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Hortense Friedman, CFA, Award For Excellence

To submit a nomination
for a future
Hortense Friedman Award,
click here.

Hortense Friedman was a well-known member of the Chicago-area investment community. She was affiliated with the University of Chicago between 1922 and 1969, where she was involved with investments for the Endowment Fund and helped pioneer a number of new investing initiatives. Hortense, along with 11 others, was a founding member of what was formerly the Investment Analysts Society of Chicago, and she served on the first Board of Directors. She was a member of the Institute of Chartered Financial Analysts and was awarded the CFA designation in 1964 (Charter Number 354).

The Hortense Friedman Award, named in her honor, is presented at the CFA Chicago Annual Dinner by the Board of Directors to a member of the Chicago-area investment community who has demonstrated initiative, leadership, and a commitment to professional excellence. The past award winners are:

2000: J. Parker Hall, III, CFA
2003: Jon T. Ender, CFA
2004: William S. Gray, III, CFA
2005: C. Reed Parker, CFA
2006: Kenneth R. Meyer, CFA
2006: William C. Norby, CFA (posthumous award winner)
2007: Michael L. McCowin, CFA
2007: Mary Petrie, CFA (posthumous award winner)
2008: Frank Helsom, CFA
2008: M. Dutton Morehouse, CFA (posthumous award winner)
2009: Frank K. Reilly, CFA
2009: William A. Cornish, CFA (posthumous award winner)
2010: Gary P. Brinson, CFA
2010: Corliss D. Anderson, CFA (posthumous award winner)

 

J. Parker Hall, III, CFA
Parker Hall served as the Chairman and a Managing Director of Lincoln Capital Management Company, a privately-owned investment management firm with assets of over $69 billion and 117 institutional clients. He joined the company in 1971 after spending five years at the Harris Trust and Savings Bank as the director of investment research and head of retirement fund investments.

Mr. Hall was awarded the Chartered Financial Analyst designation in 1967 and served as President of the CFA Society of Chicago from 1972-73).

Mr. Hall has published numerous articles, including 10 submissions to the Financial Analysts Journal. He has spoken at many conferences, including those sponsored by the CFA Institute and The Vanguard Group.

 

Jon T. Ender, CFA
(Bio coming soon!)

 

William S. Gray, III, CFA
Bill Gray joined the Harris Trust and Saving Bank in 1950 and retired in 1985 after serving as the Group Executive of the Trust Investment Systems Group for five years (1980-1985). Mr. Gray became a Chartered Financial Analyst in 1965.

Mr. Gray served in many leadership roles within the CFA Society of Chicago, including: Secretary (1960-1961), Vice President (1964-1965), President (1965-1966) and Director (1964-1969). In addition, Mr. Gray served as Chairman of the Board of Directors of the Financial Analysts Federation (1975-1976). Mr. Gray has been published in the Financial Analysts Journal and in the Journal of Portfolio Management. He served as Associate Editor of the Financial Analysts Journal and was an ad hoc advisor to the Investment Analysis Standard Board for the publication of the "Standards of Professional Conduct Handbook".

Mr. Gray was instrumental in cataloging and documenting CFA Society of Chicago's history.

 

C. Reed Parker, CFA
C. Reed Parker, CFA, enjoyed a long career in Chicago's investment community with accomplishments both at his own firm and for local and national professional investment organizations. Reed was a high-ranking officer at Duff & Phelps, with leadership roles in both its equity research and credit rating units.

Mr. Parker served the broader investment community via his tenures as President of the CFA Society of Chicago (1967-1968) and chair of the Board of Governors for the national Financial Analysts Federation (1970-1971).

Mr. Parker has also been published in the Journal of Accounting Research.

 

Kenneth R. Meyer, CFA
Mr. Meyer sat on the CFA Society of Chicago Board of Directors from 1989 to1992. He was an active participant whose opinion was greatly valued. Mr. Meyer contributed to the industry at a national level through numerous articles and presentations. Most importantly, his ethical leadership has been a credit to the community.

