Nancy Smith says the firm gave her opportunities that weren't open to women. Nancy Smith first v.p. of Glenmede Trust and director of its Manager Alliances Program (MAP) is stepping down after 25 years with the firm.

"It is hard for me to quantify the positive impact that she has had on Glenmede," says Glenmede's CEO Al Piscopo. "She brought considerable investment expertise to our firm, and has held key positions throughout her entire Glenmede tenure."

MAP maker

Smith joined Glenmede from Pittsburgh-based PNC's trust division in 1984, initially as a portfolio manager -- the first woman to fill such a role at the firm -- with responsibility for private and institutional accounts. For about 10 years she worked with and eventually became lead portfolio manager for the Pew Trusts, Glenmede's biggest client -- a position long since taken over by Glenmede stalwart Stephen Lehman.

She designed and created Glenmede's MAP, which evaluates and monitors external managers and non-proprietary investment products that it employs on its clients' behalf conjunction with in-house products "to expand the spectrum of Glenmede's offerings," according to a blurb on Glenmede's website.

MAP may be "standard procedure with most major wealth managers today, but Nancy built this platform at a time when many of our competitors still discouraged clients from using any external investment expertise," says Piscopo.

Wonderful journey

Smith will be replaced as MAP's head by former Brooklyn NY Holdings investment manager Benjamin Alimansky, whom Glenmede hired late in 2008 to oversee hedge funds and opportunistic investment strategies within MAP.

"This has been a wonderful journey," says Smith. "My responsibilities at Glenmede have enabled me to follow my broad interests, use my skills, and have provided me with opportunities, that, to be candid, were not always open to women more than two decades ago."

Philadelphia-based Glenmede was established in the mid 1950s by heirs of Sun Oil founder J.N. Pew as a fiduciary for the Pew Trusts. It has nearly $16 billion in assets under supervision for high net worth families and institutional clients. -FWR

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