In some jurisdictions this website may contain advertising. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. Ms. Lancaster-Beal served as an Independent Director and Chair of the Nominating and Governance committee and the Audit committee of Sierra Income Corporation, a non-traded business development company (BDC) sponsored by Medley LLC (NYSE:MCC), from 2021 to 2022. Visit our Global Site. In this interview-style podcast, we offer insight into where our global teams are seeing risks and opportunities today. She also previously served as a Trustee on the Board of the City University of New York from 2000 to 2014, where she chaired the Faculty, Staff and Administration Committee and served on the Finance Committee. Chairman and CEO, Barings LLC Mike Freno is Chairman and CEO of Barings LLC, a $391+ billion global financial services firm with offices across the U.S., Europe, Australia and Asia. Mr. Byers is a senior executive with over 30 years of leadership experience in finance, operations and control, investment management and capital markets with leading national firms in asset management, banking and brokerage. Our team secures access to investments across the risk spectrum and around the globe, applying an active management approach designed to maximize each asset's potential. He currently serves on the board of McKim and Creed, a North Carolina based professional engineering services firm. So, Barings Bank was declared insolvent on February 26, 1995, and was bought by Dutch bank ING for the symbolic sum of 1 pound. Nominating and Corporate Governance Committee Charter, Barings is a $349+ billion* global investment manager sourcing differentiated opportunities across public and private fixed income, real estate, and specialist equity markets. All rights are reserved. Jill is a Founding Partner of Spivey & Olmstead, LLC, a talent and leadership consulting firm with expertise in the fields of executive development and talent management founded in June 2010. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. He currently serves on the board of McKim and Creed, a North Carolina based professional engineering services firm. Its missions are to approve strategic guidelines, monitor and ensure their implementation in line with Societe Generale's values, and comply with the highest international standards of governance, ethics and risk management. Mr Borg is currently the CEO and an Executive Director of PG p.l.c which has recently been listed on the Malta Stock Exchange, and holds a number of other non-executive directorship positions in Malta. Before that, he served as managing partner of KPMG's Cleveland from 1999 to 2007 and the Louisville and Lexington offices in Kentucky from 1988 to 1995. in Finance from the University of Virginia, McIntire School of Commerce. Barings is a $347+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. in Economics from Long Island University. The link below will redirect you to their website for more information. Thomas brings over 20 years of experience in the underwriting, structuring, distribution and trading of debt used for corporate acquisitions, leveraged buyouts, recapitalizations and refinancings. Maintaining company resources. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. John Switzer is currently a member of the Board of Directors of Carolina Tractor and Equipment Company, a large, privately held southeastern supplier that specializes in material handling, engineered systems, truck engines, power generation systems, and they supply construction, forestry, and paving products. John Houblon (1694-1699, 1700-1712) (First Governor 1694-1697) Before these roles, he served as the Lead Independent Director of MVC Capital, Inc., was an independent, nonexecutive director of Castle Private Equity AG, and was formerly a director of MPC Container Ships. Managing Risk. Eric is Executive Chairman of the Board and Chief Executive Officer of Barings BDC, Inc. A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. All rights are reserved. "There was a stack of paper, "recalls visiting official Tony Railton, senior clerk for . Board of Directors - B of D: A board of directors (B of D) is a group of individuals, elected to represent stockholders . Key Points. Barings' team-based culture seeks to deliver long-term financial security and builds a sustainable future in service to our clients, colleagues and communities. Board of Directors Definition. In this capacity, she was both the Head of Human Resources for the Corporate and Investment Bank and the Head of Human Resources for the International Businesses, responsible for HR services. Sound Corporate Governance Policies (365 kb)* and practices are important to add shareholder value and maintain the confidence of depositors and investors alike. a steering committee convened by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York and comprised of large U.S. financial institutions, has recommended