Mr. Meyer was the head of the fixed income division of the Harris Bank and later became a Senior Vice President responsible for the Bank's Institutional Trust Group. In 1981, he founded Lincoln Capital's fixed income business before being named Chairman and CEO. Mr. Meyer retired in 2004.

 

William C. Norby, CFA
Mr. Norby was among the Chicago leaders who made major contributions to the development of the Financial Analysts Federation (FAF) in 1947. The FAF was the industry's first professional organization and Mr. Norby served on its Board of Directors and on many committees. From 1955-1956, Mr. Norby served as President of CFA Society of Chicago.

Mr. Norby was the head of the Financial and Economic Research Department at Harris Bank in the 1950s and 1960s. Mr. Norby passed away in 1999 at the age of 84 and is the first posthumous recipient of the Hortense Friedman, CFA, Award for Excellence.

 

Michael McCowin, CFA
A former President of CFA Chicago (1987-1988), Mr. McCowin also sat on the CFA Chicago Board of Directors as Secretary (1983-1984), Vice President (1986-1987), and finally as a Director (1988-1989). Mr. McCowin was a founding governor of the Association for Investment Management and Research (now CFA Institute), and later served as Chair of the Board of Governors of the Institute of Chartered Financial Analysts (1991-1992). He was granted the C. Stewart Sheppard Award for his distinguished service to the profession in 1993.

Mr. McCowin became the Chief Investment Officer for the Wisconsin Investment Board in 1996. Prior to this, he worked for 18 years for the Harris Trust & Savings Bank, most recently as Senior Partner in charge of equity investments for Harris Investment Management, the bank's investment management subsidiary. Mr. McCowin retired in 1999.

 

Mary Petrie, CFA
Ms. Petrie was the first female to serve as President of CFA Society of Chicago in 1970-1971, the same year in which Chicago's educational program to prepare candidates for the CFA exams was recognized as one of the best in the country. She also sat on the Board of Directors (1968-1974). In addition to having served as a trustee of the Institute of Chartered Financial Analysts (mid-1970-mid 1976), and as its president (1973-1974), Ms. Petrie was also an officer and trustee of The Financial Analysts Research Foundation.

Beginning in 1956, Ms. Petrie began a long career at the University of Chicago, where she started as a Senior Security Analyst, and was later appointed Assistant Treasurer in 1966, Associate Treasurer in 1973, and finally, Treasurer and Chief Investment Officer in 1974. Ms. Petrie passed away in 1995 and is the second posthumous recipient of the Hortense Friedman, CFA Award for Excellence.

 

Frank Helsom, CFA
A former President of CFA Chicago (1985-1986), Mr. Helsom also served on various committees of the Society over the years. During his tenure of active service to the local Society, Mr. Helsom undertook a number of initiatives, including hosting the Financial Analysts Federation's (FAF) Annual Convention and producing a strategic plan. Mr. Helsom was not only active locally, but he also served on the Board of the FAF (1987-1988): he was instrumental in the process that resulted in the merger of the FAF and CFA Institute, and he was also involved in various programs, including the CFA Society's Continuing Education Seminar program.

Mr. Helsom was with Chicago Title & Trust as an analyst and portfolio manager, and he managed Citicorp's Chicago Investment Office where he was business head and senior portfolio manager. He was also Chairman & CIO of Templeton Portfolio Advisory and served as President & CEO of Bessemer Trust Company. Mr. Helsom is currently retired.

 

M. Dutton Morehouse, CFA
Mr. Morehouse's accomplishments are legendary: he was personally involved in many of the significant developments of the Federation's history, beginning with the organization of the Federation (1947); the organization of the Financial Analysts Federation's (FAF) first educational program – the Seminar (1955); the forward thrust of the CFA program (late 1950's); and the organization of the Research Foundation (1965). During almost thirty-five years of membership in CFA Chicago, Mr. Morehouse occupied all the important chairs in national and local activities for the FAF, including a term as President (1954-1955) and as the First Chairman of the Seminar Board of Regents (1956). He was also a founding member and served as President of the Institute of Chartered Financial Analysts (ICFA) (1965-1966). Mr. Morehouse joined the local society (mid-1930's), serving a variety of roles in the Society, including President (1947-1948), as well as Director and active committee head at various times over the years.

