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Northern Trust names first female COO
Chicago Tribune
Northern Trust Corp., Chicago’s biggest locally headquartered bank, has named its first female chief operating officer as part of a management shake-up effective Sept. 1. Jana Schreuder, 55, currently president of wealth management – one of Northern Trust’s two major business units along with corporate and institutional services — will assume the COO role, overseeing operations and technology teams.
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Fundamental Fixed Income and Alpha Strategy
CFA Chicago
Rick Rieder, Managing Director, is BlackRock's Chief Investment Officer of Fundamental Fixed Income, Co-head of Americas Fixed Income and a member of the Executive Committee of the firm-wide Alpha Strategy business, a member of BlackRock's Global Operating Committee and Chairman of the BlackRock Investment Council. Join CFA Chicago on July 29 at 12 p.m. for the Distinguished Speaker Series featuring Rieder.
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GAMCO continues to grow under Gabelli
CFA Chicago
Mario Gabelli, CFA is Chairman, Chief Executive Officer of GAMCO Investors, Inc., a New York Stock Exchange listed company that is a widely recognized provider of investment advice to alternative investments, mutual funds, institutional and private wealth management. GAMCO Investors, Inc. is listed on the New York Stock Exchange. Gabelli founded the firm in 1977 as an institutional broker-dealer. It has grown into the diversified financial services corporation it is today. Join CFA Chicago on Tuesday, August 12 at 12 p.m. for the Distinguished Speaker Series featuring Gabelli.
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Collaborate with colleagues on one of Chicago's greatest causes
CFA Chicago
Family Focus helps Chicago-area families living in low-income communities give their children the best possible start in life. By offering customized classes, support groups and referral services in a welcoming and caring environment, Family Focus helps families help themselves while building a relationship based on equality and respect. On Thurs., Aug. 14, CFA Chicago is hosting a Summer Networking Reception at Hotel Palomar (Fresco Terrace) to support Family Focus.
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Nobel Laureate Robert Engle on high-frequency trading and portfolio management
CFA Institute's Enterprising Investor
In part one of his interview with Nobel laureate Robert Engle, Larry Cao, CFA, discusses the development of the ARCH model, the global financial crisis, systemic risk and forecasting liquidity with ARCH models. In this part, Cao and Engle will cover the application of ARCH models in high-frequency trading and how Engle thinks risk models should be applied in portfolio management.
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Exclusive: Morgan Stanley rebuilds in commodities trading
Reuters via Chicago Tribune
After more than a year of scaling back in commodities, Morgan Stanley is ready to expand. The Wall Street bank plans to hire about a dozen traders, sales staff and other professionals in the United States. It's building up commodities trading and financing businesses that can profit despite tougher regulations, people familiar with the matter told Reuters.
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Feds seek to air consumer finance complaints
The Associated Press via WFLD-TV
The Consumer Financial Protection Bureau has heard from hundreds of thousands of consumers who feel wronged by banks and finance companies. Now the agency wants the public to hear from those consumers too. The bureau recently proposed allowing consumers to publish online the details of their complaints against lenders and financial service providers.
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Here's who's winning Chicago's bank battle
Crain's Chicago Business
What a difference a financial crisis makes. In the seven years since the U.S. banking system teetered on collapse, Chicago's commercial banking industry has gone from a virtual duopoly to something of a free-for-all. For much of the 1990s and well into the first decade of the 2000s, LaSalle Bank and what is now JPMorgan Chase & Co. dominated the local market for serving midsized businesses — the bread and butter of Chicago business lending.
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Time Warner shareholders call Murdoch hard to resist
Bloomberg Businessweek
Two billionaire money managers who own shares in Time Warner Inc. said Rupert Murdoch’s bid for the media company will be hard to resist, particularly if he comes back with a higher offer. Ken Griffin, chief executive officer of hedge-fund firm Citadel LLC, said the deal makes sense for the company’s shareholders, and Mario Gabelli, CEO of GAMCO Investors Inc., called it “hard for a board to turn down.”
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What fiscal policy? The US doesn't do it anymore
Bloomberg Businessweek
In an interview published in the Financial Times, BlackRock Chief Executive Larry Fink said he believes it’s time for the Federal Reserve to move on. “We have a central bank that has not admitted we have structural unemployment,” Fink said. “Factories that used to employ thousands now employ 200. For the U.S. to grow above trend, it has to be about government policy not central bank policy.” Rick Rieder, BlackRock’s co-head of Americas fixed income, said roughly the same thing when he appeared on Bloomberg Surveillance.
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Public pension plans reap benefits from Citigroup settlement
Pensions & Investments
State pension funds in California and Illinois are among the recipients of Citigroup Inc.'s $7 billion in fines and consumer relief to resolve government claims that it misled investors about the quality of mortgage-backed bonds sold before the financial crisis. The accord includes a record $4 billion civil penalty to the Justice Department, $500 million to state attorneys general and the Federal Deposit Insurance Corp., and about $2.5 billion in various forms of consumer relief to be provided by the end of 2018, the bank said in a statement July 14.
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Fed survey: US economy expanding in all regions of country, helped by consumer spending
The Associated Press via U.S. News & World Report
The economy kept expanding in all regions of the country in June and early July, helped by strength in consumer spending, a recent Federal Reserve survey indicates. All 12 of the Fed's regions reported growth with five — New York, Chicago, Minneapolis, Dallas and San Francisco — characterizing growth as "moderate" while the others reported "modest" growth. Boston and Richmond reported that growth came in at a slightly slower pace than the previous reporting period.
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Northern Trust names first female COO
Chicago Tribune
Northern Trust Corp., Chicago’s biggest locally headquartered bank, has named its first female chief operating officer as part of a management shake-up effective Sept. 1. Jana Schreuder, 55, currently president of wealth management – one of Northern Trust’s two major business units along with corporate and institutional services — will assume the COO role, overseeing operations and technology teams.

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Chicago Fed calls for curbs on high-frequency trading
Bloomberg
The Federal Reserve Bank of Chicago entered the debate over whether financial markets are fair, proposing limits on high-frequency trading firms and incentives to bring more buying and selling into public view. Recommendations in a recent working paper include breaking up the trading session into a series of half-second periods, a snail’s pace in an era of microsecond trading.

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Skills that separate you as an investment manager: Decisiveness
CFA Institute's Enterprising Investor
Some of the skills that you need to succeed as a research analyst are obvious: a love for — and vast knowledge of — economics, business, and finance; a strong drive; confidence and persistence; and so forth. You probably already recognize these skills as necessary since they permeate the mythology of the investment business.

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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Chicago Fed calls for curbs on high-frequency trading (Bloomberg)
Skills that separate you as an investment manager: Decisiveness (CFA Institute's Enterprising Investor)
5 popular — but dangerous — investments for individuals (The Wall Street Journal)
Northern Trust payout ranks 3rd among banks (Chicago Tribune)
Venture capitalists deliver task list for Chicago (Chicago Tribune)

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CFA Society Chicago NewsBrief

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