the use of the Secured Overnight Financing Rate, SOFR. Regardless of the terminology, the board of directors is a group of individuals either elected or appointed to provide organizational leadership and . Prior to joining Dreyfus Corporation, Mr. Byers served in executive positions at PaineWebber Group from 1986 to 1997, and served in such capacities as chairman of the Investment Policy and Risk Oversight Committee, Capital Markets Director of Risk and Credit Management, and was NASD registered as General Principal, Financial and Operations Principal and Branch Principal. Prior to joining Highwoods, Mark served as Executive Vice President and Chief Financial Officer of Exco Resources, Inc. Before that, he served as Senior Vice President and Chief Financial Officer of Progress Energy, Inc. from 2008 until its merger with Duke Energy Corporation in 2012. He is the Founder and Chief Investment Officer of Ironsides Partners LLC, a Boston based investment manager specializing in closed-end funds, holding companies, and asset value investing generally. Throughout history, Barings has been a leader in providing global, innovative, diversified solutions to clients. Our experienced team seeks differentiated sources of return across private equity, real assets and asset-based investments. Additionally, Ms. Lancaster-Beal served on the Board of Regents of Georgetown University from 2006 to 2010. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. Location not listed? He is a principal and director of Africa Opportunity Partners Limited, a Cayman Islands company that serves as the investment manager to Africa Opportunity Fund Limited. The unholy mess which could have been avoided In the aftermath of Barings' collapse, the Dutch bank ING purchased Barings for the nominal sum of 1, formed the subsidiary ING Barings, and assumed all Barings' liabilities. Read, watch and listen to the latest insights from our global investment teams. When Nick Leeson's fraud was discovered in 1995, the banks claimed they already knew how this broker had managed to circumvent the financial institution and claimed that the loopholes in the bank's system had been . Prior to joining Highwoods, Mark served as Executive Vice President and Chief Financial Officer of Exco Resources, Inc. Before that, he served as Senior Vice President and Chief Financial Officer of Progress Energy, Inc. from 2008 until its merger with Duke Energy Corporation in 2012. Eric is an Executive Sponsor of both the Veterans and the Out & Allies Employee Resource Groups. See Page 1. Michael is the CEO and chairman of CAS. Our funds offer access to specialized strategies across global fixed income. David has worked in the financial services industry since 2004. { board.total_asset_count }} View all Boards View all Sets CREATE BOARD. Prior to joining Barings in 2013, Mr. Lloyd served as Head of Market and Institutional Risk for Wells Fargo, was on Wells Fargo's Management Committee, and was a member of the Board of Directors . The opinions and other information contained herein, whether express or implied are made in good faith in relation to the facts known at the time of preparation and are subject to change without notice. Visit our Global Site. It acts in the social interest of the Bank and ensures its proper function. The opinions and other information contained herein, whether express or implied are made in good faith in relation to the facts known at the time of preparation and are subject to change without notice. Prior to these positions, he served as a Clinical Scientist, Flight Surgeon and Astronaut for NASA. Prior to joining Barings in 2013, Eric served as Head of Market and Institutional Risk for Wells Fargo, was on Wells Fargo's Management Committee, and was a member of the Board of Directors of Wells Fargo Securities. He appointed his personal lawyer and architect to be independent members of the board. Eric has worked in the industry since 1990 and his experience has encompassed leadership positions in investment management, investment banking, leveraged finance and risk management. A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. He holds a B.S. Barings subadvises a series of mutual funds for MassMutual Funds. The Board of Directors collectively represents all shareholders. Our experienced team seeks differentiated sources of return across private equity, real assets and asset-based investments. With a more than double increase in participation, from 69 participating institutions in 2019 to 172 in 2021, it's clear that board of directors' compensation and the associated pay practices and governance issues . Barings subadvises a series of mutual funds for MassMutual Funds. The link below will redirect you to their website for more information. Best Essays. Ms. Lancaster-Beal was a Senior Vice President of Drexel Burnham Lambert from 1984 to 1988 and as Vice President of Citicorp Investment Bank from 1978 to 1984. Our broad capabilities