

As America’s oldest auction house, Freeman’s has been an active part of the auction world and art market for more than 215 years. While still ingrained within the heart of Philadelphia–a city which the house has proudly called home for over two centuries–Freeman’s stays connected to the global art scene through its extensive client network, regional representatives throughout the United States, and an ongoing marketing alliance with Lyon & Turnbull, one the longest established fine art and antiques auction houses in the United Kingdom. Freeman’s illustrious history, familiarity with the market, dedicated team of specialists, and relentless focus on service have resulted in an international reputation for achieving exceptional prices and client satisfaction. In addition to their year-round auction schedule that spans specialist departments, Freeman’s supports private and corporate collectors with additional services, including Trusts and Estates, Appraisals, and Private Sales.

Educational, Arts & Charitable Institution Member:

DBE National Society
Susan J. Gerrity
National President
E: susan.gerrity@icloud.com or president@dbenational.org
P: 610-220-6074

The Daughters of the British Empire (DBE) is a charitable, non-profit, non-political, non-sectarian, voluntary American society of women of British and Commonwealth birth or ancestry. Its members are professionals, businesswomen, and homemakers with common interests and heritage, who meet regularly for business and social events with the common cause of philanthropy. The society was founded in the United States on March 15, 1909, as the Imperial Order, Daughters of the Empire in the U.S.A., and became the National Society, Daughters of the British Empire in the U.S.A. on April 14, 1920. The National Society is incorporated in the State of Delaware.

The Society is affiliated with the Imperial Order Daughters of the Empire in Canada (IODE); the Victoria League in London, England; and the General Federation of Women’s Clubs in the United States.

For over 100 years, the Daughters of the British Empire in the U.S.A. has been a common bond for women of British heritage living in America. Members, joining together in fellowship, contribute significantly to the good of their local communities and support the retirement homes for men and women established by the DBE.

Individual Member:

David Klucsik
E: david.m.klucsik@verizon.net
P: 609-516-6764

Affiliated with TALA Communications of Oxfordshire, David Klucsik’s Same Page LLC offers marketing and communications services, specializing in complex, controversial, and emotional issues involving business, industry, science, media, and public policy, often in a crisis context.

McCann Team State of the Residential Real Estate Market

Mid-Atlantic: Continued Growth, Setting it Apart from Other National Regions

Throughout July, the Mid-Atlantic region saw a 3.9% increase in home prices, boosting the median price to $400,000. This made for the strongest price growth since the beginning of this year, going against the trends seen in other national markets.

The summer market has remained strong, a continuation of the patterns previously observed in June. The elevated mortgage rates have not discouraged competition among buyers vying for a property among the historically low levels of inventory. This is according to the Mid-Atlantic July Housing Report released by Bright MLS.

Dr. Lisa Sturtevant, Chief Economist at Bright MLS, has expressed her surprise at the market’s resilience in the face of higher rates and prices. She noted that even first-time buyers are finding ways to navigate the competitive landscape, with tactics like assumable mortgages and seller financing becoming part of the conversation.

Notably, prices saw an uptick across several metropolitan markets including Washington, D.C., Philadelphia, and Baltimore. Median days on the market, indicating the speed of property turnover, remained consistent at seven days in Baltimore, nine days in Philadelphia, and decreased by a day in the Washington, D.C. metro area, making it seven days.

While the summer season typically brings a slight market cooldown due to vacations and travel, there has been no such relief for buyers this summer. The report highlights a significant drop of over 29% in new properties listed across the region. Active listings have also decreased by 19.1%, indicating that the market pace remains rapid. This emphasizes the need for buyers to act swiftly when encountering the right property.

The report further shows that new pending sales have decreased by 13%, and closed sales experienced a 20% decline in the region for July. The limited inventory has also proven to decrease property showings, which saw a nearly 12% reduction compared to the previous year. Despite these declines, the gap in market activity between the current year and the previous year has narrowed.

Looking ahead, Bright MLS anticipates that the fall market in the Mid-Atlantic region will be characterized by ongoing low inventory, stable or potentially rising home prices, and increasing challenges related to affordability. While mortgage rates are projected to decrease slightly, they are expected to hover around 6.5%. Homeowners are less inclined to sell, fearing the loss of their favorable rates. However, listing activity is predicted to show a slight uptick in the coming months. This could be driven by “movers of necessity” and transactions involving non-standard financing options, such as assumable mortgages and seller financing.

