ANNUAL REPORT a Year of Accomplishments
Total Page:16
File Type:pdf, Size:1020Kb
2019 / 2020 ANNUAL REPORT A Year of Accomplishments. F O S 1 A B O U T U S E T L L E T T E R F R O M T H E C H A I R 2 B A N 4 E X E C U T I V E C O M M I T T E E T E 5 B O A R D O F D I R E C T O R S T 6 P A S T C H A I R S N 7 A D V I S O R Y G R O U P C O - C H A I R S O 8 A N N U A L D I N N E R H I G H L I G H T S C 9 A D V I S O R Y G R O U P H I G H L I G H T S 17 A D V I S O R Y G R O U P V O L U N T E E R S 21 M E M B E R S H I P S N A P S H O T 22 S O C I T I E S S N A P S H O T 23 F I N A N C I A L S CFA SOCIETY CHICAGO 2019 / 2020 OUR MISSION To lead the investment profession by promoting the highest standards of ethics, education, and professional excellence; to shape an investment industry that serves the greater good; and to serve as the premier local resource for Chartered Financial Analyst designees, candidates, other investment professionals and our communities. CFA Society Chicago, the world’s first investment analysts’ society, is committed to working with our members and the investment community to achieve our mission through five organizational pillars. Ethical Leadership Championing ethical behavior in investment markets. Community Fostering a culture of inclusion, diversity and respect. Industry Knowledge Being a respected source of knowledge in investment markets Professional Excellence Raising standards of professional excellence in the industry The Greater Good Expanding our investment culture to serve the interests of investors and society OUR VISION As the world’s first investment analysts’ society, CFA Society Chicago strives to be the pre-eminent association of Chartered Financial Analysts and other investment professionals. CFA Society Chicago has long collaborated closely with allied groups linked by CFA Institute (formerly AIMR). CFA Society Chicago effectively, and with fiscal discipline, delivers quality programs and services fostering the development and application of technical skills and ethical practices within the profession and by the individual practitioner. CFA Society Chicago enables its members to serve as mutual sources of support directed at their attainment of the highest professional standards. The talent and integrity of CFA Society Chicago’s members are recognized throughout the investment community. Their expertise and dedication are sought by both institutional and individual investors across the full range of economic and financial issues. ANNUAL FINANCIAL REPORT / PAGE 1 CFA SOCIETY CHICAGO 2019 / 2020 LETTER FROM THE CHAIR Dear CFA Society Chicago Members: It has been an honor to serve as your Chair over the past year and thank you for all of your dedication and support. Specifically, I would like to thank the Board of Directors, our 342 member volunteers, and the Society staff for all of their time and effort; you are what makes CFA Society Chicago so great! Building on Success Never in my wildest dreams would I have expected my term to turn out like this. Despite several challenges we encountered over the year, we were able to build on our success and make progress on all of our strategic initiatives. We started the year with record breaking attendance and sponsorship at our Annual Dinner. We put on numerous other fantastic live events of the highest quality. Overall, the Society held 80 plus events for our nearly 5,000 members. Events of Note Include: Our Annual Dinner where we celebrated 136 new charterholders and received financial support from 67 sponsors, had a sellout crowd of more than 1,000 attendees. Education Advisory Group held events on topics including Investing in the Space Race, Cannabis, Hedge Funds, LIBOR/SOFR, Modern Monetary Theory, and ETFs. Professional Development Advisory Group hosted events including Industry Roundtables, Non- Traditional Careers, and Job Search Strategies. CFA Women’s Network held events with keynote speakers including Sallie Krawcheck (Ellevest), Loretta Mester (President of the Federal Reserve Bank of Cleveland), and Gina Martin Adams, CFA (Bloomberg). Distinguished Speaker Series events including David Herro, CFA (Harris Associates), Roy Swan (Ford Foundation), Nancy Lazar (Cornerstone Macro), Rocky Wirtz (Chicago Blackhawks), Alec Litowitz (Magnetar Capital), and Cathie Wood (ARK Invest). Membership Engagement hosted the Local Research Challenge Competition with ULTA Beauty as the Featured Company with 9 teams competing. The Pandemic – Pivot to Virtual At our Annual Dinner, we promised to deliver more digital content for our membership with a goal to provide opportunities to our members that are unable to attend live events. When the pandemic