Annual Business Meeting and Networking Reception 2018

Shannon Curley, CFA, chief executive office of CFA Society Chicago, said it best during cocktails following the Annual Business Meeting, “This was by far the most engaged audience we’ve had in years with several great questions from our audience.”  Held on June 21st, the Annual Business Meeting was attended by approximately 60 members and took place at The Library, an old law-library feel conference room at the top of 190 S. LaSalle.

After a welcoming from Shannon Curley, the event started with Marie Winters, chair (2017-2018 of CFA Society Chicago, who gave an overview of the successes over the past year. To level set the scale of the Society, CFA Society Chicago continues its climb towards 5,000 members, with 4,800 members at the end of May making Chicago the sixth largest society in the world. Perhaps even more importantly, 367 members, or 7.5% of the membership base, was actively engaged on various Advisory Groups, a testament to the involvement amongst the Chicago Society members.

Over the last fiscal year ending June 30, the Society hosted over 130 events. Major highlights include the CFA Annual Dinner with over 1,000 registered attendees and 64 sponsors all actively engaged by the keynote speaker David Rubenstein, CEO and founder of the Carlyle Group after the recognition of 163 new charterholders. The Advisory Groups, or sub-committees functioning through volunteer members, also had a number of successes. The Education Advisory Group introduced a new fin-tech series with a special well-attended event discussing blockchain technologies. The Professional Development Advisory Group hosted a Starting your own RIA series and continues to grow its mentorship program.  The CFA Women’s Network hosted two events – Patricia Halper, CFA, on Factor Investing and a second event on taking control of your career.  The Social Advisory Group hosted a sold-out golf outing in Kohler, Wisconsin in partnership with the CFA Societies of Madison and Milwaukee. The Distinguished Speaker Series hosted several sold out lunches including prominent speakers such as Don Wilson, Myron Scholes, and Jeremy Grantham to name a few. Finally to wrap up the past years’ successes, the Society launched its new, mobile friendly, website used to distribute news announcements, host webinars and podcasts, and offer new ways to engage the membership base.

Tanya Williams, CFA, the secretary treasurer of CFA Society Chicago (2017-2018), shared with us the financial position of the Society over the prior fiscal year.  Overall the Society’s operating results were positive with a small operating gain primarily attributable to higher than anticipated proceeds from the Annual Dinner as a result of higher corporate sponsorship and minimal speaker fees. Alan Meder, CFA, chief risk officer at Duff and Phelps Investment Management also received an award for his dedication to the Society, which included a monetary portion of the award that he generously donated back to the Society. We then turned to Q&A where statistics surrounding female involvement in the Society was the most topical.

Currently, female membership has gone from 20% ten years ago to 12.5% today. Part of the reason of the decrease is due to the decline of women in the investment professional pipeline. With fewer women taking finance courses in their undergraduate and graduate programs, it is making it more difficult to have a more balanced gender base in the Society. To target the issue, CFA Society Chicago is actively working on making a commitment to increase female membership starting by working with the academic institutions to educate women on careers in finance. The CFA Women’s Network has also strengthened its events specifically geared towards women in the society. After Q&A, the current board introduced the new directors for the next upcoming year and recognized the outgoing leadership for all of their efforts and dedication over their prior term.

The event concluded with commentary from the incoming chair of the Society, Tom Digenan, CFA, who has served on the board for the prior two years and currently heads the US Intrinsic Value Team at UBS Asset Management. Tom shared his vision that with nearly 5,000 members and the best programs of any CFA Society in the world, it is our responsibility to carry our past successes forward and expand to an even brighter future. Tom recollected while he was studying for the CFA exam, “Make no small plans, they have no magic in them to stir men’s blood.  Make big plans; aim high in hope and work.”  CFA Society Chicago, he assured us, has no small plans. Continuing to improve membership involvement, providing the best programs and engaging with industry leaders, regulators, civil, political and local academic leaders will take the Society to the next level. An actively involved Society will make its CFA members indispensable to their employers and attract the best of the best talent to our organization.

 

CFA Society Chicago Executive Committee (2018-2019):

Chair: Thomas Digenan, CFA

Vice Chair: Dan Kastholm, CFA

Secretary/Treasurer: Kristan Rowland, CFA

Immediate Past Chair: Marie Winters, CFA

CEO: Shannon Curley, CFA

 

CFA Society Chicago Directors (2018-2019):

Jenifer Aronson, CFA Doug Laskowski, CFA Dave Smith, CFA
Michelle Beck Cosmin Lucaci, CFA Mark Toledo, CFA
William Fitzpatrick, CFA Levoyd Robinson, CFA Tanya Williams, CFA
Garrett Glawe, CFA Linda Ruegsegger, CFA
Michael Holt, CFA Dhvani Shah, CFA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annual Business Meeting and Networking Reception

Members gathered for the annual business meeting of the CFA Society Chicago on June 15th at the Wyndham Grand Riverfront Chicago. Held in the hotel’s 39th floor penthouse lounge, the event offered grand views of the intersection of the Chicago River and Michigan Avenue as well as the buildings—both old and new—in the area.

Shannon Curley, CFA, CEO of the Society, kicked off the business part of the event by recognizing the society’s staff and board, as well as Advisory Group co-chairs for their contributions during the past year.  He noted that their efforts make our chapter the vibrant society that it is. He turned the mic over to Doug Jackman, CFA, out-going chairman, who summarized the highlights of the past year. Membership has increased to over 4,600 making the Chicago society the sixth largest in the world, and–as the oldest in the world–we rank as a leader within CFA Institute.