Philadelphia Metro Area: Strong Price Growth Despite Affordability Challenges

The residential real estate market in Philadelphia has experienced a steady and promising recent performance. A steady surge in demand for housing coupled with continued low inventory, has caused property prices to continue their upward trend.

In July, the Philadelphia metro area witnessed a median home price of $369,000, just shy of June’s record at $370,000. Price surges extended to all local markets, including Philadelphia County, which had experienced a dip earlier in the year.

Despite affordability challenges, homebuyers remain actively engaged in the Philadelphia market. Although there was a 13.8% drop in showing activity compared to the previous July, the gap in buyer traffic between 2022 and 2023 is gradually narrowing.

While all of this information can be somewhat daunting, it is important to keep in mind that real estate is often a long-term investment and historically has proven to be one of the largest wealth builders amongst Americans!

State of the Commercial Real Estate Market

Philadelphia’s commercial real estate sector has shown remarkable resilience over the past decade, even navigating the pandemic and fluctuating interest rates. Let’s delve into the four key asset classes, highlighting essential terms:

Net Absorption: This measures the change in leased space over a period, showing whether more space was leased or vacated. Positive net absorption indicates lower vacancy, while negative net absorption points to increased vacant space. It’s a gauge of market demand and health.

Cap Rate (Capitalization Rate): This vital metric assesses potential ROI for a commercial property. It’s calculated by dividing net operating income by market value. A higher cap rate may mean higher returns but also higher risk. It helps compare investment options and evaluate income potential.

Vacancy Rate: This shows the percentage of unoccupied or unleased space in a market. Lower rates suggest strong demand, while higher rates indicate oversupply and weaker demand. It’s a way to assess market health and supply-demand balance.

Delivery: In real estate, “delivery” refers to a new construction or development project’s completion, marking its readiness for occupancy. It involves property transfer, signaling its operational state.

Philadelphia’s office market stands strong among top U.S. markets. Its unique employment mix in healthcare, education, and government sustains its resilience. Despite challenges, Philadelphia’s vacancy and availability rates are impressive, with Center City outperforming other central business districts.

Philadelphia’s multifamily market transformed in 2023, with demand retreat and a surge in construction. The market adjusted as projects surpassed demand, causing the vacancy rate to rise. Philadelphia is still able to maintain a lower vacancy rate compared to other metros. Supply-demand dynamics influence rent trends and sales activity.

Philadelphia’s retail market rebounded, driven by consumer savings and spending. Even still, significant retail space remains available. Converting obsolete properties to mixed-use centers is a trend. The suburban market is robust, attracting tenants. Philadelphia’s affordability lures retailers compared to nearby markets, despite challenges in sales volume.

Philadelphia’s industrial market leads the Mid-Atlantic, with high delivery and construction numbers. While annual absorption ranks third, the vacancy rate is rising due to a wave of new projects. Different warehouse sizes experience varying impacts. Financing costs affect sales volume and cap rates.

Philadelphia’s commercial real estate sector exhibits strengths across asset classes, backed by resilience and unique market dynamics.

Meet The Mike McCann Team

Our team of dynamic and motivated professionals consistently keep client satisfaction as our primary focus. Our team of licensed agents are knowledgeable and passionate about Philadelphia’s wide range of neighborhoods and properties. We have been the #1 real estate team in Philadelphia for over three decades, with over 12K homes sold, 3 billion in revenue, and more rewards from the Philadelphia Board of Realtors than anyone else in the city’s history. We target the specific needs of our clients in order to provide them with the resources and expertise they deserve and use our extensive experience to find the ideal location for their perfect home.

Whether you are interested in buying, selling or investing in Philadelphia, the surrounding suburbs, or the Jersey Shore let us be your guide—no one will work harder for you than The Mike McCann Team. Visit our website at mccannteam.com or contact us at Office: 215.607.6007 | Cell: 215.778.0901.

Source: Bright MLS July Housing Report: Mid-Atlantic Housing Market Resilient (prnewswire.com)

Fall 2023 President’s Letter

Dear BABCPHL Members and Friends,

In Sonnet 18, William Shakespeare wrote, “Summer’s lease hath all too short a date.” While I agree with the Bard and am always personally sad when summer ends, here at the BABCPHL, our fall busy season is in full swing! I hope you had an enjoyable summer, and you are ready to return to networking and business development. It was terrific to see many of you at our sold-out event in July. Please make sure you register for our September, October, and December programs. We expect full houses for our bourbon tasting and international art “back to school” night, our UK/US architecture and built-environment panel discussion, and our 2023 Signature Annual Holiday Lunch – Goal! Transatlantic Commerce & The Business Behind Sports.