allow us to go beyond traditional fixed income strategies and access investments spanning the quality, yield and liquidity spectrum. He also acted as managing director for over ten years with Millennium Partners. Prior to his current role, he served as Head of Private Assets. Barings BDC, Inc. stockholders and other interested parties may communicate with any member of our Board (including the chairman), the chairman of any of our Board committees, or with our non-management directors as a group by sending communications to Barings BDC, Inc., 300 South Tryon St., Suite 2500, Charlotte, North Carolina 28202, or via e-mail to BDCinvestorrelations@barings.com, or by calling the Barings BDC, Inc.s investor relations department at 1-888-401-1088. 4 Was the Barings board of directors culpable for the losses of Nick Leeson What from FIN 690G at Wichita State University He currently serves as trustee or director of several public companies and non-profit organizations, including as Trustee of Barings Global Short Duration High Yield Fund, a closed-end investment company advised by Barings, Trustee of the Horizon Funds, a mutual fund complex, Trustee of Davidson College, and Director of CrossRoads Corporation for Affordable Housing and Community Development, Inc. Thomas holds a Bachelor of Arts in Economics from Davidson College and a Masters of Management, Finance, Accounting and Marketing from Kellogg School of Management, Northwestern University. Previously, Mr. Carter was an investment banking analyst in the Healthcare Group at Chemical Bank and a research assistant in the mergers and acquisitions group of Morgan . The Barings Investment Institute explores the forces that shape long-term investment and capital decisions. Prior to joining Catawba Lands Conservancy, he served as Global Head of Syndicated Capital Markets at Bank of America Merrill Lynch, where he managed capital markets, sales, trading and research for the United States, Europe, Asia and Latin America from 1989 to 2010. 2231 Words. Was the Barings Bank Board of Directors culpable for the losses of Nick Leeson? In addition, he is on the Boards the National Academy of Science, Engineering and Medicine - Board on Health Policy, the Texas Medical Center, National Math and Science Initiative, and the Harris Institute & Foundation. *As of December 31, 2022. The collapse of Baring's Bank in 1995 occurred principally as a result of huge losses that resulted from unauthorized derivatives trading . Dr. Harris currently serves as Director or Trustee of several registered investment companies and other public and private organizations. GA30503 Financial Risks Management Sem 1 2020/2021 Assignment 2 (15%) Case study: The collapse of Barings Bank - What can we learn from this derivatives mishap It was a startling discovery. Ironsides and related entities serve as the manager and general partner to various funds and managed accounts for institutional clients. Mark is a Certified Public Accountant and is a graduate of St. Bonaventure University. Massive Losses incurred by Nick Leeson, the General Manager and Head Trader of Barings Financial Services (BFS) by reason of unauthorised and concealed trading activities within BFS. Citizens Bank of Kansas Board Director Mike Felts, of Winfield, has been named an Amazing Outside Director for 2023 by regional banking magazine BankBeat. Robert is also a director of Okeanis Eco Tankers, Emergent Capital, and the Pacific Alliance Asia Opportunity Fund and its related entities and Pacific Alliance Group Asset Management Ltd., based in Hong Kong. In this interview-style podcast, we offer insight into where our global teams are seeing risks and opportunities today. Mark currently serves as Senior Vice President and Chief Financial Officer at Highwoods Properties, Inc., a Raleigh, North Carolina based publicly-traded real estate investment trust. If you have questions or would like more information about our offerings, please get in touch with us. The opinions and other information contained herein, whether express or implied are made in good faith in relation to the facts known at the time of preparation and are subject to change without notice. The staff at Baring Futures Singapore pried open a drawer always kept locked by Nicholas Leeson in February. The Amazing Outside Directors Award recognizes people who invest in the success of their local community banks by contributing skills, insights and analysis to bank governance, all while . Nov 22nd, 2018 Published. Prior to these positions, starting in 2007 John served as managing partner in KPMG's Charlotte office and became the Chair of the Charlotte office in 2009 until retirement in 2016, where he was the market leader for KPMG's Carolinas, Florida, and San Juan offices. The Court of Directors of the Bank of England originally consisted of 24 shareholders, of which 8 were replaced every year by new members, i.e. He left a $1.4 billion hole in Barings' balance sheet due to his unauthorized derivatives speculation, causing the 233-year-old bank's demise. Read or watch our latest perspectives on ESG and sustainability. Dr. Harris brings substantial executive, board and operations experience to Barings. