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Illinois private equity deals fall in 2013
Chicago Tribune
Private equity deals in Illinois dropped in number and value in 2013 as competition and high prices challenged buyout firms.
Illinois' 100 transactions totaled $16.9 billion and were down more than 30 percent from the previous year, said PitchBook Data Inc., a research and technology provider to the private equity industry. It was a "challenging" time for dealmaking, Bain & Co. said in a private equity report published in March.
Emboldened by the rising stock market, many sellers held out for high prices, Bain said. In turn, potential buyers walked away.
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Top-down perspective from a Wall Street insider
CFA Chicago
Join CFA Chicago on Tuesday, April 29 from 12 - 1 p.m. for the Distinguished Speaker Series featuring David Rosenberg, Chief Economist and Strategist for Gluskin Sheff and Associates. Fees for members are $45 dollars, the student-members fee is $10, and non-members are welcome to join for $55. This series also qualifies for credit under the guidelines for the CFA Institute Professional Development Program.
Assets: Location, dedication and diversification
CFA Chicago
Learn tips from expert charterholders and financial industry leaders to help maximize your after tax wealth; and the role of asset location, dedication, and diversification. Discover how taxes impact financial planning and investments. Join David Blanchett, CFA, CFP, and Don Duncan, MBA, CFA, CFP, CPA on Thursday, April 10 to learn five tips to maximize after tax wealth and studies that quantify the wealth impact of financial planning. Register now — there are only seven spots available.
Adapting to the realities of high-frequency trading
CFA Chicago
Many frameworks and finance models were created in an environment that shaped our collective experience over the last 30-50 years. Recently many dynamics in the investment landscape have changed: geopolitical instability, an expanded role of governments in capital markets, and correlations between previously believed unrelated securities has become a challenging reality. Along with those facets of the investment landscape, the industry is now adapting to the effects of high-frequency trading. On Thursday, May 1, join CFA Chicago at The University Club to discover how recent changes in the global investment landscape should shape your strategic and tactical investment decisions.
High-frequency trading: How it's changing the market
CFA Institute's Enterprising Investor
Publication of Michael Lewis’ new book Flash Boys: A Wall Street Revolt about high-frequency trading is causing a global stir, gaining attention from the finance community, journalists, politicians, and the criminal justice world. Many in the financial community are critical of the book and feel that it is too strongly biased against high-frequency trading. For example, many believe that the benefits of high-frequency trading are ignored by most pundits. This suggests a general lack of good information on the issue available to the general public. Fortunately, high-frequency trading is an issue that we follow at CFA Institute, and with the goal of providing relevant information in mind, here is a short, curated list of some of our content on the issue — an issue that we think is here to stay for years to come.
Rob Arnott and the rise of smart beta
ThinkAdvisor
Investment advisors invest their clients’ money based on a range of philosophies and client needs. Advisors are often skeptical of following massive flows of money, preferring to stick to a planned asset allocation and fund families with which they’re comfortable. Think of all the money that flowed into bonds during 2012 as the equities’ bull run gathered steam. Investors were climbing that wall of worry, but advisors’ job is to manage emotions in investing.
So what to make of the massive flows of money that have been going into vehicles — mutual funds and especially ETFs — that pay homage to “smart beta”?
How to profit from high-frequency trading
Market Watch
TV and Internet news shows are buzzing with the damage being done by high-frequency trading.
Author Michael Lewis tells us, "The market is rigged!" And traders call it, "An unfair advantage," complaining that HFT firms jump in front of their trades and impact price movements. Investment advisor Larry Stein questions whether either claim is true; He'll leave that to the experts investigating the matter. That said, Stein has a very different take on high-frequency trading: Thanks for the opportunity!
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SEC forms squad to examine private funds
Chicago Tribune
The U.S. Securities and Exchange Commission has put together a dedicated group to examine private equity and hedge funds, after the 2010 Dodd-Frank law required the funds to be regulated, according to people familiar with the matter.
The examiners will look at areas including how private equity and hedge funds value their assets, disclose their fees, and communicate with investors.
Emerging markets: Still overpriced
Barron's
David Herro doesn't quite live on a plane, but the renowned international investor has logged tens of thousands of air miles over the years, kicking the tires of companies in faraway places. His travels, combined with his analytical acumen, have given him a keen understanding of non-U.S. companies and markets, and enabled him to build a long-term record as one of the best of his breed.
Comparing startup ecosystems: The Midwest vs. Silicon Valley
Forbes
Chicago recently hosted the "Reinventing America" summit, where a panel discussion was held about funding innovation beyond Silicon Valley. One of the panelists was Mark Kvamme, the founder and Partner at Drive Capital, a new $250 million venture capital fund based in Columbus, Ohio. As a former 11-year Partner at Sequoia Capital and lifelong member of Silicon Valley’s startup ecosystem, Mark had a very unique vantage point of someone that could compare and contrast the plusses and minuses of the two startup ecosystems in Silicon Valley and the Midwest.
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Illinois private equity deals fall in 2013
Chicago Tribune
Private equity deals in Illinois dropped in number and value in 2013 as competition and high prices challenged buyout firms.
Illinois' 100 transactions totaled $16.9 billion and were down more than 30 percent from the previous year, said PitchBook Data Inc., a research and technology provider to the private equity industry.
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Professor proposes slowing down automated trading
Chicago Tribune
In an era of high-speed, automated trading, a big debate rages over how to keep markets safe after several technology-related snafus scarred investors. Instead of cracking down on high-speed traders, a University of Chicago economist says he has a better idea: Change the rules of the game.
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How to maximize after tax wealth
CFA Chicago
Learn tips from expert charterholders and financial industry leaders to help maximize your after tax wealth; and the role of asset location, dedication, and diversification. Discover how taxes impact financial planning and investments. Join David Blanchett, CFA, CFP, and Don Duncan, MBA, CFA, CFP, CPA on Thursday, April 10.
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Banco Popular seeks to exit Chicago market via a sale
Crain's Chicago Business
The North American unit of Popular Inc., owner of Puerto Rico's largest bank, is selling its Chicago franchise.
Banco Popular North America has hired RBC Capital Markets in New York to manage the sale of its 12-branch footprint in the Chicago area, where it operates as Popular Community Bank.
The sale includes more than $800 million in deposits and about $500 million in loans and is expected to fetch between $5 million and $15 million, according to people familiar with the matter.
High hopes for 'low volatility' funds
The Wall Street Journal
Does slow and steady really win the race?
Investors in recent years have placed heavy bets on "low volatility" funds, vehicles that invest in stodgy, slow-moving stocks such as utilities and consumer staples — the kind of stocks that weather periods of volatility well. Over the past three years, investors have put more than $10 billion in low-volatility mutual funds and exchange-traded funds, many of which were launched after 2010, according to fund tracker Lipper, a unit of Thomson Reuters Corp.
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