We are honored to partner with local and UK leaders to offer this diverse range of programs. The themes of our events mirror exciting happenings in our region and in the UK. Join us to learn more and ensure you are current on the latest news, trends, and commercial opportunities.

The BABCPHL is your connector organization. Active engagement with the BABCPHL offers benefits you cannot attain elsewhere. Don’t miss out! I encourage you to read through this newsletter to meet our newest members, take a deeper dive into some important topics presented by regional Club Level Member, Penn Medicine, and Corporate Member the Mike McCann Team, and to learn more about our upcoming events.

I look forward to seeing you later this week at Freeman’s for our bourbon tasting, in October at Carpenters’ Hall, the oldest craft guild in America, and in December for the best holiday party of the season! An anonymous writer said of summer, “The tans will fade but the memories will last forever.” Please join us at our upcoming events and make even more memories!


Howard M. Silverstone, MBE, CPA, FCA
President, British American Business Council of Greater Philadelphia

Promotional Opportunity with the BABCPHL

Gain visibility and increase your exposure with a revolving digital promotion on the British American Business Council of Greater Philadelphia website.

Marketing your business with our global network will help you develop new contacts and grow your enterprise throughout the transatlantic commercial space and beyond!

Use us to help you expand your online presence.

  • $750.00 for a six-month revolving digital promotion running from July 1, 2023 until January 1, 2024
  • $1,500.00 for a full year revolving digital promotion running from July 1, 2023 – June 30, 2024, along with a full-page color ad in our Signature Annual Holiday Lunch program book (print-run more than 200 copies in December 2023)

But wait, there’s more!

All six-month revolving digital promo purchasers will be entered into a raffle for two complimentary tickets with a value of $75.00 or under to a mutually agreed upon BABCPHL event during the July 1, 2023 – June 30, 2024 period, and one-year purchasers for four complimentary tickets.


  • Website Digital Messaging: 300 x 250px, max file size 60 KB
  • Full page, color ad: 8.5″x11″ with an additional .125″ bleed

Promotional Guidelines

Digital messages may include:

  • The organization’s support of the British American Business Council of Greater Philadelphia
  • Factually, value-neutral descriptive, information about the organization’s products, product line or services
  • The organization’s logo and/or well-established trademarked corporate tagline
  • Brand or trade names that help identify the organization, but that do not promote nor induce to buy
  • A phone number and/or web address, but no call-to-action may accompany it

Digital messages may not include:

  • Superlatives or comparatives, such as bigger or best
  • Calls to action or inducements to action
  • Comparison with other products or businesses
  • References to prices
  • Third-party endorsements
  • Political messaging or the views of any person with respect to any matter of public importance or interest

Contact babc@babcphl.com to confirm your interest.

Coronation Weekend

This Saturday, May 6, 2023, will be the coronation of King Charles III which will kick off a weekend filled with many events and celebrations across the UK. The Coronation Service that will take place at Westminster Abbey will begin the festivities followed by The Coronation Procession. On Sunday, a special Coronation Concert will be staged and broadcasted live at Windsor Castle. Communities are also encouraged to share food and fun together for The Coronation Big Lunch. Click here to learn more about the festivities.

Monday is a UK bank holiday, and the royal family is encouraging people to volunteer as part of “The Big Help Out” in tribute to the King’s lifetime of public service. The objective is to encourage volunteerism to bring communities together to create a legacy from the coronation weekend. The BABCPHL is collaborating with the World Affairs Council of Philadelphia and the British Consulate New York on a UK-themed teacher appreciation lunch at Bodine High School for International Affairs. Click here to learn more about “The Big Help Out” initiative.

Trade & Investment Guide to the UK for US Companies – Launched April 26, 2023

The Trade & Investment Guide is a crucial resource for US companies looking to explore the exciting opportunities the UK has to offer. It provides practical advice on all the issues that companies must consider when expanding, from logistics and legal services to finance and immigration.

It offers insights on the diverse nations and regions across the UK and outlines the unique sector-based opportunities in every corner of the country.

Finding Your Way provides essential information on the services that both the UK and US governments, as well as leading associations and networks offer to help US companies be successful. It also includes details and practical advice from leading private sector firms whose services can help companies with their expansion endeavors.

Click here to access the document published by BritishAmerican Business for distribution to the 22-Chapter Network. The BABCPHL is proud to be a part of the largest transatlantic business network, including more than 2,000 member companies based in major cities throughout North America and the United Kingdom.

