CHICAGO, Nov. 7, 2017 /PRNewswire/ -- CME Group's Center
for Innovation today announced that John C. "Jack" Bogle, Founder
of The Vanguard Group, Inc., and John "Mac" McQuown,
Co-founder/Director and Principal of Diversified Credit
Investments, are the 13th recipients of the CME Group
Melamed-Arditti Innovation Award. CME Group will present the award
at the 10th annual Global Financial Leadership Conference in
Naples, Fla., on Tuesday, Nov. 14.
The award recognizes Bogle and McQuown for revolutionizing
investment strategy forever in pioneering index funds in the 1970s.
Seeking a better way to track market performance and manage money
long term, they developed a new a form of passive portfolio
management. Today, index funds account for nearly 30 percent of all
U.S. investments.
The CME Group Melamed-Arditti Innovation Award strives to
celebrate innovation that, through practical application, has had a
positive impact on the economic well-being of individuals,
industries or nations. This award honors an individual or group
whose innovative ideas, products or services have created
significant change to markets, commerce or trade.
"Jack Bogle and Mac McQuown's innovative contributions to the
global financial industry cannot be overstated," said CME Group's
Chairman Emeritus and co-founder of the Melamed-Arditti Innovation
Award, Leo Melamed. "Index funds, an
investment tool so ubiquitous today that many take it for granted,
helped make investing accessible to a wide range of investors,
helping them to build wealth and ultimately grow the U.S.
economy."
"In 1975, I founded the world's first index mutual fund, first
hinted at in my 1951 college thesis," said Bogle. "In two of my
books—1994 and 2007—both best sellers, I sang the praises of index
funds. Today, investing is dominated by the index revolution. It's
a thrill to be recognized by CME's Center for Innovation for my
pioneering work in this burgeoning field."
"I'm deeply honored to be selected, along with my long-time
colleague Jack Bogle, for the
Melamed-Arditti Award," said McQuown. "My immense gratitude goes to
the individuals who were so instrumental in creating the first
index funds at Wells Fargo, including six academics who today have
Nobel prizes, two CEOs and one Chairman of Wells who paid the way,
plus our talented internal staff, together with several lawyers who
also worked so diligently to pave the way. The achievement is a
study in extraordinary collaboration."
John Bogle is founder of The
Vanguard Group, Inc., and president of the Bogle Financial Markets
Research Center. He created Vanguard in 1974, serving as chairman
and chief executive officer until 1996 and senior chairman until
2000. Vanguard is the largest mutual fund organization in the
world. Headquartered in Malvern,
Pennsylvania, Vanguard comprises approximately 170 mutual
funds with current assets totaling more than $4 trillion. Vanguard 500 Index Fund, the largest
fund in the group, was founded by Bogle in 1975. It was the first
index mutual fund.
Bogle served as chairman of the board of governors of the
Investment Company Institute from 1969–1970, and as a member of the
board from 1969–1974. In 1997, he was appointed by then-U.S.
Securities and Exchange Commission Chairman Arthur Levitt to serve on the Independence
Standards Board.
McQuown is a co-founder/director and principal of Diversified
Credit Investments, a firm that manages portfolios of corporate
credit risk for institutional investors. McQuown was a co-founder
and Chairman of KMV, a corporate credit risk analytics firm
acquired by Moody's Investors Services in 2002. He co-founded and
remains a director of Dimensional Fund Advisors, an equity funds
investment firm. Dimensional continues to pioneer the development
of scientifically based investment strategies. With global
investing as well as distribution, Dimensional manages more than
$200 billion, predominately in
equities for both individuals and institutions.
Previously, he co-founded Diversified Corporate Loans, Chalone
Wine Group, and Loan Performance. He began his business career in
the corporate finance department of Smith, Barney & Co.,
New York. Before becoming an
entrepreneur, McQuown was the director of management sciences,
Wells Fargo Bank, where he was responsible for the effort that
resulted in the world's first index equity funds.
The CME Group Melamed-Arditti Innovation Award recipient,
formerly known as the Fred Arditti Innovation Award, is chosen
annually by members of the Competitive Markets Advisory Council
(CMAC). The award's namesakes are Leo
Melamed, in recognition of his revolutionary achievements in
introducing financial futures instruments to the world in 1972; and
former CME Group Chief Economist Fred
Arditti, who was instrumental in developing the IMM index
upon which CME Group's Eurodollar futures contract, the world's
most actively traded futures contract, was based. Past
recipients of the award can be found on the CME Group Center for
Innovation website.
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through CME Clearing, which offer clearing and settlement
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over-the-counter derivatives. CME Group's products and
services ensure that businesses around the world can effectively
manage risk and achieve growth.
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