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 . Question: Financial risk management Case study: The collapse of Barings Bank - What can we learn from this derivatives mishap It was a startling discovery. Since 2014, Mr. Byers has been engaged periodically as an independent consultant to provide expert reports and opinions in financial and investment related matters. Sierra Income merged with Barings BDC, Inc. in February, 2022, in connection with which Mr. Byers was appointed to the Board of Directors of Barings BDC, Inc. From 2002 to 2012, Mr. Byers also served as Trustee for the College of William and Mary Graduate School of Business. David has worked in the financial services industry since 2004. Visit our Global Site. The company's board of director consists of 9 directors; 6 independent directors and 3 executive directors. He currently serves as Chief Executive Officer and Director of the National Math and Science Initiative, a non-profit organization focused on increasing student opportunities and achievement and teaching effectiveness in STEM education. In addition to these roles, Eric is President of Barings LLC, where he leads and manages cross-asset investment teams, corporate strategy, business development, product management, investment business management, research analytics and quant, permanent capital, special situations, and marketing and communication. He is also an independent board director of Heliconia Capital Management, an investment firm owned by Temasek focused on growth oriented Singapore companies, and is Chairman of the Singapore Government's Health Promotion Board. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. Ben Dubow This year marks 25 years since the failure of Barings Bank. CREATIVE. 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. The bank collapsed in 1995 after suffering losses of 827 million (1.7 billion in 2021 . In the end, his losses accounted for 827 million (or $1.4 billion), twice Barings's available trading capital. She is on several non-profit boards and active in the community with a focus on education, the arts, and homeless prevention. 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. Read our latest news, meet our experts and explore our content. You can communicate with our Board of Directors by sending a letter addressed to the Board of Directors, non-management directors or specified individual directors to: . 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. Many of Leeson's former colleagues lost their jobs. She has built a reputation as an executive with a strategic and pragmatic approach to talent management with an eye toward bottom line results. Supporting executives and their teams. Essay Sample. Prior to PaineWebber, Mr. Byers was an executive at Citibank/Citicorp from 1979 to 1986. She is on several non-profit boards and active in the community with a focus on education, the arts, and homeless prevention. in Economics from Georgetown University and an M.B.A. from the Wharton School of Business of the University of Pennsylvania. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. In some jurisdictions this website may contain advertising. 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. Compensation & Benefits. 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. Mark Mulhern. Androscoggin Bank Headquartered in Lewiston, Maine, the Bank has been fiercely independent for 150 years. He also spent eight years at Price Waterhouse. In some jurisdictions this website may contain advertising. Leeson was arrested in Germany and, after a failed bailout attempt, Barings went . Robert Knapp brings over 25 years of experience in the financial services industry to the Board. leadership details. He currently serves on the board of McKim and Creed, a North Carolina based professional engineering services firm. 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. Mike is also Chair of the Barings Board of Directors and a member of the MassMutual Executive Leadership Team. In some jurisdictions this website may contain advertising. Prior to this, she served as Managing Director at M.R. 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. 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 . The board is also tasked with a number of other responsibilities, including the following: Creating dividend policies. 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. 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. 01.03.2023 - Nasdaq CopenhagenLondon Stock Exchange Euronext DublinOther stakeholders Date: 1 March 2023 The bank's board of directors Following close of the bank's annual general meeting . Barings is a $349+ billion* global investment manager sourcing differentiated opportunities across public and private fixed income, real estate, and specialist equity markets. Before that, he served as an officer in the United States Air Force and worked in the telecommunications industry for seven years. from the United States Air Force Academy, an M.S. Barings had been founded in 1762 by Francis Baring and overseen by generations of his wealthy, privileged descendants. We are deliberate in our direction, partnerships and decision making to achieve long-term, lasting change. The staff at Baring Futures Singapore pried open a drawer always kept locked by Nicholas Leeson in February. 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. Read our latest news, meet our experts and explore our content. The Nomination and Corporate Governance Committee identifies and recommends to the Board of . 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. He was a director of Pye Holdings from 1967 to 1979. The Bank . We are committed to sustainable practices and responsible investment. in Economics from Long Island University. Visit our Global Site. The Barings Investment Institute explores the forces that shape long-term investment and capital decisions. With over 300 global investment professionals positioned in local markets, and a flexible capital base, we can provide solutions across a range of private asset classes. *As of June 30, 2022. Michael is the CEO and chairman of CAS. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. In some jurisdictions this website may contain advertising. in Economics from Long Island University. Throughout history, Barings has been a leader in providing global, innovative, diversified solutions to clients. 