Additionally, the strategies and funds may not be available to all investor types in all jurisdictions. During 2019, CAS's profit had fallen 30% and its share price declined. He holds a B.S. 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. Ms. Lancaster-Beal is a financial professional with extensive management and board level experience in corporate governance, credit and financial analysis. . Our funds offer access to specialized strategies across global fixed income. Barings Bank. 9 Pages. 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. Robert Knapp brings over 25 years of experience in the financial services industry to the Board. Mark Mulhern. 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. Many of Leeson's former colleagues lost their jobs. 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. leadership details. 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. 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. 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. The link below will redirect you to their website for more information. Read, watch and listen to the latest insights from our global investment teams. As Britain prospered, so did the bank and Sir Francis Baring. Sound Corporate Governance Policies (365 kb)* and practices are important to add shareholder value and maintain the confidence of depositors and investors alike. Collections; Project #ShowUs; Creative Insights; . 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 some jurisdictions this website may contain advertising. The Board of Directors collectively represents all shareholders. Dr. Harris is the recipient of numerous awards, including nine (9) honorary doctorates, NASA Space Flight Medal, NASA Award of Merit, a fellow of the American College of Physicians, and was the recipient of the 2000 Horatio Alger Award. Our global presence and longstanding expertise allows us to evaluate and capture the yield potential of illiquid and less liquid credit-based investments. 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. Eric is Executive Chairman of the Board and Chief Executive Officer of Barings BDC, Inc. He also acted as managing director for over ten years with Millennium Partners. Ironsides and related entities serve as the manager and general partner to various funds and managed accounts for institutional clients. The Barings Investment Institute explores the forces that shape long-term investment and capital decisions. 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. 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. Dr. Harris currently serves as Director or Trustee of several registered investment companies and other public and private organizations. in Economics from Long Island University. 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. He currently serves on the board of McKim and Creed, a North Carolina based professional engineering services firm. By proceeding to our site you agree to our Cookies Notice and our site Terms and Conditions. Barings Bank: A British merchant bank that was started in 1762, and for centuries was considered the largest and most stable bank in the world. The Barings Investment Institute explores the forces that shape long-term investment and capital decisions. The Board of Directors of OP Corporate Bank is responsible for organising and maintaining adequate and effective internal control. Barings BDC, Inc. 300 South Tryon Street Jill received a Bachelor of Science from Clemson University and a Masters in Organization Behavior and Development from Fielding University. 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. Explore our latest press releases and contact our media relations team. Barings' team-based culture seeks to deliver long-term financial security and builds a sustainable future in service to our clients, colleagues and communities. 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 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. 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. 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. This paper was laid before Parliament in . Leeson was arrested in Germany and, after a failed bailout attempt, Barings went . *As of June 30, 2022. He is also Chairman of the U.S. High Yield Investment Committee, a member of the Global High Yield Allocation Committee and a portfolio manager on various high yield strategies. See Page 1. 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. 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. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. View Management Team View Board of Directors. He also spent eight years at Price Waterhouse. Prior to PaineWebber, Mr. Byers was an executive at Citibank/Citicorp from 1979 to 1986. 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. 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 some jurisdictions this website may contain advertising. This was the genuine . Historical context-"Corporate Portrait: The Economic Might of Barings Bank" 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. Since 2014, Mr. Byers has been engaged periodically as an independent consultant to provide expert reports and opinions in financial and investment related matters. Read or watch our latest perspectives on ESG and sustainability. from the University of Washington, and an M.B.A. from Wake Forest University. 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 Scandal of Barings Bank and Olympus Essay Preview: The Scandal of Barings Bank and Olympus Report this essay Future Academic Programme: MSc Accounting and Finance (2018/2019) The University of NottinghamWord count: 2480 The scandal of Barings Bank and Olympus Dec 2018 IntroductionAccording to Bhasin (2013), "Scandals are often the 'tip of the iceberg'. Mark joined Highwoods in September 2014. In some jurisdictions this website may contain advertising. Former senior directors of Barings, the bank which collapsed in 1995, face being banned from acting as company directors for up to 15 years as a result of action being taken by the Department of . It was neither of these things. Barings Insurance Solutions group develops customized solutions leveraging the firms experience and capabilities across public and private asset classes. Since 2014, Mr. Byers has been engaged periodically as an independent consultant to provide expert reports and opinions in financial and investment related matters. Androscoggin Bank Headquartered in Lewiston, Maine, the Bank has been fiercely independent for 150 years. Our experienced team seeks differentiated sources of return across private equity, real assets and asset-based investments. 