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Chicago-based Morningstar Inc. is opening its investment research database for free remote access by Chicago Public Library members.
Remote access means users can log into the Morningstar Investment Research Center from any computer using their Chicago Public Library credentials and do not need to create accounts at morningstar.com. Get the full story »
What recession? The millionaire population jumped in the U.S. by 8 percent last year, fueled by the stock market recovery, according to an industry report on Wednesday.
The number of U.S. households worth at least $1 million rose to 8.4 million in 2010, compared to 7.8 billion the prior year, according to a report by Spectrem Group. Get the full story »
Chicago-based Adams Street Partners, which manages more than $20 billion in private equity for institutions, is making its second investment in SnagAJob.com.
The Richmond, Va.-based online site for hourly workers said it has secured an additional $27 million in private equity funding that includes Adams Street, which also participated in an earlier $14 million round of fundraising for the company. Get the full story »
A Wheeling-based company that provides laundry services to area hospitals has been sold by its private-equity owner to a strategic buyer based in the United Kingdom.
New York-based Blue Wolf Capital Partners LLC said Tuesday it has sold Wheeling-based Healthcare Laundry Systems, whose clients include Swedish Covenant Hospital, NorthShore University HealthSystem and Advocate Lutheran General Hospital, to Crothall Services Group. Get the full story »
Rosemont-based private equity firm Wynnchurch Capital Ltd., whose portfolio companies supply such products as orange traffic barrels and crash-test dummies, said it has raised $603 million for its third fund, exceeding its target of $500 million.
Wynnchurch now manages $1.1 billion of capital. Its previous fund was raised in 2006 and had capital commitments of $350 million. Get the full story »
Hedge funds around the world are expected to attract $210 billion in new money this year, according to a survey by Deutsche Bank released on Monday, helping to set a fresh record for assets.
The increase of new money — roughly four times the amount added last year — plus performance is expected to increase industry assets to $2.25 trillion by year’s end, data from the bank’s ninth annual alternative investment survey shows.
Hedge Fund Research, a Chicago-based performance and asset tracking group, said the loosely regulated industry oversaw $1.92 trillion in assets at the end of 2010. Get the full story »
U.S. Treasury Secretary Timothy Geithner urged Europe on Tuesday to strike a balance between tough fiscal reforms and financial support for troubled member states ahead of two crucial EU summits to resolve the bloc’s debt crisis. Get the full story »
Municipal bond underwriters are under investigation by the Financial Industry Regulatory Authority to see whether firms are funding lavish entertainment for rating agency executives as well as public officials from towns and cities, FINRA Chief Executive Richard Ketchum said Monday.
“We have seen examples of excessive expenses for the entertainment of issuer officials and rating agency officials, which are then charged to the municipalities’ cost of issuance, thereby reimbursing the firm out of bond proceeds,” he said at FINRA’s annual fixed-income conference in New York. Get the full story »
Attention, beleaguered savers: Banks across the nation, including Bank of America Corp., Citigroup Inc. and Northern Trust Corp., are bumping up rates on longer-term certificates of deposit.
In general, rates had fallen since the financial crisis. “Last week was the first broad-based move higher in quite some time,” says Greg McBride, senior financial analyst at Bankrate.com. Get the full story »
An Oak Brook-based telecom company said Friday that it has secured $3 million in new financing from the Hinsdale Bank and Trust, one of the 15 banks run by Lake Forest-based Wintrust Financial Corp. Get the full story »
Private equity deal flow is bouncing back, with the value of deals so far this year up 88 percent from last year, lifted by a $9.4 billion (5.7 billion pounds) deal by Blackstone Group LP to buy U.S. shopping malls from Australia’s Centro Properties.
Figures from Thomson Reuters show that private equity-backed mergers and acquisitions have totaled $36.3 billion for the year to date. Get the full story »
Monroe Capital Corp., a Chicago-based investment firm, plans to sell shares in an initial public offering of $150 million.
The firm, which makes debt and equity investments in companies with revenues from $20 million and $500 million, said it plans to use the proceeds to repay debt and to take additional stakes in portfolio companies. Get the full story »
Two Republican lawmakers are probing a decision by the U.S. Securities and Exchange Commission to let the agency’s top lawyer handle matters concerning Bernard Madoff, even though his deceased mother had invested with the swindler.
House Oversight Committee Chairman Darrell Issa and the Senate Judiciary Committee’s top Republican, Charles Grassley, said on Thursday they had sent an inquiry to SEC Chairman Mary Schapiro asking questions about why SEC General Counsel David Becker was allowed to advise the commission on Madoff matters. Get the full story »