156CFA Society Chicago sponsored 150 events in the fiscal year with one of the most successful ones being the just completed Active vs. Passive Debate featuring Nobel Laureate, Eugene Fama. Jackman emphasized that the focus of programming has been (and will continue to be) education and advocacy of financial literacy. A few of the prominent names who presented at chapter events in the past year include Charles Evans (President, Federal Reserve Bank of Chicago), David Kelly, CFA (JP Morgan), T. Bondurant French, CFA (Adams Street Partners), Liz Ann Sonders (Charles Schwab), and Dan Clifton (Strategas). The new Vault Series brought in industry experts to address special topics. The first speakers included Melissa Brown (Axioma), David Ranson (HCWE & Co.), and Doug Ramsey (Leuthold). Jackman also recognized the work of the Professional Development Advisory Group in producing numerous events to help our membership enhance “soft-skills”.

123Secretary/Treasurer Tom Digenan, CFA (now vice chair of the Society) presented the financial update highlighted by a $100,000 operating surplus (thanks to strong attendance at the Distinguished Speaker Series lunches and the Annual Dinner) and a $200,000 capital gain in reserves leaving them at 16 months of coverage (vs. a target of 13 months).

Jackman next presented the slate of officers for fiscal 2018 including Marie Winters, CFA, as chairman, Tom Digenan, CFA, as vice chair, and Tanya Williams, CFA, as secretary/treasurer. In addition three new Class C Directors were nominated for three year terms and four new Class E Directors were nominated for one year terms. All candidates were approved by a “show-of-hands” vote.

153

Jackman then recognized out-going board members Kerry Jordan, CFA, Chris Mier, CFA, Maura Murrihy, CFA, Mark Schmid, and Lyndon Taylor as well as nine departing co-chairs of advisory groups. Curley similarly recognized Doug Jackman, CFA, for his service as board chairman including reinvigorating the relationship between our society and the University of Chicago and for obtaining funding from the CFA Institute that allowed us to bring in notable speakers like Eugene Fama and Tom Ricketts, CFA.

Finally, incoming chairman Marie Winters, CFA, looked to the future, describing her hopes to build on our past successes in the areas of employer engagement, volunteerism, and the challenges presented by technology and new regulations. Winters also pointed to improving gender diversity as a focus of attention, noting that it is surprisingly poor (just 13% of our members are women) for an industry built on a foundation of diversification.

With the business part of the meeting completed, attendees moved to the outdoor patio to enjoy the views and libations.

142

CFA Society Chicago’s 2016 Annual Business Meeting

DSC_2952Beginning with a cocktail and appetizer hour, CFA Society Chicago’s annual business meeting was held at the Virgin Hotel on June 20th. Chief Executive Officer, Shannon Curley, CFA, led off with a summary of this past year which he labeled under the major theme of “Building the Base”.

The four major activities of focus were:

  1. Redesigning the website
  2. Working with CFA Institute to rebuild the CRM database
  3. Improving outreach to local universities and employers
  4. Preparing the office move to 33 N. LaSalle Street, Suite 910, Chicago, IL 60602

Following Curley’s remarks, Chicago Chairman Kerry Jordan, CFA, highlighted some of the accomplishments of this special 90th anniversary year:

  • The Society hosted over 130 events (with 9 sellouts!)
  • Record attendance at the 2015 Annual Dinner
  • Membership is up to 4,524 total members

Jordan complimented the invaluable contributions of the Advisory Group Co-chairs, and made special mention of the increased program offering of the Professional Development Advisory Group.

Examples of new or expanded initiatives include:

  • Creation of a new task force to determine how the CFA Society Chicago can be more helpful toward advocacy:
  • Launching of the CFA Women’s Network
  • The financial literacy program
  • Education of pension trustees
  • Branding campaign
  • Community service

Jordan then spoke about a few global initiatives involving the CFA Institute. Paul Smith, CEO of CFA Institute, has scheduled visits at over 140 local societies across the globe and was in Chicago to attend the regional and global finals of the CFA Institute Research Challenge.  Over the past year the CFA Institute has redesigned how local societies can receive funding for building brand awareness.

Jordan participated in the global brand campaign as part of a committee including six other charterholders to discuss the charter, what it means and how it can be made more prominent in the future.

Jordan then concluded by thanking the CFA Society Chicago staff and Shannon Curley, CFA, for his effort to grow the Chicago Society.

Marie Winters, CFA, Treasurer of CFA Society Chicago, was introduced next. Her remarks were brief, but included the society’s current financial standing including reserves sufficient enough to cover 14 months of operating expense. Recently we have used reserves strategically to upgrade technology and quality of programming.

After the 2015-2016 executive committee was thanked, Doug Jackman, CFA, was introduced as the incoming Chairman.

In the business portion of the meeting, the by-laws were approved, as well as the new slate of directors and officers for CFA Society Chicago.

Awards for amazing service were given to Justin Shepard, CFA, and Chris Vincent, CFA, and a special thanks was given to Larry Cook, CFA, who is departing as the Education Advisory Group co-chair.

Finally, Jackman was introduced as the next Chairman of the Board of Directors. Jackman spoke about not having a personal agenda, just his privilege to oversee the overarching agenda to build a strong Society which thrives on its volunteer system. Toward this goal CFA society Chicago plans to invest in upgrading systems and generating more active participation by members and member firms.

CFA Society Chicago is open to any ideas on how the Chicago society can further strengthen its brand and reputation.

The evening concluded with a reception that was a great opportunity to reconnect as well as meet new and interesting members.