The Illinois Teachers' Retirement System this week selected Chicago-based investment management firm Grosvenor Capital Management LP to oversee the pension's fund of hedge fund investments.
Tornadoes and thunderstorms that swept across the U.S. Midwest last month will probably cost more than $1 billion in economic losses, led by damage in Illinois and Indiana, according to insurance broker Aon Plc.
Kenneth Leet, a former Goldman Sachs investment banker tapped earlier this year by Tom Pritzker (above), exits the president post, though he may still serve in an advisory role.
(Bloomberg) — CME Group is in the final stages of talks with the Bank of England to start a new European exchange and is confident it will be allowed to offer currency futures.
The asset manager says Nick Calamos, above right, who exited his post as co-chief investment officer last year, is leaving the board and selling his stake in the parent company.
The decline of AlphaMetrix Group LLC could mean as much as $10 million in losses for fund managers who worked with the Chicago-based company, according to a federal court monitor. Investors in the funds are slated to recoup 95 percent of their money.
(Bloomberg) — Municipal bonds from Illinois rallied to a one-month high after lawmakers broke through decades of political gridlock to pass a measure addressing the nation’s worst-funded state pension system.
(Bloomberg) — JPMorgan Chase & Co., Deutsche Bank AG and Royal Bank of Scotland Group PLC are among six companies fined a record 1.7 billion euros ($2.3 billion) by the European Union for rigging rates linked to Libor.
An ugly revenue picture prompted the bank's Canadian parent to cut workers, but Chicago was largely spared, with fewer than 20 losing their jobs here.
The holding company now has the rights to illustrate the murals on the highly visible site along the freeway that banks have leased for years to promote themselves and Chicago.
It will be all high-level hands on deck at MB Financial following its acquisition next year of Cole Taylor Bank. MB's Mitchell Feiger, left, and Taylor Capital's Mark Hoppe will have executive roles.
(Reuters) — CME will lease back the trading floor and some office space for a term of 15 years at the building, which is Nymex's headquarters.
(Bloomberg) — Eric Scott Hunsader founded the Winnetka firm, which hunts for illicit trading and has been described as the nemesis of Wall Street's high-frequency traders. He compares it to "Lord of the Flies": “When you don't have a parent around, things fall apart.”
The unit of Wrapports LLC has a tentative agreement on a three-year contract with the Chicago Newspaper Guild after 15 months of bargaining.
(Reuters) — CME Group Inc, the world's largest futures exchange operator, may consider minor modifications to its plan to raise fees for traders in response to complaints from customers, a futures executive who met with company officials said on Friday.
(AP) — The Dow Jones industrial average closed above 16,000 for the first time today.
The parent of online payday lender Enova International has the dubious distinction of being the first subject of an enforcement action by the U.S. Consumer Financial Protection Bureau.
(AP) — In the minutes of the Oct. 29-30 meeting, policymakers believed the U.S. economy was improving steadily enough to warrant a reduction in stimulus "in coming months."
(Bloomberg) — Bank of Montreal has hired former Calamos Asset Management executive Dan McNamara to the post.
(Bloomberg) — The Minneapolis-based bank is in talks with the U.S. subsidiary of Royal Bank of Scotland Group about buying 100 branches, people with knowledge of the matter said.