abruptly put a halt to live events after our last in-person event on March 11, 2020, featuring Rocky Wirtz, the owner of the Chicago Blackhawks, the Society staff and volunteers were able to responded swiftly, and adapt to the new reality due to our past efforts to upgrade our technology platform. Since that time, the Society has accelerated the creation of digital content in a time when we cannot hold live events. We have added video conference capabilities, incorporated podcasts covering a wide range of topics, and held our first remote- world webinar entitled Modern Monetary Theory: Historic Monetary and Fiscal Stimulus: Savior or Destroyer? on April 22nd. ANNUAL FINANCIAL REPORT / PAGE 2 CFA SOCIETY CHICAGO 2019 / 2020 LETTER FROM THE CHAIR New Chief Executive Officer – Christopher T. Vincent, CFA The year did not go without other non-pandemic challenges. The Society operated without a CEO for most of the year, which placed additional burden on the Society's staff and members of the board. The Board and its Search Committee did an exhaustive search that started in early December 2019, screening and interviewing numerous qualified candidates. They narrowed the field over a four-month period to a final candidate, Chris Vincent, who was approved during the last virtual board meeting held in late March 2020. We are excited to have Chris Vincent as our new CEO. Chris is a CFA charterholder and brings significant experience in the investment management industry to the Society. The combination of his knowledge, networking abilities, and leadership skills will allow him to successfully lead the Society into the future. Welcome Chris! New Strategic Plan The Board also launched an initiative to update the Society’s three-year strategic plan to better align the Society’s efforts with our three strategic pillars: Deliver Member Value Develop Future Professionals Build Market Integrity To deliver on these strategic objectives the plan includes aligning our programming to meet the needs of our diverse member base. The three-year strategic plan was completed and approved by the Board and will be reviewed and updated at the first board meeting of each fiscal year. The strategic plan is available on the website at www.cfachicago.org. The Board’s Executive Committee also instituted new quarterly meetings with all Advisory Group co-chairs and the Executive Committee to provide a forum to identify, coordinate and organize our content in a more systematic way, as well as better align it with our member base, and the CFA Institute’s Professional Learning framework currently under development. Volunteer – It’s Rewarding The Society needs and wants our members to get involved. There are many ways to do so. Volunteer for an Advisory Group, be a subject matter expert and share your knowledge with our members at an event, find someone to be a subject matter expert to participate in a Society webinar, or contact the staff and share your programming ideas. There are many ways of getting involved. The opportunity of working with so many talented individuals is certainly rewarding. Sincerely, Daniel R. Kastholm, CFA Chair CFA Society Chicago ANNUAL FINANCIAL REPORT / PAGE 3 CFA SOCIETY CHICAGO 2019 / 2020 EXECUTIVE COMMITTEE Daniel Kastholm, CFA Kristan Rowland, CFA Garrett Glawe, CFA Chair Vice Chair Secretary Treasurer Fitch Ratings William Blair S&P Dow Jones Indices Thomas Digenan, CFA Immediate Past Chair UBS Asset Management "Never in my wildest dreams would I have expected my term to turn out like this. Despite several challenges we encountered over the year, we were able to build on our success and make progress on all of our strategic initiatives. " Christopher T. Vincent, CFA Daniel Kastholm, CFA President & Chief Executive Officer CFA Society Chicago ANNUAL FINANCIAL REPORT / PAGE 4 CFA SOCIETY CHICAGO 2019 / 2020 BOARD OF DIRECTORS Jenifer Aronson, CFA William Fitzpatrick, CFA Michael Holt, CFA Cosmin Lucaci, CFA Mosaic Fi Manulife Asset Management Morningstar, Inc. Brownson, Rehmus & Foxworth Michael Miranda, CFA Alan Papier, CFA Linda Ruegsegger, CFA James Schroeder BMO Family Office Nuveen Northern Trust DHR International Dhvani Shah, CFA David Smith, CFA Sunitha Thomas, CFA Mark Toledo, CFA Illinois Municipal Marquette Associates Northern Trust Chicago Partners Retirement Fund Tanya Williams, CFA NexTier Consulting Solutions, LLC ANNUAL FINANCIAL REPORT / PAGE 5 CFA SOCIETY CHICAGO 2019 / 2020 PAST CHAIRS Raymond J. Sidney (1925-1926) Olin McReynolds Jr., CFA (1971-1972) James Milton Coulter (1926-1927) J. Parker Hall III, CFA (1972-1973) Dudley Hall Jr. (1927-1928) Brierly W. Anderson, CFA (1973-1974) Standish W. Robinson (1928-1929) Richard M.