HARRISBURG -- State Democrats yesterday picked Robert "Rob" McCord, a financial executive and former venture capitalist from suburban Philadelphia, as their candidate for state treasurer in November.

Mr. McCord, 49, of Montgomery County, raised more than $3 million in campaign funds for the primary, including $1 million of his own money. His campaign cash was far more than any of his three challengers, and allowed him to run many more TV ads.

He defeated Bucks County Democratic Chairman John Cordisco, a former state legislator and ex-steel worker; state Rep. Jennifer Mann of Allentown, a 10-year veteran of the House; and Dennis Morrison-Wesley of Harrisburg, a salesman for Comcast and one-time candidate for mayor of Philadelphia.

"It's been a terrific campaign," Mr. McCord said last night in a phone interview from Philadelphia.

"Honestly, we were very confident. In counties across the state, people agreed with the argument that in these economically challenging days, it made sense to have a candidate with significant financial experience.

"I have experience investing money in ways that helps create jobs,'' he said.

In the November general election, Mr. McCord will face the Republican Tom Ellis, 48, of Montgomery County, a lawyer with the Philadelphia firm of Ballard Spahr Andrews & Ingersoll. Mr. Ellis, a former Montgomery County commissioner, was unopposed for the GOP nomination.

Many Democrats expected Mr. McCord to win because he raised and spent far more than his rivals. Mr. Cordisco raised about $1 million, including loaning his campaign $260,000.

Many of Mr. McCord's campaign contributions came from money managers and investors from the Philadelphia area, which led to criticism from Mr. Cordisco that Mr. McCord, as state treasurer, would be obligated to such firms when investing state funds.

Mr. McCord strongly denied having any obligations to his contributors. He said his campaign fund-raising ability shows that people trust his judgment. He said the contributions aren't an indication of special treatment when he makes decisions on how to invest state funds.

Mr. McCord got his undergraduate degree from Harvard University and a business degree from the Wharton School in Philadelphia. Early in his career he worked as a congressional staffer and speech writer, and then worked for a suburban Philadelphia firm which invested in life sciences and technology firms. He also was a venture capitalist with a firm called Novitas Capital.

He later helped found Eastern Technology Council, a coalition of tech firms in the Philadelphia area. He is still chairman of that group.

Some Democrats thought Ms. Mann might do well yesterday due to women voters turning out to support U.S. Sen. Hillary Rodham Clinton, who won the Pennsylvania presidential primary over U.S. Sen. Barack Obama. But Mrs. Clinton's strong showing didn't benefit Ms. Mann.

The state treasurer's post doesn't have a high profile even in a normal primary election year, but this year it's been especially out of the limelight because of the fierce Democratic presidential primary.

But the post is an important one, with responsibility for overseeing the investment of billions in state funds, including those of pension funds such as the State Employee Retirement System and the Public School Employee Retirement System. The office has about 500 employees and an annual budget of $60 million. The treasurer's salary is $141,565.

The winner in November will succeed acting Treasurer Robin Wiessman, whom Gov. Ed Rendell named to succeed former Treasurer Bob Casey Jr. after he was elected to the U.S. Senate in November 2006.