Spring 2023 BABCPHL New Members

Corporate Members:

Con Murphy’s Irish Pub
Liam Kelly
E: liamjkelly8@gmail.com
1700 Benjamin Franklin Parkway
Philadelphia, PA 19103

Con Murphy’s is an Irish Pub in Philadelphia, paying tribute to an old friend from Ireland, Con Murphy, and a tribute to the Irish community in Philadelphia.

Con was, like many an Irishman, both a gentleman and a scholar. He had a healthy aversion to work. Con never lied but was often careless with the truth and never allowed it to get in the way of a good story. He treated your money like his, but his generosity knew no bounds. Con was a raconteur and a rogue but, above all, he was a character who brought a smile to your face and warmth to your heart, which is what this Pub aims to do also.

Fellow Limerick men themselves, Liam Kelly and Maurice Collins have carved an Irish niche in Philadelphia with the help of a few Irish craftsmen. A classy yet comfortable Irish Pub experience awaits you in the Windsor Hotel on Ben Franklin Parkway. Ben and Con would have gotten along famously (and are probably trading stories as we speak).

Quoin Capital
William Block
P: 215-564-1222 Ext. 112
E: wblock@quoincapital.com
2005 Market St.
Suite 2030
Philadelphia, PA 19103

Since 2004, we have provided investment banking through collaborative leadership in financial strategy and execution with Fortune 500 corporations, financial institutions, asset managers, pension funds, municipalities, and startups. We combine large bank experience with entrepreneurial drive to achieve optimal outcomes.

From capital raises and IPOs to financial restructuring and M&A, we offer customized, hands-on guidance and advocacy through every transition. As champions of our partners’ interests, we look deep into the workings of your culture and operations to understand and articulate your true power and potential, from initial valuation through the seamless execution of complex transactions.

With headquarters in Philadelphia, we are an independent, certified minority business enterprise (MBE) that provides the full scope of investment banking services with an excellent reputation for results, period.

Spring 2023 Human Interest Feature – The History & Celebration of British Coronations

Written by: Kaitlyn Rampone, Coordinator, British American Business Council of Greater Philadelphia

King Charles III will be crowned alongside Camilla, the Queen Consort on May 6, 2023, at Westminster Abbey in London. This will be the first coronation since Queen Elizabeth’s on June 2, 1953. There is a rich history surrounding the coronation ceremony in England; coronations have remained the same for more than 1,000 years. A coronation is a symbolic religious ceremony in which the monarch is crowned and formalizes their role as head of the Church of England. It marks the transfer of their title and powers. It was once a necessary stage of an individual’s journey to becoming King or Queen, but now by law immediately following the death of the current sovereign, they ascend into their role. Coronations emerged from a European tradition which called for increased church involvement in the state. It also sought to bring stability to societies where there were several individuals who had a claim to the throne. The United Kingdom is the only European monarchy that continues to retain such a ceremony.


There are a lot of moving pieces that take place during the coronation ceremony. The event starts with The King’s Procession that originates at Buckingham Palace and ends at Westminster Abbey. The various stages of the service include the recognition, the oath, the anointing, the investiture, and the enthronement and homage. The recognition consists of the Archbishop of Canterbury presenting the monarch to the congregation where the crowd shouts “God Save the King” followed by trumpets sounding. During the oath, the sovereign swears to uphold the law and the Church of England. Next is the anointing where the King’s ceremonial robe is taken off and he sits in the Coronation Chair. Normally, the King is then concealed with a gold cloth, but for King Charles there will be a transparent canopy in order to broadcast the anointing for the first time in history. Then during the investiture, the King is presented with the Royal orb, representing religious and moral authority; the Sceptre, representing power; and the Sovereign’s Sceptre, a rod of gold topped with a white enameled dove, a symbol of justice and mercy. The Archbishop then places St. Edward’s Crown on the King’s head. Lastly, in the enthronement and homage stage, the King leaves the Coronation Chair and moves to the throne. 


Following the ceremony, the King and Queen Consort will return to Buckingham Palace in a large ceremonial procession known as The Coronation Procession. Once back at Buckingham Palace they will be joined with the other members of the Royal family on the balcony to conclude the day’s ceremonial events. The day after the Coronation will consist of the Coronation Big Lunch, where neighbors and communities across Britain will be invited to share food and fun. For the Coronation of Queen Elizabeth there were more than 8,000 people from 129 nations that travelled to Westminster Abbey, but for King Charles’ Coronation there will be approximately 2,000 to accommodate health and safety restrictions.


