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Defined Contribution Guidance: Coronavirus Update

March certainly came in like a lion (though whether it came out like a lamb is debatable). The continued spread of the coronavirus pandemic led to sharp and steep sell-offs in both the bond and equity markets as investors fled to cash. An array of fiscal and monetary stimulus aimed at staving off a global recession followed suit.

With so many looming unknowns, what can plan sponsors do to best support defined contribution plan participants? This newsletter provides an overview of recent developments in response to the coronavirus and how plan sponsors can maintain fiduciary best practices and continue to help participants act prudently in the days that lie ahead.

Read > Defined Contribution Guidance: Coronavirus Update

 

The opinions expressed herein are those of Marquette Associates, Inc. (“Marquette”), and are subject to change without notice. This material is not financial advice or an offer to purchase or sell any product. Marquette reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.

 

Signs of a Market Bottom?

In just a matter of weeks, U.S. equities went from all-time highs to bear market correction territory. As of March 20th, the S&P 500 had a drawdown of -31.9% from its February 19th high. Following the steep sell-off, equities subsequently rallied the week of March 23rd, logging weekly gains that were among their best in history. With equities having officially fallen into correction territory then subsequently appearing to show signs of stabilization and fiscal/monetary stimulus poised to (theoretically) cushion the impact of COVID-19, investors are left to wonder if the worst is over.

However, identifying market bottoms is a difficult endeavor. Every bear market is unique and this one is no different. Based on the severity of economic contraction thus far, it is likely that we are headed for — or possibly already in — a recession. Notably, though, not all bear markets coincide with a recession and not all recessions coincide with a bear market. Given that a recession is looming if not already here, we examined the last 40 years of data when bear markets coincided with recessions to see if we can identify signs of a bottom. Over the past 40 years, there were four such periods: 1973–1975, 1981–1982, 2000–2001, and 2007–2009. In the following newsletter, we review four categories of data over these time periods: technical, valuation, economic, and COVID-19 to see if we can identify consistent indicators of a market bottom.

Read > Signs of a Market Bottom?

 

The opinions expressed herein are those of Marquette Associates, Inc. (“Marquette”), and are subject to change without notice. This material is not financial advice or an offer to purchase or sell any product. Marquette reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.

 

April 2nd Update: A Quarter That Will Go Down in History

With March officially in the books, the following is a brief summary of what has transpired in the capital markets since our update early last week. As expected, the coronavirus has exploded across the U.S. and continued its spread across Europe as well. At the time of writing, the number of cases is approaching 1 million worldwide and has exceeded 200,000 here in the United States. Stocks finished their worst quarter ever on Tuesday and volatility continues to haunt the markets. While the worst may still not yet be behind us, we hope that the growing number of shelter in place edicts and more consistent social distancing may help to stem the coronavirus outbreak across the world. Please note that all return data in the following discussion utilizes the quarter end date of March 31st, 2020.

Read > April 2nd Update: A Quarter That Will Go Down in History

 

The opinions expressed herein are those of Marquette Associates, Inc. (“Marquette”), and are subject to change without notice. This material is not financial advice or an offer to purchase or sell any product. Marquette reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act

In the early hours of March 25th, the Senate and the Trump administration reached a deal on the $2 trillion stimulus package aimed at cushioning the fall for U.S. businesses and consumers in the wake of the coronavirus pandemic. The bill was approved by the Senate late on March 25th, passed through the House on March 27th, and was signed by Trump the afternoon of March 27th. The size of the package is over 9% of the U.S. GDP and is greater than the three major relief packages passed during the 2008 crisis combined.

This legislative update summarizes the key elements of the CARES Act and concludes with an assessment of the expected impact of this stimulus package.

Read > The Coronavirus Aid, Relief, and Economic Security (CARES) Act

 

The opinions expressed herein are those of Marquette Associates, Inc. (“Marquette”), and are subject to change without notice. This material is not financial advice or an offer to purchase or sell any product. Marquette reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.

Marquette Associates Continues to Expand Wealth Consulting Capabilities

CHICAGO, IL, February 13, 2019 – Marquette Associates, Inc. today announced plans to expand its wealth consulting offerings with an ownership interest in Milwaukee-based investment adviser, Operose Advisors LLC.