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. Jill works with C-suite executives as an executive coach and helps lead companies' efforts on talent strategies such as diversity and inclusion, employee engagement, and succession planning. Mark currently serves as Senior Vice President and Chief Financial Officer at Highwoods Properties, Inc., a Raleigh, North Carolina based publicly-traded real estate investment trust. Breakdown of Risk Controls at Barings Bank. Prior to joining the firm in 2008, he was a Vice President with Wachovia Securities Leveraged Finance Group, where he was responsible for sell-side origination of leveraged loans and high yield bonds to support both corporate and private equity issuers. The collapse of Baring Bank. He joined Progress Energy in 1996 as Vice President and Controller and served in a number of roles, including Vice President of Strategic Planning, Senior Vice President of Finance and President of Progress Ventures. Ironsides and related entities serve as the manager and general partner to various funds and managed accounts for institutional clients. With offices on four continents, we have the global perspective and local presence to uncover and provide access to a superior range of investment opportunities. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its . The wave of bank and savings and loan failures in the 1980s and early 1990s, and the resulting losses to deposit insurance funds, served to highlight the need for banks to hold sufficient capital . From 2000 to 2006, Mr. Byers served as an investment executive with Dreyfus Corporation and served as Vice Chairman, Executive Vice President, Chief Investment Officer, member of the Board of Directors and Executive Committee, and fund officer of 90 investment companies, responsible for investment performance of approximately $200 billion in assets under management. In the non-profit sector, Robert serves as a director of the Massachusetts Eye and Ear Infirmary, and is a Trustee of the Childrens School of Science and the Sea Education Association. Ms. Lancaster-Beal was a Senior Vice President of Drexel Burnham Lambert from 1984 to 1988 and as Vice President of Citicorp Investment Bank from 1978 to 1984. Eric is an Executive Sponsor of both the Veterans and the Out & Allies Employee Resource Groups. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. Nick Leeson, the bank's then 28-year-old head of derivatives in . Mark joined Highwoods in September 2014. Investor Contact Information. Read, watch and listen to the latest insights from our global investment teams. The board of directors not only helps lay out the bank's goals, but acts as a watchdog as well. Sierra Income merged with Barings BDC, Inc. in February, 2022, in connection with which Ms. Lancaster-Beal was appointed to the Board of Directors of Barings BDC, Inc. Ms. Lancaster-Beal currently serves on the Board of Directors of KIPP NYC, a network of free, public charter schools. He was invited several times to the annual meeting of the Bilderberg Group. Visit our Global Site. Since 2016, Mr. Byers has also served as a board member of the Mutual Fund Directors Forum, an independent, non-profit organization serving independent directors of U.S. funds registered with the Securities and Exchange Commission under the 1940 Act. Thomas brings over 20 years of experience in the underwriting, structuring, distribution and trading of debt used for corporate acquisitions, leveraged buyouts, recapitalizations and refinancings. From 2000 to 2006, Mr. Byers served as an investment executive with Dreyfus Corporation and served as Vice Chairman, Executive Vice President, Chief Investment Officer, member of the Board of Directors and Executive Committee, and fund officer of 90 investment companies, responsible for investment performance of approximately $200 billion in assets under management. The Committee is composed of five directors: Jean-Bernard Lvy, Jrme Contamine, France Houssaye, Grard Mestrallet and Juan-Maria Nin Genova. The 200-year-old Barings Bank was brought to its knees in 1995 in one month, when the rouge trader, Nicholas W. Leeson, gambled $29 billion speculating on the price of Japanese stocks and bonds using derivatives. Copyright 2023 Barings. Barings BDC, Inc. stockholders and other interested parties may communicate with any member of our Board (including the chairman), the chairman of any of our Board committees, or with our non-management directors as a group by sending communications to Barings BDC, Inc., 300 South Tryon St., Suite 2500, Charlotte, North . In addition, he is on the Boards the National Academy of Science, Engineering and Medicine - Board on Health Policy, the Texas Medical