{"id":21301,"date":"2026-09-24T14:40:29","date_gmt":"2026-09-24T19:40:29","guid":{"rendered":"https:\/\/uwm.edu\/business\/?post_type=program&p=21301"},"modified":"2026-09-24T14:40:30","modified_gmt":"2026-09-24T19:40:30","slug":"timeline","status":"publish","type":"program","link":"https:\/\/uwm.edu\/business\/academics\/investment-management-certificate-program\/timeline\/","title":{"rendered":"Timeline of Success, 2009-2025"},"content":{"rendered":"\n
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\n\t\t\tTimeline of Success, 2009-2025\t\t<\/h1>\n\t<\/header>\n\t\n\t\n\n

From founding gift, new investment lab, and first students, to growth of assets, benchmark evolution, and partnerships to serve the community and industry while helping students.<\/p>\n\n\n\n

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$100,000<\/strong>Founding gift, 2010<\/span><\/div><\/div>\n\n
$2.2M+<\/strong>In additional gifts & assets since 2010<\/span><\/div><\/div>\n\n
3<\/strong>Student-managed funds<\/span><\/div><\/div>\n\n
17<\/strong>Years of applied investment education<\/span><\/div><\/div><\/div>\n<\/div>\n\n\n\n
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Program Milestone<\/strong><\/p>\n<\/div>\n\n\n\n

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Gift \/ Funding<\/strong><\/p>\n<\/div>\n\n\n\n

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Benchmark Change<\/strong><\/p>\n<\/div>\n\n\n\n

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Partnership \/ Project<\/strong><\/p>\n<\/div>\n<\/div>\n\n\n\n

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Pre-2009<\/div>
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Approval & the David O. Nicholas Applied Finance Lab<\/h2>\n\n\n\n

Program Milestone<\/strong><\/em><\/p>\n\n\n\n

The Investment Certificate in Investment Management moves through university approval processes. A $2.5 million donation funds the David O. Nicholas Applied Finance Lab, equipped with FactSet and Bloomberg, a ticker tape, 12 dual-monitor computer workstations, a \u201cboardroom,\u201d and the latest video conferencing technology. Over time the lab adds UBS HOLT Lens, Steele Mutual Fund Expert, ISS EVA Investor Express, Axioma, and Northfield analytics, plus brokerage research from most of the top 7 providers and others.<\/p>\n<\/div><\/div><\/div>\n<\/div>\n\n\n\n

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Fall 2009<\/div>
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First Students Recruited<\/h2>\n\n\n\n

Program Milestone<\/strong><\/em><\/p>\n\n\n\n

IMCP recruits its first cohort of students into the program.<\/p>\n<\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n

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January 2010<\/div>
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IMCP Launches with Founding Gift<\/h2>\n\n\n\n

Gift \/ Funding<\/strong><\/em><\/p>\n\n\n\n

The Investment Management Certificate Program launches with $100,000 in assets \u2014 a gift from Paul Franke, retired Investment Officer of William Blair.<\/p>\n<\/div><\/div><\/div>\n<\/div>\n\n\n\n

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October 18, 2010<\/div>
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Fund Inception \u2014 Three Funds Launch<\/h2>\n\n\n\n

Program Milestone<\/em><\/strong><\/p>\n\n\n\n

The IMCP funds officially launch with three portfolios: US Growth stocks (Russell 3000 Growth benchmark), US Value stocks (Russell 3000 Value benchmark), and ALT, an alternative to US equities benchmarked to 66.7% US bonds (AGG) and 33.3% Emerging Markets (EEM).<\/p>\n<\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n

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October 10, 2012<\/div>
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ALT Benchmark Shifts to Global Bonds & Non-US Stocks<\/h2>\n\n\n\n

Benchmark Change<\/em><\/strong><\/p>\n\n\n\n

ALT becomes active versus passive\/enhanced-indexed, with a new benchmark of 50% international stocks (Russell Global ex-US), 16.7% US bonds (AGG), 16.7% Europe bonds (IEAG), and 16.7% emerging markets bonds (EMB).<\/p>\n<\/div><\/div><\/div>\n<\/div>\n\n\n\n

