Washington Life Magazine: June 2007:WEALTH LIST

ED MATHIAS: Let’s take a quick look at the local business climate. CURTIN WINSOR: If you take it over the past 20 years, the ’90s were the time of technology and telecom, and more recently, it’s been the time of real estate and development. Some significant fortunes have been made over the past ten years with the real estate boom.
PAUL VEITH: This is a vibrant market with great opportunity; a lot of the growth has been fueled by the government contracting firms that have sprung up. We think the opportunity is terrific for straight investment management, as well as the broader wealth management services that we offer.
MICHAEL HARRELD: It’s a place where an enormous number of people made a lot of money in the real estate business in the last 50 years. But many of them are liquefying [property], either by sale or diversification. And as they do so, we find them interested in non-traditional investment

opportunities. They’re open to hedge funds, private equity funds, and to a far more creative approach than a traditional portfolio of stocks and bonds. MATHIAS: Real estate is an important factor in the region and of great interest to our readers. Any thoughts? WINSOR: In Washington you’re lending to the business of government. And because of that we have an inherently stable market; not that it’s without its minor peaks and valleys. Real estate is fairly fully valued now as compared to three years ago, and it’s going to remain steady for at least three or four years as inventory gets depleted and demand catches up. MATHIAS: Have you seen an increased interest in those wanting to live in the District of Columbia? WINSOR: Yes. The reason for that is there’s no political will to fix the transportation infrastructure for commuters. And after that, when you do get the political will, you’re going to have to get the money and

“YOU SIMPLY HAVE TO
participate in international and emerging markets, but at times it’s not an easy sell with customers because of all the political risks we’ve talked about.” – Michael Harreld

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