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. . This mission continues to drive the firm today. She has built a reputation as an executive with a strategic and pragmatic approach to talent management with an eye toward bottom line results. . In this interview-style podcast, we offer insight into where our global teams are seeing risks and opportunities today. One of its main duties in this capacity is to limit the bank's exposure to excessive risk of all kinds, including legal, reputational and financial. If you have questions or would like more information about our offerings, please get in touch with us. P. 223-224 Yes. in Economics from Georgetown University and an M.B.A. from the Wharton School of Business of the University of Pennsylvania. 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. In some jurisdictions this website may contain advertising. 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. Hiring and firing of senior executives (especially the CEO) Establishing compensation for executives. leadership details. 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. Eric is an Executive Sponsor of both the Veterans and the Out & Allies Employee Resource Groups. 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. The Bank . 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. In some jurisdictions this website may contain advertising. 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. Visit our Global Site. Additionally, Robert serves as a member of the Board of Managers of Veracity Worldwide LLC. Visit our Global Site. 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. 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. 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. Location not listed? Compensation & Benefits. "There was a stack of paper, "recalls visiting official Tony Railton, senior clerk for . Find Barings Bank stock photos and editorial news pictures from Getty Images. . 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. Dr. Harris brings substantial executive, board and operations experience to Barings. David holds a B.S. 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 . 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. He also spent eight years at Price Waterhouse. "Sir Francis eventually became a director and chairman of the East India Company, was elected to Parliament, The link below will redirect you to their website for more information. 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. 4. In the end, his losses accounted for 827 million (or $1.4 billion), twice Barings's available trading capital. Sound Corporate Governance Policies (365 kb)* and practices are important to add shareholder value and maintain the confidence of depositors and investors alike. 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. At Barings, we strive to act responsibly today in order to help deliver a more sustainable tomorrow. In this interview-style podcast, we offer insight into where our global teams are seeing risks and opportunities today. 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. 4 Was the Barings board of directors culpable for the losses of Nick Leeson What from FIN 690G at Wichita State University Founded in 1762, Barings was the oldest merchant bank in Britain before its collapse in 1995.1 The 233-year-old bank was brought down single-handedly by its employee, Nicholas William Leeson,2 better known as Nick Leeson, a derivatives trader and general manager at the Baring's Singapore office.3 After landing the bank with a debt of S$1.4 . By managing risk judiciously, the board tries to maintain a balance between enterprise . 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. 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 . Barings Insurance Solutions group develops customized solutions leveraging the firms experience and capabilities across public and private asset classes. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its . He appointed his personal lawyer and architect to be independent members of the board. 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 . A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. Chief Human Resources & Communications Officer, Head of Europe & Asia Pacific Real Estate, Learn More about Barings Insurance Solutions. He was a director of Pye Holdings from 1967 to 1979. 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. 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. 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. He also spent eight years at Price Waterhouse. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. 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 bank collapsed in 1995 after suffering losses of 827 million (1.7 billion in 2021 . Prior to his current role, he served as Head of Barings U.S. High Yield Credit Research Group. 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. John currently serves on the boards of The Mint Museum and the National Association of Corporate Directors, Carolinas Chapter. 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. 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. Beal & Company, which she co-founded in April 1988, until 2014. Company profile for Barings BDC Inc. including key executives, insider trading, ownership, revenue and average growth rates. Barings Insurance Solutions group develops customized solutions leveraging the firms experience and capabilities across public and private asset classes. The collapse of Baring's Bank in 1995 occurred principally as a result of huge losses that resulted from unauthorized derivatives trading . Among its many accomplishments over the centuries, Barings financed both the Louisiana Pur- chase in 1803 and the Napoleonic Wars. He was Chairman of the Board of the Barings Bank from 1974 to 1989. 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. This mission continues to drive the firm today. He was a director of Dunlop Holdings from 1981 to 1984. 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. If you have questions or would like more information about our offerings, please get in touch with us. in Finance from the University of Virginia, McIntire School of Commerce. Nov 22nd, 2018 Published. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. . 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. Read, watch and listen to the latest insights from our global investment teams. David holds a B.S. 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. The board is also tasked with a number of other responsibilities, including the following: Creating dividend policies. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment. 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. 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. An investigation was launched by the Board of Banking Supervision of the Bank of England on the same day. 