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Bloomberg
Chicago’s investment portfolio is on track to earn nearly twice as much as it did last year as increased diversification and less cash on hand boosts revenue, according to projections from Treasurer Kurt Summers.
The assets managed by the treasurer’s office — which vary from $6 billion to $7 billion throughout the year — have earned $56.7 million in the first six months of 2016 and may return a total of $102 million by year-end, according to Summers. That compares to $57.9 million in 2015.
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CFA Chicago
Jeffrey W. Ubben is a founder, chief executive officer and chief investment officer of ValueAct Capital. Mr. Ubben is a director of Twenty-First Century Fox, Inc. and Willis Group Holdings plc, a former chairman and director of Martha Stewart Living Omnimedia, Inc., and a former director of Catalina Marketing Corp., Gartner Group, Inc., Mentor Corporation, Misys plc, Sara Lee Corp., Valeant Pharmaceuticals International and several other public and private companies. I
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CFA Chicago
Special situations are corporate actions which could reveal an undervalued security and hence an investment opportunity. Some examples of Special Situations are spinoffs, liquidations, tender offers, restructurings, bankruptcy exits etc. In the Special Situations Research Forum we will discuss an investment situation decided 3 weeks in advance. Every participant in the Forum is expected to research the topic before attending the meeting.
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CFA Chicago
The Investment Exchange Forum is a stock-picking meeting of 10-15 CFA Chicago members. Each meeting features actionable ideas by presenting volunteers and a lively discussion of the topic at hand. The IEF is both an opportunity to learn how others present investment ideas concisely and a chance to practice stock pitches. In order to keep the quality of the stock picks as high as possible, we encourage attendance by members who are actively involved in investment management.
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CFA Institute's Enterprising Investor
There are three intangibles that all good portfolio managers have, says Jacques Lussier, CFA, but factor-based benchmarks are still the best way to distinguish the effective managers from the lucky ones.
Lussier, the CEO of Ipsol Capital, is a proponent of statistically reliable performance because investors often mistake good fortune for alpha.
“I believe that the performances of managers ... are way more impacted by luck than we would like to admit,” Lussier told Jason Voss, CFA, during a recent Take 15 interview.
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Chicago Tribune
Gov. Bruce Rauner's administration says a pending move by Illinois' largest public-pension fund would increase the state's required payment by hundreds of millions of dollars, potentially leading to higher taxes or massive cuts to education and social services already suffering amid a budget crisis.
The board of the Teachers Retirement System, which serves more than 400,000 teachers outside of Chicago, is scheduled to vote Friday on whether to lower its expected rate of return on investments.
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Chicago Tribune
About 30 years ago, Lise Rosengard was persuaded by family and friends to set aside her passion for art and go for a secure job with good earning potential.
She went to work in banking and worked her way up to vice president at one of the world's most prominent financial institutions, Societe Generale. Then came the financial crisis of 2008, and she found herself out of work along with hundreds of thousands of other people.
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Bloomberg
Barry Ritholtz writes: Let’s talk today about compliance in the financial industry. This topic seems to come up a lot lately.
I hear complaints from brokers on the sell side, most of whom don't have kind words to say about their main regulatory overseer, the Financial Industry Regulatory Authority — even though it's supposedly in the pocket of the financial industry.
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CNBC
After years of not setting aside enough money, state pension funds are looking at a $1 trillion shortfall in what they owe workers in benefits, according to a new analysis from The Pew Charitable Trusts.
State retirement systems caught a break with strong investment returns in fiscal 2014, but the gap is expected to top $1 trillion in fiscal 2015, the last fiscal year with full results.
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Reuters
Potential action this week by Illinois' biggest public pension fund could put a big dent in the state's already fragile finances, Governor Bruce Rauner's administration warned.
A memo from a top Rauner aide said the Teachers' Retirement System board could decide at its meeting this week to lower the assumed investment return rate, a move that would automatically boost Illinois' annual pension payment.
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Financial Times
The governor’s office for Illinois, a state with notoriously weak finances, this week issued a stark warning about what might happen if it reduced the assumed rate of return for its Teachers’ Retirement System.
“If the board were to approve a lower assumed rate of return taxpayers will be automatically and immediately on the hook for potentially hundreds of millions of dollars in higher taxes or reduced services,” the state’s senior adviser for revenue and pensions wrote in a memo.
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