“Providing a high net worth solution built upon our institutional approach has been a key focus of our long-term strategy over the last number of years,” said Brian Wrubel, President & CEO of Marquette. “Operose shares our culture of client service and our investment philosophy. This partnership creates an integrated solution for private clients with assets ranging between $1-25 million and small market investment advisory opportunities.”

Operose Advisors provides investment advisory and wealth management services to individuals, families, trusts, and closely-held businesses. By partnering with Operose, Marquette will establish its fifth office and continue to expand its presence in Wisconsin. Managing Partner Nicholas Bauer, CFA, leads Operose Advisors and has 20 years of investment experience. He and his team in Milwaukee will ensure continuity of service, while leveraging Marquette’s institutional model and benefiting from added resources.

Marquette also welcomed Aimee O’Connor, CFP® as a senior vice president in January to continue expanding the firm’s ultra-high net worth/family office capabilities based in Chicago. As a senior investment consultant, Aimee is involved in the daily management and administration of Marquette’s private client relationships. She has 14 years of investment experience including work as an independent consultant working with RIAs, family offices, and high net worth individuals. Previously, she was the co-director of consulting and senior consultant at DiMeo Schneider & Associates.

“We are excited at the opportunity to add Aimee to our team. Her considerable background working with private clients is a great fit as we steadily grow this part of our business,” said Wrubel. “The partnership with Operose, and the addition of Aimee, uniquely positions Marquette to offer a cost-effective, institutional approach for private families of all sizes.”

About Operose Advisors
Operose Advisors LLC is an investment adviser registered with the State of Wisconsin. We are dedicated to growing the wealth, knowledge and professional networks of the clients we serve by employing an institutional approach to wealth management.

About Marquette Associates
Marquette Associates is a Chicago-based, independent investment consulting firm that guides institutional investment programs with a focused client service approach and careful research. Marquette has served a single mission since 1986 – enable institutions to be more effective investment stewards. Marquette places client fiduciary duties first through complete independence and 100% employee ownership. The firm currently serves more than 385 clients with over $182 billion in assets – from public funds, unions and corporations to endowments, foundations and other non-profits. For more information, please visit www.marquetteassociates.com.

Contact:
Brian M. Wrubel, 312.527.5500
bwrubel@marquetteassociates.com

Print Update

Marquette Associates Ownership Update

CHICAGO, IL, February 8, 2019 – Marquette Associates, Inc. today announced an update to the firm’s succession plan in a continuing effort to strengthen the firm’s stability and ongoing growth. The three largest shareholders will sell 30% of their ownership to the existing shareholder base. The current leadership at Marquette will remain in place – there are no planned retirements and the firm will remain under the leadership of President & CEO Brian Wrubel for the foreseeable future.

“Marquette has always been defined by our people, our client service and our independence. We have a talented group of investment professionals that are assuming more active leadership responsibilities and as an employee-owned firm, we are accountable to our clients and to each other and have worked since our founding in 1986 to grow the firm responsibly and with our clients’ interests at the forefront,” said Wrubel. “This restructuring acknowledges our commitment to Marquette’s next generation of leaders and is an important step for Marquette in continuing to broaden and diversify the firm’s ownership base.”

With the ambiguity that has become common within the investment consulting industry surrounding consolidation and outside capital, Marquette remains committed to independent ownership and transparency for its clients. The firm strongly believes that the talent, discipline, and care demonstrated by its managing partners will secure its position as one of the leading employee-owned investment consulting firms for years to come.

About Marquette Associates
Marquette Associates is a Chicago-based, independent investment consulting firm that guides institutional investment programs with a focused client service approach and careful research. Marquette has served a single mission since 1986 – enable institutions to be more effective investment stewards. Marquette places client fiduciary duties first through complete independence and 100% employee ownership. The firm currently serves more than 385 clients with over $182 billion in assets – from public funds, unions and corporations to endowments, foundations and other non-profits. For more information, please visit www.marquetteassociates.com.

Contact:
Brian M. Wrubel, 312.527.5500
bwrubel@marquetteassociates.com

Print Update

Jeremy Zirin Speaking at NAREIM Capital Raising & Investor Relations Meeting 12/5

On Wednesday, December 5, Jeremy Zirin, CAIA will be speaking at the 2018 National Association of Real Estate Investment Manager’s (NAREIM) Capital Raising & Investor Relations Meeting in Chicago, Illinois.

As a senior research analyst in real estate, Jeremy will be participating in an interactive discussion regarding the challenges facing institutional investors as they deploy allocations and construct portfolios in the commercial real estate market. The discussion seeks to illustrate the panelists’ outlook for the real estate asset class and how each responds to the need to diversify investor bases.