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 experienced team seeks differentiated sources of return across private equity, real assets and asset-based investments. A Board's mandate is to establish policies for corporate management and . By March 2 1995, Barings had lost over $1 billion and shortly after the UK's second oldest bank at the . Evaluating Boards and Directors. Prior to his current role, he served as Head of Private Assets. in Economics from Georgetown University and an M.B.A. from the Wharton School of Business of the University of Pennsylvania. Throughout history, Barings has been a leader in providing global, innovative, diversified solutions to clients. Jonathan ("Jon") Bock has been promoted to CEO of Barings BDC, where he has served as CFO since 2018. Explore our latest press releases and contact our media relations team. Our experienced team seeks differentiated sources of return across private equity, real assets and asset-based investments. Mark joined Highwoods in September 2014. 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. All rights are reserved. 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. The Board of Directors of OP Corporate Bank is responsible for organising and maintaining adequate and effective internal control. Creating options policies. Our global presence and longstanding expertise allows us to evaluate and capture the yield potential of illiquid and less liquid credit-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. 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. We are committed to sustainable practices and responsible investment. Additionally, Ms. Lancaster-Beal served on the Board of Regents of Georgetown University from 2006 to 2010. 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. Our global presence and longstanding expertise allows us to evaluate and capture the yield potential of illiquid and less liquid credit-based investments. Before that, he served as an officer in the United States Air Force and worked in the telecommunications industry for seven years. 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. 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 . Dr. Harris currently serves as Director or Trustee of several registered investment companies and other public and private organizations. He also acted as managing director for over ten years with Millennium Partners. The link below will redirect you to their website for more information. 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. from the University of Washington, and an M.B.A. from Wake Forest University. 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. Executive Chairman of the Board and Chief Executive Officer. 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. Create new Board. 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. Barings subadvises a series of mutual funds for MassMutual Funds. We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. Eric is an Executive Sponsor of both the Veterans and the Out & Allies Employee Resource Groups. All rights are reserved. 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. The Barings Investment Institute explores the forces that shape long-term investment and capital decisions. Location not listed? Barings' team-based culture seeks to deliver long-term financial security and builds a sustainable future in service to our clients, colleagues and communities. In December 2014, Mr. Byers was recognized by the National Association of Corporate Directors as a Board Leadership Fellow. Our funds offer access to specialized strategies across global fixed income. 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. 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. 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. Barings BDC, Inc. 300 South Tryon Street 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. As for Barings, it become part of ING, the Dutch bank paying 1.00 for it in 1995. The phrase "board of directors" often is used interchangeably with terms such as " board of trustees ," "board of governors," or simply "the board.". Mark joined Highwoods in September 2014. 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. Before that, he served as an officer in the United States Air Force and worked in the telecommunications industry for seven years. This paper was laid before Parliament in . Implications of the Barings Collapse for Bank Supervisors. He currently serves on the board of McKim and Creed, a North Carolina based professional engineering services firm. As a global and publicly traded financial institution, Scotiabank recognizes the need to adhere to best practices in Canadian and international corporate governance. Our broad capabilities allow us to go beyond traditional fixed income strategies and access investments spanning the quality, yield and liquidity spectrum. 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. Leeson was arrested in Germany and, after a failed bailout attempt, Barings went . Select from premium Barings Bank of the highest quality. 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. Our funds offer access to specialized strategies across global fixed income. The Barings Investment Institute explores the forces that shape long-term investment and capital decisions. Our funds offer access to specialized strategies across global fixed income. 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. 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. 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. 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 . 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. John currently serves on the boards of The Mint Museum and the National Association of Corporate Directors, Carolinas Chapter. The board of directors of Barings BDC has named Eric Lloyd as executive chairman of the board and promoted three of its longstanding senior executive officers. Ironsides and related entities serve as the manager and general partner to various funds and managed accounts for institutional clients. The Committee is composed of five directors: Jean-Bernard Lvy, Jrme Contamine, France Houssaye, Grard Mestrallet and Juan-Maria Nin Genova. The firm's star trader was illicitly pursuing a strategy akin to Visit our Global Site. Learn More About FHLBank Pittsburgh Corporate Governance. 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. Robert Knapp brings over 25 years of experience in the financial services industry to the Board. Mr. Byers received his M.B.A. in Finance from Roth Graduate School of Business, Long Island University and his B.A. Learn More about Barings Insurance Solutions. Eric also works closely with all the investment teams at Barings LLC. Governance Statement. Performance evaluation is a key means by which boards can recognise and correct corporate governance problems and add real value to their organisations. Eric also works closely with all the investment teams at Barings LLC. 2022 Barings PARTICIPATION INVESTORS 2022 Annual Report BARINGS. He currently serves on the board of McKim and Creed, a North Carolina based professional engineering services firm. 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. She is on several non-profit boards and active in the community with a focus on education, the arts, and homeless prevention. He also acted as managing director for over ten years with Millennium Partners. 1. Since 2014, Mr. Byers has been engaged periodically as an independent consultant to provide expert reports and opinions in financial and investment related matters.