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. 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. Barings Bank was Britains oldest merchant bank until it went into receivership on 27th February 1995. Eric is an Executive Sponsor of both the Veterans and the Out & Allies Employee Resource Groups. 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. Nick Leeson, the bank's then 28-year-old head of derivatives in . Mr. Byers served as an Independent Director and Chairman of Sierra Income Corporation, a non-traded business development company (BDC) sponsored by Medley LLC (NYSE:MCC), from 2012 to 2022. We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. Mark joined Highwoods in September 2014. 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. Prior to these positions, he served as a Clinical Scientist, Flight Surgeon and Astronaut for NASA. Barings Bank, previously known as Baring Brothers & Co. 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. Our global presence and longstanding expertise allows us to evaluate and capture the yield potential of illiquid and less liquid credit-based investments. U.S. Bank is not responsible for the content of, or products and services provided by Intuit . Copyright 2023 Barings. Position. This mission continues to drive the firm today. Mr. Byers received his M.B.A. in Finance from Roth Graduate School of Business, Long Island University and his B.A. shareholders not already directors of the bank at the time. 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. Prior to PaineWebber, Mr. Byers was an executive at Citibank/Citicorp from 1979 to 1986. 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. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its . 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. The link below will redirect you to their website for more information. 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. At Barings, we strive to act responsibly today in order to help deliver a more sustainable tomorrow. Learn More about Barings Insurance Solutions. Ironsides and related entities serve as the manager and general partner to various funds and managed accounts for institutional clients. Barings' team-based culture seeks to deliver long-term financial security and builds a sustainable future in service to our clients, colleagues and communities. Barings Bank was founded in 1762 as the John and Francis Baring Company by Sir Francis Baring, 1st Baronet, with his older brother John Baring as a mostly silent partner. 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. 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. Sierra Income merged with Barings BDC, Inc. in February, 2022, in connection with which Mr. Byers was appointed to the Board of Directors of Barings BDC, Inc. From 2002 to 2012, Mr. Byers also served as Trustee for the College of William and Mary Graduate School of Business. 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. Our global presence and longstanding expertise allows us to evaluate and capture the yield potential of illiquid and less liquid credit-based investments. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. It deals with the guidelines governing OP Financial Group's internal control, ensures that . from the University of Washington, and an M.B.A. from Wake Forest University. 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. 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. See Page 1. Mr. Byers received his M.B.A. in Finance from Roth Graduate School of Business, Long Island University and his B.A. Topics: Barings Bank, Nick Leeson, Board of directors, Derivative. Visit our Global Site. 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. Barings subadvises a series of mutual funds for MassMutual Funds. in Finance from the University of Virginia, McIntire School of Commerce. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. Our experienced team seeks differentiated sources of return across private equity, real assets and asset-based investments. We are committed to sustainable practices and responsible investment. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its . 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. "There was a stack of paper, "recalls visiting official Tony Railton, senior clerk for . If you have questions or would like more information about our offerings, please get in touch with us. 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. Prior to these positions, he served as a Clinical Scientist, Flight Surgeon and Astronaut for NASA. Jill brings over 20 years of senior leadership experience in human resources to the financial services industry where she was Managing Director from 2006 to 2009 and Executive Vice President from 2000 to 2006 at Wachovia Corporation (now Wells Fargo). This paper was laid before Parliament in . 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. Recent scandals such as Enron and WorldCom and earlier ones like Maxwell (Clarke, 1993) and Barings Bank (Hogan, 1997) cast doubt on the effectiveness of the unitary board while failures such as . Mr. Byers received his M.B.A. in Finance from Roth Graduate School of Business, Long Island University and his B.A. Ms. Lancaster-Beal is the President and Chief Executive Officer of VLB Associates, a management consulting firm she founded in January 2014 that provides financial and operational advisory services to middle-market businesses, investment firms and non-profit organizations. In this interview-style podcast, we offer insight into where our global teams are seeing risks and opportunities today. 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. Additionally, Robert serves as a member of the Board of Managers of Veracity Worldwide LLC. 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. 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. 17. He also spent eight years at Price Waterhouse. Ms. Lancaster-Beal is a financial professional with extensive management and board level experience in corporate governance, credit and financial analysis. Performance evaluation is a key means by which boards can recognise and correct corporate governance problems and add real value to their organisations. 