CHICAGO -- Money managers and stock exchanges donated more than $90,000 to Mayor Richard M. Daley's re-election campaign, which raised a total of $1.7 million in the last six months of 1998.
Fourteen money management firms and/or their executives donated to the mayor's campaign in that period, according to campaign finance reports.
Of those, eight manage money for the four city pension funds, which have total assets of $10.5 billion. They are: Frontenac Co. II, which donated $10,000 as a firm to the campaign, in addition to $5,000 from Martin Koldyke, chairman; Heitman Financial Services, $3,500 from both the firm and from a number of its officials; BankAmerica Corp. Campaign Fund, $1,500; Nationwide Mutual Insurance Co., $1,500 from the firm only; Capital Associates, $750 from Tom Rosenberg, president; First Analysis Corp., $500 from Oliver Nicklin, president; Keeley Asset Management, $250 from John Keeley Jr., president; and Ariel Capital Management, $1,500 from the firm and $1,500 from John Rogers, president.
City pension plans
While these firms manage money among four plans, the mayor appoints trustees to only one of the plans, according to a spokeswoman for the mayor. The mayor's appointees -- Walter Knorr, Miriam Santos, Robert Reusche and Robert Lund -- sit on the Policemen's Annuity and Benefits Fund. Ms. Santos and Mr. Knorr also sit on the boards of the municipal laborers and police and fire funds as ex-officio members.
Other firms contributing and/or firms with officials contributing are: Walton Street Capital, $6,000 from Neil Bluhm, president of Walton Street affiliate JMB Realty, and his family; CenterPoint Properties, $1,500; Essex Venture Partners LP, $1,000; Gemini Partners II LP, $1,000; Prospect Partners LLC, $1,000; and Chicago Equity Fund, $250.
The mayor's opponent, U.S. Rep. Bobby Rush, has not received contributions from any money managers so far, according to campaign finance records.
The election is Feb. 23.
City law in effect
Mayor Harold Washington instituted in February 1987 a city ordinance limiting companies that have done or have sought to do business with the city from contributing more than $1,500 to any person who is seeking public office.
But in the case of Frontenac, the firm manages a venture capital portfolio for the municipal employees fund and donated $10,000 as a firm to the campaign. Martin Koldyke, chairman of Frontenac, also gave $5,000 to Mr. Daley, which is not illegal since individuals are not limited in their giving.
Ariel president John Rogers, a longtime supporter of the mayor, made a contribution in both the firm's name and in his own name. Mr. Rogers has known the mayor since 1982 and was appointed by the mayor to the Chicago Park District Board of Commissioners six years ago after serving on the McCormick Place Board.
Ariel manages $307 million for the municipal fund and $62 million for the laborers fund, both in domestic equity portfolios. The long-standing relationship with those funds has nothing to do with his friendship with the mayor, Mr. Rogers contends. No additional assets have been given to the firm since their hiring in the mid-1980s.
The city's exchanges also gave generously to the mayor's campaign, donating a total of $60,000. The Chicago Board Options Exchange gave $10,000; The Chicago Mercantile Exchange, $20,000; The Chicago Stock Exchange, $20,000; and The Chicago Board of Trade, $10,000.