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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. 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. Eric also works closely with all the investment teams at Barings LLC. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. David has worked in the financial services industry since 2004. John Houblon (1694-1699, 1700-1712) (First Governor 1694-1697) A Board's mandate is to establish policies for corporate management and . 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). In 2021, Androscoggin Bank became a Certified B Corporation , joining only nine other banks nationally to meet the highest standards of verified social and environmental performance, public transparency and legal accountability. A lack of active involvement by the Board and management of Barings, allowed Nick Leeson to chalk up astronomical losses from his trading activities that brought the 200-year old financial institution to its knees . As for Barings, it become part of ING, the Dutch bank paying 1.00 for it in 1995. Ms. Lancaster-Beal holds a B.A. Setting general company goals. 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. Performance evaluation is a key means by which boards can recognise and correct corporate governance problems and add real value to their organisations. 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. 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. 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 . Our funds offer access to specialized strategies across global fixed income. Read or watch our latest perspectives on ESG and sustainability. Barings Bank was Britains oldest merchant bank until it went into receivership on 27th February 1995. Ms. Lancaster-Beal holds a B.A. It was bailed out by the Bank of England. 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. 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. Robert Knapp brings over 25 years of experience in the financial services industry to the Board. We use cookies on our website to provide you with the best experience. Our broad capabilities allow us to go beyond traditional fixed income strategies and access investments spanning the quality, yield and liquidity spectrum. All rights are reserved. This paper was laid before Parliament in . 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. 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 Economics from Georgetown University and an M.B.A. from the Wharton School of Business of the University of Pennsylvania. Dr. Harris currently serves as Director or Trustee of several registered investment companies and other public and private organizations. The collapse of Baring's Bank in 1995 occurred principally as a result of huge losses that resulted from unauthorized derivatives trading activity by the head of the Singapore office Nick Leeson. 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. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. 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. Our broad capabilities allow us to go beyond traditional fixed income strategies and access investments spanning the quality, yield and liquidity spectrum. Our experienced team seeks differentiated sources of return across private equity, real assets and asset-based investments. Additionally, Robert serves as a member of the Board of Managers of Veracity Worldwide LLC. Dr. Harris currently serves as Director or Trustee of several registered investment companies and other public and private organizations. With investment professionals based in North America, Europe and . If you have questions or would like more information about our offerings, please get in touch with us. Breakdown of Risk Controls at Barings Bank. Read, watch and listen to the latest insights from our global investment teams. 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. Location not listed? Beal & Company, which she co-founded in April 1988, until 2014. The collapse of Baring's Bank in 1995 occurred principally as a result of huge losses that resulted from unauthorized derivatives trading . Barings Bank. 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. Nick Leeson was directly responsible for causing the collapse of Britain's Barings Bank by hiding 827 million ($1.4 billion) in losses in 1995. 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. At Barings, we strive to act responsibly today in order to help deliver a more sustainable tomorrow. Prior to PaineWebber, Mr. Byers was an executive at Citibank/Citicorp from 1979 to 1986. Prior to his current role, he served as Head of Barings U.S. High Yield Credit Research Group. Managing Director & Country Head of China. Read, watch and listen to the latest insights from our global investment teams. By selecting Continue, you will leave U.S. Bank and enter a third-party Web site. 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 . In this interview-style podcast, we offer insight into where our global teams are seeing risks and opportunities today. . 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 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). By managing risk judiciously, the board tries to maintain a balance between enterprise . The collapse of Barings Bank in February 1995 was caused by colossal losses incurred by a single rogue trader. 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. In some jurisdictions this website may contain advertising. Hiring and firing of senior executives (especially the CEO) Establishing compensation for executives. Mike is also Chair of the Barings Board of Directors and a member of the MassMutual Executive Leadership Team. 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. in Economics from Long Island University. 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. Since 2014, Mr. Byers has been engaged periodically as an independent . 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. from the University of Washington, and an M.B.A. from Wake Forest University. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. *As of June 30, 2022. 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. 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. Visit our Global Site. { board.total_asset_count }} View all Boards View all Sets CREATE BOARD. 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. John currently serves on the boards of The Mint Museum and the National Association of Corporate Directors, Carolinas Chapter. The firm's star trader was illicitly pursuing a strategy akin to See Page 1. Lloyd has served as chairman since 2021 and CEO and director since 2018. Copyright 2023 Barings. The staff at Baring Futures Singapore pried open a drawer always kept locked by Nicholas Leeson in February. 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. He holds a B.S. 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. 17. Prior to his current role, he served as Head of Private Assets. 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 . 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. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. 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. Ms. Lancaster-Beal is a financial professional with extensive management and board level experience in corporate governance, credit and financial analysis. Creating options policies. 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. A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. 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. four of its members are independent directors. 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. 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. 