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 earned a Bachelor of Science in Biology from the University of Houston, a Master of Medical Science from the University of Texas Medical Branch at Galveston, a Master of Business Administration from the University of Houston, and a Doctorate of Medicine from Texas Tech University School of Medicine. 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. Beal & Company, which she co-founded in April 1988, until 2014. and "Blueprint Communities" is a registered service mark of the Federal Home Loan Bank of . A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. The firm's star trader was illicitly pursuing a strategy akin to In this capacity, she previously served as the Chief Financial Officer of Odyssey Media from 2015 to 2021, and as the Chief Administrative and Finance Director of Data Capital Management from 2015 to 2017. In May of this year, Pearl Meyer published the 2021 Banking Board of Directors Compensation and Governance Practices Survey . Nov 22nd, 2018 Published. In December 2014, Mr. Byers was recognized by the National Association of Corporate Directors as a Board Leadership Fellow. . 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. In December 2014, Mr. Byers was recognized by the National Association of Corporate Directors as a Board Leadership Fellow. He completed his residency in Internal Medicine at the Mayo Clinic, completed a National Research Council Fellowship in Endocrinology at the NASA Ames Research Center, and trained as a Flight Surgeon at the Aerospace School of Medicine, Brooks Air Force Base. Jill brings over 20 years of senior leadership experience in human resources to the financial services industry where she was Managing Director from 2006 to 2009 and Executive Vice President from 2000 to 2006 at Wachovia Corporation (now Wells Fargo). P. 223-224 Yes. Ironsides and related entities serve as the manager and general partner to various funds and managed accounts for institutional clients. We use cookies on our website to provide you with the best experience. The collapse of Barings Bank in February 1995 was caused by colossal losses incurred by a single rogue trader. 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 . Create new Board. With over 300 global investment professionals positioned in local markets, and a flexible capital base, we can provide solutions across a range of private asset classes. bankruptcy of Barings Bank, collapse of Barings Bank, Britain's oldest merchant bank, on February 27, 1995, when a single employee committed the bank to losses of roughly 830 million, from which it could not recover. 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. The staff at Baring Futures Singapore pried open a drawer always kept locked by Nicholas Leeson in February. Read or watch our latest perspectives on ESG and sustainability. FHLBank Pittsburgh's Executive Management and Board of Directors are highly tenured in the financial services industry. 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. Barings Bank Although due to the failure of other bank, famous, called the "Queen's bank", Baring's story differs from that of Lehman Brothers, a story He was invited several times to the annual meeting of the Bilderberg Group. 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. Learn More about Barings Insurance Solutions. Our funds offer access to specialized strategies across global fixed income. 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. 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. in 2019) resulting from fraudulent investments, primarily in futures contracts. Beal & Company, which she co-founded in April 1988, until 2014. 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. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. He completed his residency in Internal Medicine at the Mayo Clinic, completed a National Research Council Fellowship in Endocrinology at the NASA Ames Research Center, and trained as a Flight Surgeon at the Aerospace School of Medicine, Brooks Air Force Base. A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. Managing Director & Country Head of China. He currently serves on the board of McKim and Creed, a North Carolina based professional engineering services firm. John currently serves on the boards of The Mint Museum and the National Association of Corporate Directors, Carolinas Chapter. Our experienced team seeks differentiated sources of return across private equity, real assets and asset-based investments. 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. Historical context-"Corporate Portrait: The Economic Might of Barings Bank" David holds a B.S. 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. Creating options policies. The story of Barings Bank Same reserve for all business lines Loss of control over operations Bankrupt in 1995 Banks Trader in Singapore Lost $1.4 Billion in derivatives Imprisoned for 6.5 years ING, a Dutch bank bought Barings bank for 1 Formed subsidiary: ING Barings. Governance Statement. Select from premium Barings Bank of the highest quality. On Sunday 26 February 1995, the 200-year old merchant bank blew up thanks to derivatives trading, which it believed was both risk-free and highly profitable. Sierra Income merged with Barings BDC, Inc. in February, 2022, in connection with which Mr. Byers was appointed to the Board of Directors of Barings BDC, Inc. From 2002 to 2012, Mr. Byers also served as Trustee for the College of William and Mary Graduate School of Business. 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. Ms. Lancaster-Beal holds a B.A. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. 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. Mark is a Certified Public Accountant and is a graduate of St. Bonaventure University. Barings Bank, a British merchant bank, was on the verge of collapse in 1995 after reportedly having incurred losses of 827 million (1.6 billion eqv. Was the Barings Bank Board of Directors culpable for the losses of Nick Leeson? Barings Bank, founded in 1762, was one of the world's oldest merchant banks, renowned for having facilitated the Louisiana Purchase.The bank declared bankruptcy in 1995 after losing 827 million (approximately $1.3 billion) due to unauthorized trading activities from one of its employees, Nick Leeson. 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. 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.
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