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. Learn More about Barings Insurance Solutions. He was invited several times to the annual meeting of the Bilderberg Group. He also spent eight years at Price Waterhouse. She has built a reputation as an executive with a strategic and pragmatic approach to talent management with an eye toward bottom line results. Before that, he served as an officer in the United States Air Force and worked in the telecommunications industry for seven years. 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. 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. Prior to this, she served as Managing Director at M.R. 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. 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. four of its members are independent directors. 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. Beal & Company, which she co-founded in April 1988, until 2014. The collapse of Barings Bank in February 1995 was caused by colossal losses incurred by a single rogue trader. Additionally, Robert serves as a member of the Board of Managers of Veracity Worldwide LLC. Position. He was Chairman of the Board of the Barings Bank from 1974 to 1989. Mr. Byers received his M.B.A. in Finance from Roth Graduate School of Business, Long Island University and his B.A. Throughout history, Barings has been a leader in providing global, innovative, diversified solutions to clients. Loading . He currently serves on the board of McKim and Creed, a North Carolina based professional engineering services firm. 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. We are committed to sustainable practices and responsible investment. In this interview-style podcast, we offer insight into where our global teams are seeing risks and opportunities today. 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. The staff at Baring Futures Singapore pried open a drawer always kept locked by Nicholas Leeson in February. 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. 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. 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. 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 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. 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. In December 2014, Mr. Byers was recognized by the National Association of Corporate Directors as a Board Leadership Fellow. 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. Errors were of omission - lacked clear reporting lines in the highly political matrix organization; no one pressed Leeson to provide information and the Board did not pressure the management committee to formulate the risk-reporting . He was a director of Dunlop Holdings from 1981 to 1984. Board of Directors Definition. Throughout history, Barings has been a leader in providing global, innovative, diversified solutions to clients. This case study consists of the "Report of the Board of Banking Supervision Inquiry into the Circumstances of the Collapse of Barings, 18 July 1995." Events. Eric is Executive Chairman of the Board and Chief Executive Officer of Barings BDC, Inc. The average Barings hourly pay ranges from approximately $30 per hour for an Intern to $65 per hour for a Summer Analyst. Dr. Harris currently serves as Director or Trustee of several registered investment companies and other public and private organizations. 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. 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. Company. 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. John currently serves on the boards of The Mint Museum and the National Association of Corporate Directors, Carolinas Chapter. 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. In some jurisdictions this website may contain advertising. Key Points. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. With the wise guidance of today's business leaders, the Belk College remains at . 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. 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. Jill received a Bachelor of Science from Clemson University and a Masters in Organization Behavior and Development from Fielding University. Ms. Lancaster-Beal holds a B.A. 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. Governance Statement. 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. We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. She has built a reputation as an executive with a strategic and pragmatic approach to talent management with an eye toward bottom line results. 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. The Committee is composed of five directors: Jean-Bernard Lvy, Jrme Contamine, France Houssaye, Grard Mestrallet and Juan-Maria Nin Genova. All rights are reserved. Copyright 2023 Barings. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. 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. 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. Was the Barings Bank Board of Directors culpable for the losses of Nick Leeson? 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. Barings' team-based culture seeks to deliver long-term financial security and builds a sustainable future in service to our clients, colleagues and communities. Prior to his current role, he served as Head of Private Assets. 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. David has worked in the financial services industry since 2004. "Sir Francis eventually became a director and chairman of the East India Company, was elected to Parliament, By March 2 1995, Barings had lost over $1 billion and shortly after the UK's second oldest bank at the . 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. Dr. Harris is also the Chief Executive Officer and Managing Partner of Vesalius Ventures, Inc. a venture capital firm that invests in early- to mid-stage healthcare technologies and companies. She is on several non-profit boards and active in the community with a focus on education, the arts, and homeless prevention. This mission continues to drive the firm today. All such communications should indicate clearly the director or directors to whom the communication is being sent so that each communication, other than unsolicited commercial solicitations, may be forwarded directly to the appropriate director(s). A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. Ms. Lancaster-Beal is a financial professional with extensive management and board level experience in corporate governance, credit and financial analysis. 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. 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 . Dr. Harris is the recipient of numerous awards, including nine (9) honorary doctorates, NASA Space Flight Medal, NASA Award of Merit, a fellow of the American College of Physicians, and was the recipient of the 2000 Horatio Alger Award. 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. Creating options policies. A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management.
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