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. Mr. Byers received his M.B.A. in Finance from Roth Graduate School of Business, Long Island University and his B.A. [1] The chain of events that led to the collapse of the bank could have been mitigated if not entirely avoided had management and/or the board of directors followed recommendations contained . She has built a reputation as an executive with a strategic and pragmatic approach to talent management with an eye toward bottom line results. The average Barings salary ranges from approximately $100,889 per year for an Analyst to $604,854 per year for a Managing Director. Additionally, the strategies and funds may not be available to all investor types in all jurisdictions. Prior to this, she served as Managing Director at M.R. In this interview-style podcast, we offer insight into where our global teams are seeing risks and opportunities today. Key Points. Loading . In some jurisdictions this website may contain advertising. 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 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. It was neither of these things. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. Barings subadvises a series of mutual funds for MassMutual Funds. Prior to his current role, he served as Head of Barings U.S. High Yield Credit Research Group. 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 an officer in the United States Air Force and worked in the telecommunications industry for seven years. 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. If you have questions or would like more information about our offerings, please get in touch with us. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. The Barings Investment Institute explores the forces that shape long-term investment and capital decisions. 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 We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. Apart from serving as a Non-Executive Director of BNF Bank p.l.c., Mr Borg also chairs the Bank's Credit Approval Committee. Additionally, the strategies and funds may not be available to all investor types in all jurisdictions. The link below will redirect you to their website for more information. Our experienced team seeks differentiated sources of return across private equity, real assets and asset-based investments. Prior to this, she served as Managing Director at M.R. It deals with the guidelines governing OP Financial Group's internal control, ensures that . 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. Mark joined Highwoods in September 2014. 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. Mr. Byers received his M.B.A. in Finance from Roth Graduate School of Business, Long Island University and his B.A. 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. Nick Leeson, the bank's then 28-year-old head of derivatives in . 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 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. Ironsides and related entities serve as the manager and general partner to various funds and managed accounts for institutional clients. Visit our Global Site. 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. Ironsides and related entities serve as the manager and general partner to various funds and managed accounts for institutional clients. 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 . Was the Barings Bank Board of Directors culpable for the losses of Nick Leeson? 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. Eric is an Executive Sponsor of both the Veterans and the Out & Allies Employee Resource Groups. 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. 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. Mark joined Highwoods in September 2014. 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. Barings Insurance Solutions group develops customized solutions leveraging the firms experience and capabilities across public and private asset classes. Additionally, Ms. Lancaster-Beal served on the Board of Regents of Georgetown University from 2006 to 2010. This document contains the following information: Report of the Board of Banking Supervision inquiry into the circumstances of the collapse of Barings. 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. Beal & Company, which she co-founded in April 1988, until 2014. Our global presence and longstanding expertise allows us to evaluate and capture the yield potential of illiquid and less liquid credit-based investments. 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. Company. 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. 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. 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. Barings BDC, Inc. is an externally managed, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended. "There was a stack of paper, "recalls visiting official Tony Railton, senior clerk for . Citizens Bank of Kansas Board Director Mike Felts, of Winfield, has been named an Amazing Outside Director for 2023 by regional banking magazine BankBeat. Barings subadvises a series of mutual funds for MassMutual Funds. shareholders not already directors of the bank at the time. Prior to PaineWebber, Mr. Byers was an executive at Citibank/Citicorp from 1979 to 1986. and "Blueprint Communities" is a registered service mark of the Federal Home Loan Bank 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. Throughout history, Barings has been a leader in providing global, innovative, diversified solutions to clients. 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. If you have questions or would like more information about our offerings, please get in touch with us. Regardless of the terminology, the board of directors is a group of individuals either elected or appointed to provide organizational leadership and . Since 2014, Mr. Byers has been engaged periodically as an independent consultant to provide expert reports and opinions in financial and investment related matters. Our global presence and longstanding expertise allows us to evaluate and capture the yield potential of illiquid and less liquid credit-based investments. 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. A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. Learn More about Barings Insurance Solutions. Our global presence and longstanding expertise allows us to evaluate and capture the yield potential of illiquid and less liquid credit-based investments. FHLBank Pittsburgh's Executive Management and Board of Directors are highly tenured in the financial services industry. 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. 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. 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. In May of this year, Pearl Meyer published the 2021 Banking Board of Directors Compensation and Governance Practices Survey . 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). 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. Throughout history, Barings has been a leader in providing global, innovative, diversified solutions to clients. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. *As of June 30, 2022. 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. Compensation & Benefits. Barings subadvises a series of mutual funds for MassMutual Funds. Read our latest news, meet our experts and explore our content. 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. Ms. Lancaster-Beal is a financial professional with extensive management and board level experience in corporate governance, credit and financial analysis. Barings employees rate the overall compensation and benefits package 3.7/5 stars. Prior to his current role, he served as Head of Private Assets. 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. Many of Leeson's former colleagues lost their jobs. 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. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. Leeson was arrested in Germany and, after a failed bailout attempt, Barings went . 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.

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