The Coronation will be televised for British and international audiences to view throughout the world. The late Queen’s Coronation was the first to be televised with an estimated 27 million people in the UK watching and 11 million listening on the radio. To mark the Coronation of King Charles, there will be a bank holiday on Monday, May 8. This holiday will be observed throughout the UK, in recognition of the King’s interest in strengthening local communities. People throughout the UK will be encouraged to volunteer and join projects in their region as part of the “Big Help Out.” The Big Help Out is an organization supported by some of the UK’s largest volunteer organizations to raise awareness of volunteerism and provide people with an opportunity to make a difference within their community. The King and Queen Consort hope this will create a long-lasting legacy felt across the country.


The Coronation will be celebrated all over the world. The Philadelphia branch of the English-Speaking Union will be hosting their annual garden party and celebration of the Coronation at the Highlands Mansion and Gardens in Fort Washington, PA on May 6, 2023. The garden party will have everything from elegant hats, champagne served from a Rolls Royce, a Scottish Piper and Drummer, a silent auction including coronation items from George V to Charles III, and much more. Oliver St. Clair Franklin CBE, His Majesty’s Honorary Consul to Philadelphia and BABCPHL Board Member will be a featured guest. To learn more click here.


Spring 2023 President’s Letter

Dear BABCPHL Members and Friends,

It is rewarding and enjoyable to be hosting in-person programs and events once again. We are back in our sweet spot, doing what we do best – offering valuable and informative face-to-face meetings to help you expand your network and enhance your transatlantic business. If you attended any of our recent programs or you are reading our communications, you know BABCPHL programs are relevant and engaging.

In March we hosted A Global Economic Update featuring public and private sector industry leaders who delivered timely information about the current state of the economy here at home and abroad. Later in the month we had our Second Annual England vs. Ireland Rugby Watch Party. Both events were different in scope, but both included enthusiastic attendees. People eagerly came together to network, learn, and enjoy the occasion.

Next up on the docket is our Emerging Leaders Group UK-US Trivia & Networking Event, a US Customs & Border Protection Panel Discussion, and more! I invite you to scroll down and read through this newsletter for details.

The BABCPHL is your connector organization. Active engagement has benefits. As we always say, you get out of your membership, what you put into it. Register and attend our programs to ensure you are getting the most out of affiliation with our Group. We look forward to seeing you often during the coming days, weeks, and months. As Winston Churchill once said, “I am certainly not one of those who need to be prodded. In fact, if anything, I am the prod.” So, I am prodding all of you to come to our spring events!


Howard M. Silverstone, MBE, CPA, FCA

President, British American Business Council of Greater Philadelphia

Global Economic Update Headlining Leading Executives and Government Officials

Our timing is perfect! We are honored to offer an informative program about the current state of the global economy featuring financial industry executives and government officials. Businesses and investors are facing unprecedented challenges in a complex global economic environment. Oliver St. Clair Franklin CBE, Honorary British Consul for Greater Philadelphia is moderating the session headlining: Kunal Khatri, Deputy HM Trade Commissioner for North America, British Consulate General New York; Ben Kirshner, Chief Transformation Officer, Office of the Governor, State of Pennsylvania; Mark E. McCarron CFA, Partner, Chief Investment Officer, Wescott Financial Advisory Group LLC; Anne K. Nadol, Commerce Director, Department of Commerce, City of Philadelphia; and Ryan Wang, US Economist, HSBC Securities. Experts will highlight economic drivers and will address how the US and the UK are navigating the challenging global landscape. Speakers will discuss the policy measures and structural reforms leading nations are putting into place to mitigate risk and alleviate pressure. The conversation will also include how public and private sector entities are operating in both countries and collaborating with groups throughout the world to stabilize and grow economies at home and abroad. Guests will learn about the current economic situation, and what to expect during the remainder of this year. Attendees will have an opportunity to ask questions and to network following the panel discussion. Special thanks to William Sasso at Stradley Ronon Stevens & Young, LLP for hosting the event, and to program partners: the World Affairs Council of Philadelphia, the World Trade Centers of Delaware and Philadelphia, and the Eurasian, French and German American Chambers of Commerce. Click here to register.

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The BABCPHL recognizes our Club Level Members:

  • Almac
  • American Airlines
  • Baker Tilly
  • Cigna
  • Cigna
  • Duane Morris
  • EisnerAmper LLP
  • Faegre Drinker Biddle & Reath LLP
  • Forensic Resolutions
  • Johnson, Kendall & Johnson, Inc.
  • Morgan Lewis
  • Penn Medicine
  • https://www.santanderus.com/
  • Welsh Government