Bar investments post gains

first_imgA new investment policy begun by the Bar almost 12 years ago has weathered two recessions while more than doubling the Bar’s initial investment.And despite turbulent markets in recent months, it has made money for the Bar in the past year.Investment Committee Chair David Bianchi told the Board of Governors recently that the Bar started in September 1990 with an investment account of $9.2 million. The new policy allowed the Bar to invest in stocks and bonds, where previously it had been restricted to certificates of deposit.Since that time, the Bar has earned $9.8 million, of which about $5 million has been used to finance continuing Bar operations and the remainder left in the investment pool, which is now nearly $14 million, Bianchi said.In the past 12 months, the Bar has received a 5.8-percent return, he said, while the indexes the Bar uses to measure performance have averaged 3.8 percent.The committee recommended, and the board approved, a change in the way short-term investments are made. Bianchi said the Bar’s financial advisors recommended no longer investing in short-term commercial notes, but continuing to invest in money market accounts while adding one-to-three year term U.S. Treasury notes and bonds in a bond mutual fund. Bar investments post gains June 15, 2002 Regular Newscenter_img Bar investments post gainslast_img

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