Ariel Investments, Mellody Hobson George Lucas girlfriend, YOU'RE FIRED!!!
LIBERATOR
fired! Didn't George Lucas teach you the force?
Dick Strong cracks a whip on John Adams the founding father, I mean
George Lucas the arrogant self-nominating prophet and squanderer of
Adolf Hitlers technology. Spielberg & Lucas are getting bitch slapped
by Dick Strong & Warner Brothers.
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http://www.chicagobusiness.com/cgi-bin/news.pl?id=33402
Pension fund for CPS axes 2 managers
By: Steven R. Strahler March 20, 2009
(Crain’s) — The pension fund for Chicago Public Schools teachers
terminated two Chicago-based investment managers for
underperformance.
Ariel Investments LLC and Chicago Equity Partners LLC were axed by the
Public School Teachers’ Pension and Retirement Fund of Chicago at a
board meeting Thursday, according to Kevin Huber, the fund’s executive
director.
The timing of the decision was a surprise to the firms.
The two managers, which handled nearly $200 million of the fund’s $9
billion in assets, had been put on notice after three-year returns
lagged market indexes. They were scheduled to meet with the fund’s
trustees in May to argue their case for retention.
Instead, trustees acted Thursday at a special meeting.
“They decided that waiting until May would not alter their decision,”
Mr. Huber said in an e-mail. He did not return phone calls seeking
further comment.
Ariel President Mellody Hobson said it was the first time her firm had
been dropped without a hearing.
“I don’t understand what changed,” she said. “We felt we were in a
very good position and the portfolios had a lot of upside. We’ve been
a good long-term manager for them.”
But in the e-mail, Mr. Huber noted, “Ariel’s most recent performance
was troubling as they have a history of solid performance in down
markets, but unfortunately (the firm) was underperforming during the
most recent difficult market.”
He said Chicago Equity’s annualized return was a negative 2.6% for the
five years ended in December, compared with essentially flat results
for the peer group following a mid-cap investment strategy.
Chicago Equity President Patrick Lynch did not respond to a request
for comment.
Ms. Hobson said that while Ariel’s three-year, small-cap value
performance for the teachers’ pension fund is nearly five percentage
points worse than the Russell 2000 Value benchmark, it has
outperformed the benchmark this year through March 17.
Since the inception of the account in 1994, annual returns have
matched the 6.3% Russell benchmark, she added.
amy
i sleep with your father too. we
may have a baby. would you like to be a brother mark?