Not only has Mr. Morehouse given much service to the FAF, but he has also been prominent as a professional investor. At Brown Brothers, Harriman, he contributed to the formulation of investment policy as portfolio manager for major institutional individual clients of the firm and also as a business economist.

 

Frank K. Reilly, CFA
A former Director of CFA Chicago (1988-1989), Dr. Reilly is the Bernard J. Hank Professor of Finance for the Mendoza College of Business at the University of Notre Dame, where he previously served as the Dean (1981-1987). Dr. Reilly is an expert in security analysis, capital markets, credit analysis and security market indexes. He teaches courses in applied investment management, capital budgeting, fixed income analysis and investments, among others. He has also taught an executive course in bond analysis and credit management twice a year for nearly 30 years. Prior to this, Dr. Reilly was a professor at the University of Illinois at Urbana-Champaign, the University of Wyoming, and the University of Kansas.

His professional experience includes a position as a stock and bond trader for Goldman Sachs & Company. He is a former president of the Financial Management Association, the Eastern Finance Association, and the Midwest Finance Association. Dr. Reilly served as a CFA Exam grader twelve times and subsequently was on the Council of Examiners for six years. He served as the Chairman of the Board of Trustees of the Institute of Chartered Financial Analysts and a term as the Chairman of the Board of Governors of the Association of Investment Management and Research. More recently, he was the Chairman of the Board for the Financial Analysts Research Foundation and continues on that Board and on the CFA Education Advisory Council.

Honors and awards include the Alumni Excellence in Graduate Teaching Award and the Outstanding Educator Award from the M.B.A. class at the University of Illinois and the Outstanding Teachers Award from the M.B.A. class at the University of Notre Dame, as well as the Faculty Award from the University of Notre Dame, which is the highest award given to faculty members. He has also received both the C. Stewart Sheppard Award for his contribution to the educational mission of the CFA Program and the Daniel J. Forrestal III Leadership Award for Professional Ethics and Standards of Investment Practice, given by the CFA Institute. He was inducted as a Fellow of the Financial Management Association in its inaugural group and recently received the Lifetime Achievement Award from the Midwest Finance Association. He is a member of the CFA Society of Chicago and CFA Institute.

 

William A. Cornish, CFA
A former President of the CFA Society of Chicago (1976-1977), Mr. Cornish dedicated significant efforts to his profession. After his local tenure, Mr. Cornish moved to the national stage, serving as President of the Institute of Chartered Financial Analysts (1979-1980). In the early 1980s, Mr. Cornish was one of nine individuals who were given special recognition for their efforts in creating the first Standards of Practice Handbook - a collaborative project interpreting the Code and Standards in order to define private self-regulation, which was undertaken by a joint committee consisting of the FAF Investment Analysis Standards Board (IASB) and the Institute of Chartered Financial Analysts Professional Ethics Committee (PEC). In addition, he was the recipient of the C. Stewart Sheppard Award (1983) in recognition of his outstanding contributions towards advancing the CFA program's Body of Knowledge.

In addition to his important roles at the institutional level, Mr. Cornish had an illustrious career at Duff & Phelps Inc. and various predecessors and progeny. He became director of research at the Industrial/Financial unit of Duff & Phelps after a stint as head of the technology sector, and later moved to the newly established Duff & Phelps Credit Rating Company, where he was the creative force behind this bold effort and served as its leader for many years. Mr. Cornish passed away on October 30, 1997.

 

Gary P. Brinson, CFA
(Bio coming soon!)

 

Corliss D. Anderson, CFA
(Bio coming soon!)