Center, National Math and Science Initiative, and the Harris Institute & Foundation. Prior to PaineWebber, Mr. Byers was an executive at Citibank/Citicorp from 1979 to 1986. The Belk College of Business Board of Advisors is a group of accomplished business and civic leaders who work closely with the Belk College to ensure our relevance to the business community. Leeson worked at the Singapore branch of Barings Bank PLC, the blue-blooded British merchant bank founded in 1763 that catered to royalty and was at the pinnacle of the London financial world. They were sons of John (n Johann) Baring, wool trader of Exeter, born in Bremen, Germany.The company started business in offices off Cheapside in London, and within a few years moved to larger quarters in Mincing Lane. Additionally, Ms. Lancaster-Beal served on the Board of Regents of Georgetown University from 2006 to 2010. Before the acquisition of Wachovia, Eric worked in Wachovia's Global Markets Investment Banking division and served on the division's Operating Committee where he had various leadership positions, including Head of Wachovia's Global Leveraged Finance Group. He was a director of Pye Holdings from 1967 to 1979. Before joining Palestra, Mr. Carter was a high yield analyst at Furman Selz LLC (ING Barings), where he was responsible for coverage of healthcare-related high yield debt. Historical context-"Corporate Portrait: The Economic Might of Barings Bank" She also previously served as a Trustee on the Board of the City University of New York from 2000 to 2014, where she chaired the Faculty, Staff and Administration Committee and served on the Finance Committee. We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. The BARINGS name and logo design are trademarks of Barings and are registered in U.S. Patent and Trademark Office and in other countries around the world. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. Before that, he served as an officer in the United States Air Force and worked in the telecommunications industry for seven years. Our broad capabilities allow us to go beyond traditional fixed income strategies and access investments spanning the quality, yield and liquidity spectrum. Prior to this, she served as Managing Director at M.R. Before that, he served as an officer in the United States Air Force and worked in the telecommunications industry for seven years. By the later decades of the 20th century, its culture . Robert is also a director of Okeanis Eco Tankers, Emergent Capital, and the Pacific Alliance Asia Opportunity Fund and its related entities and Pacific Alliance Group Asset Management Ltd., based in Hong Kong. We are deliberate in our direction, partnerships and decision making to achieve long-term, lasting change. David holds a B.S. Dr. Harris brings substantial executive, board and operations experience to Barings. Our paper provides a practical introduction to board and director evaluations. Mark currently serves as Senior Vice President and Chief Financial Officer at Highwoods Properties, Inc., a Raleigh, North Carolina based publicly-traded real estate investment trust. | March 1, 2023 . He was a director of Dunlop Holdings from 1981 to 1984. Prior to this, she formed and led the Leadership Practices Group at Wachovia to create and implement a company-wide talent management process that identified, developed, tracked and promoted high potential leaders throughout their careers. View Management Team View Board of Directors. Prior to joining Barings in 2013, Mr. Lloyd served as Head of Market and Institutional Risk for Wells Fargo, was on Wells Fargo's Management Committee, and was a member of the Board of Directors . If you have questions or would like more information about our offerings, please get in touch with us. In 1995, Barings - then the oldest bank in Britain . Mark Mulhern. Mark joined Highwoods in September 2014. We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. David serves as Head of U.S. Public Fixed Income at Barings, with primary responsibility for the U.S. High Yield and Investment Grade Investment Groups. Join Our Relations Mailing List . Mr. Byers serves as the Independent Chairman of the Board of Directors of Deutsche Bank DBX ETF Trust and as a member of the audit and nominating committees. Ms. Lancaster-Beal served as an Independent Director and Chair of the Nominating and Governance committee and the Audit committee of Sierra Income Corporation, a non-traded business development company (BDC) sponsored by Medley LLC (NYSE:MCC), from 2021 to 2022. He is a principal and director of Africa Opportunity Partners Limited, a Cayman Islands company that serves as the investment manager to Africa Opportunity Fund Limited. . In this capacity, she was both the Head of Human Resources for the Corporate and Investment Bank and the Head of Human Resources for the International Businesses, responsible for HR services.

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