For more information, please visit the event page.

Marquette Associates Announces Compliance with the Global Investment Performance Standards (GIPS®)

CHICAGO, August 27, 2018 – Marquette Associates, Inc. today announced the firm claims compliance with the Global Investment Performance Standards (GIPS®)1 and has been independently verified by ACA Performance Services for the period of July 31, 2013 to December 31, 2017.

“Our hope is that by undergoing this rigorous process, we will help to build additional trust between Marquette and our clients,” said Brian Wrubel, president and CEO of Marquette. “Transparency continues to play a key role in how clients choose the right consulting firm for their needs. We believe that claiming GIPS compliance helps us stay true to one of our core client service principles, that of placing client interests first through the complete independence of our expertise.”

The GIPS standards are a rigorous set of standardized, industry-wide investment performance measurement principles. Introduced in 1999, the GIPS standards have been adopted in 39 countries and are recognized worldwide for lending credibility, integrity and uniformity to a firm’s performance reporting and historical track record. The standards are designed to improve transparency in calculating and reporting investments results to current and prospective clients by eliminating data omissions, misrepresentations and survivorship bias.

About Marquette Associates, Inc.
Marquette Associates, Inc. is a Chicago-based, independent investment consulting firm that guides institutional investment programs with a focused client service approach and careful research. Headquartered in Chicago, Marquette has additional offices in Baltimore, Philadelphia and St. Louis. Marquette has served a single mission since 1986: Enable institutions to be more effective investment stewards. Marquette places client fiduciary duties first through complete independence and 100% employee ownership. The firm currently serves more than 375 clients—from public funds, unions and corporations to endowments, foundations and other nonprofits—with over $176 billion in assets under advisement.

Marquette claims compliance with the Global Investment Performance Standards (GIPS®). For a copy of a presentation that complies with the GIPS standards and/or the firm’s list of composite descriptions, please email thamann@marquetteassociates.com.

For more information, please contact Brian M. Wrubel at 312.527.5500 or bwrubel@marquetteassociates.com.

 

1 GIPS® is a registered trademark of Chartered Financial Analyst (CFA) Institute, a global association of investment professionals. CFA Institute has not been involved in the preparation or review of this press release.

 

2018 Investment Symposium

Friday, September 28, 2018
8:00 AM – 2:00 PM

Marquette clients – Please join us for our 2018 Investment Symposium to discuss the current market environment, emerging investment themes and investment stewardship challenges in the year ahead. In addition to our two keynotes, six flash talks will brief attendees on popular topics and encourage timely conversations with our investment consultants.

Agenda
8:00 AM
Registration Open/Breakfast

8:45 AM
Welcome and Opening Remarks
Brian Wrubel, President & CEO

9:00 AM
Opening Keynote

John V. Miller, CFA
Head of Nuveen Municipals at Nuveen Asset Management

10:00 AM
Break

10:15 AM
Flash Talks: Session 1

The Financial Crisis: A Decade Later
Nat Kellogg, CFA, Director of Manager Search, Managing Partner

Evolving Private Market Landscape: The Institutional Shift from Public to Private Markets
Derek Schmidt, CFA, CAIA, Senior Research Analyst, Private Equity

The Impact of Technological Innovation on the U.S. Equity Market and the Value Growth Continuum
Samantha Grant, CFA, CAIA, Senior Research Analyst, U.S. Equities

11:00 AM
Break

11:15 AM
Flash Talks: Session 2

Getting “A” Share of the Chinese Market 
David Hernandez, CFA, Senior Research Analyst, Non-U.S. Equities

Deciphering the Bond Markets: How Much Duration and Credit Risk Should I Take?
Ben Mohr, CFA, Senior Research Analyst, Fixed Income

Market Impact of Evolving U.S. Policies 
Greg Leonberger, FSA, EA, MAAA, Director of Research, Managing Partner

12:00 PM
Keynote Luncheon

Richard H. Thaler
2017 Recipient of the Nobel Memorial Prize in Economic Sciences for his contributions to behavioral economics

2:00 PM
Adjourn

Union League Club
65 W Jackson Blvd
Chicago, Illinois 60604
Tel: (312) 427-7800
Discounted guest rooms available through 8/28
Business casual attire required. More information about their dress code can be found here.