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November 30, 2012<\/div>
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$200,000 in New Gifts<\/h2>\n\n\n\n

Gift \/ Funding<\/strong><\/em><\/p>\n\n\n\n

IMCP students gain $200,000 more to manage through two $100,000 gifts: one from Bill Nasgovitz, Chairman and Portfolio Manager of Heartland Advisors, and one from Dave Nicholas, Chief Executive Officer, President, Chief Investment Officer and Portfolio Manager of Nicholas Company.<\/p>\n<\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n

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September 2014<\/div>
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Elmbrook Humane Society Partnership Begins<\/h2>\n\n\n\n

Partnership \/ Project<\/strong><\/em><\/p>\n\n\n\n

IMCP signs an agreement to do project work for Elmbrook Humane Society, involving portfolio analysis and presentations to EBHS\u2019s Investment Committee for its multi-million-dollar portfolio.<\/p>\n<\/div><\/div><\/div>\n<\/div>\n\n\n\n

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October 8, 2016<\/div>
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Growth & Value Benchmarks Refined<\/h2>\n\n\n\n

Benchmark Change<\/strong><\/em><\/p>\n\n\n\n

Benchmarks for the US Growth and US Value funds change to Russell 1000 Growth and Russell 2000 Value \u2014 reflecting donors Dave Nicholas\u2019s and Bill Nasgovitz\u2019s investment strategies, and letting students dig into perhaps undiscovered and underfollowed small value stocks while still building a strong understanding of the large growth stocks dominating the markets.<\/p>\n<\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n

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October 31, 2016<\/div>
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$2 Million in New Assets<\/h2>\n\n\n\n

Gift \/ Funding<\/em><\/strong><\/p>\n\n\n\n

Students begin managing about $2 million more in assets, with $1 million from the new Baird Fund and $1 million from the UWM Foundation.<\/p>\n<\/div><\/div><\/div>\n<\/div>\n\n\n\n

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October 7, 2017<\/div>
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ALT Becomes Global Macro<\/h2>\n\n\n\n

Benchmark Change<\/em><\/strong><\/p>\n\n\n\n

ALT is renamed Global Macro, with its benchmark moved to 50% US bonds (AGG) and 50% Russell Global ex-US.<\/p>\n<\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n

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September 22, 2018<\/div>
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Global Macro Benchmark Updated<\/h2>\n\n\n\n

Benchmark Change<\/strong><\/em><\/p>\n\n\n\n

The Global Macro benchmark changes to 50% US bonds (AGG) and 50% MSCI All Country World Index ex-US (ACWIX), as Russell Global ex-US is no longer an index.<\/p>\n<\/div><\/div><\/div>\n<\/div>\n\n\n\n

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September 2025<\/div>
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Dana Investment Advisors Partnership<\/h2>\n\n\n\n

Partnership \/ Project<\/em><\/strong><\/p>\n\n\n\n

In a new project, the Value fund becomes a model for client portfolios at Dana Investment Advisors \u2014 taking IMCP learning to the highest levels. Students take on research, portfolio analysis, marketing, and client relations roles, with those in client relations interning at Dana Investment Advisors.<\/p>\n<\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n

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December 1, 2025<\/div>
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Value Fund Benchmark Rebalanced<\/h2>\n\n\n\n

Benchmark Change<\/strong><\/em><\/p>\n\n\n\n

The Value fund\u2019s benchmark changes to 50% Russell 2000 Value (keeping focus on underfollowed value stocks) and 50% Russell 1000 Value (adding large-stock analysis). With the proper mix, the two portfolios can be combined to create a Russell 3000 Value index equivalent \u2014 spanning large-, mid-, and small-cap stocks.<\/p>\n<\/div><\/div><\/div>\n<\/div>\n\n\n\n

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