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Managing Director & Country Head of China. 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. Before that, he served as an officer in the United States Air Force and worked in the telecommunications industry for seven years. View detailed BBDC description & address. 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 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. Visit our Global Site. Prior to joining Catawba Lands Conservancy, he served as Global Head of Syndicated Capital Markets at Bank of America Merrill Lynch, where he managed capital markets, sales, trading and research for the United States, Europe, Asia and Latin America from 1989 to 2010. Additionally, Ms. Lancaster-Beal served on the Board of Regents of Georgetown University from 2006 to 2010. In December 2014, Mr. Byers was recognized by the National Association of Corporate Directors as a Board Leadership Fellow. Mark joined Highwoods in September 2014. 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. Our global presence and longstanding expertise allows us to evaluate and capture the yield potential of illiquid and less liquid credit-based investments. This paper was laid before Parliament in . Barings Bank was a British merchant bank based in London, and one of England's oldest merchant banks after Berenberg Bank, Barings' close collaborator and German representative.It was founded in 1762 by Francis Baring, a British-born member of the German-British Baring family of merchants and bankers.. 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 career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. John Houblon (1694-1699, 1700-1712) (First Governor 1694-1697) 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 Economics from Georgetown University and an M.B.A. from the Wharton School of Business of the University of Pennsylvania. He holds a B.S. Select from premium Barings Bank of the highest quality. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. in 2019) resulting from fraudulent investments, primarily in futures contracts. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. 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 . 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. 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 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. 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. 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 Economics from Long Island University. 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. 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. She has built a reputation as an executive with a strategic and pragmatic approach to talent management with an eye toward bottom line results. This mission continues to drive the firm today. Our funds offer access to specialized strategies across global fixed income. Eric is an Executive Sponsor of both the Veterans and the Out & Allies Employee Resource Groups. Managing Risk. Hiring and firing of senior executives (especially the CEO) Establishing compensation for executives. She is on several non-profit boards and active in the community with a focus on education, the arts, and homeless prevention. The company's board of director consists of 9 directors; 6 independent directors and 3 executive directors. If you have questions or would like more information about our offerings, please get in touch with us. Visit our Global Site. He currently serves on the board of McKim and Creed, a North Carolina based professional engineering services firm. 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. Robert Knapp brings over 25 years of experience in the financial services industry to the Board. 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. The Nomination and Corporate Governance Committee identifies and recommends to the Board of . "Sir Francis eventually became a director and chairman of the East India Company, was elected to Parliament, It deals with the guidelines governing OP Financial Group's internal control, ensures that . The Board of Directors collectively represents all shareholders. Barings' team-based culture seeks to deliver long-term financial security and builds a sustainable future in service to our clients, colleagues and communities. This is an incomplete list of Bank of England directors from the bank's foundation in 1694: . Ms. Lancaster-Beal is a financial professional with extensive management and board level experience in corporate governance, credit and financial analysis. Additionally, the strategies and funds may not be available to all investor types in all jurisdictions. Beal & Company, which she co-founded in April 1988, until 2014. It was neither of these things. Dr. Harris currently serves as Director or Trustee of several registered investment companies and other public and private organizations. The link below will redirect you to their website for more information. 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. On 26 February 1995, administrators were appointed to manage the affairs of the Barings Group parent company and a number of other companies within the Barings Group. from the United States Air Force Academy, an M.S. 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. 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). Board of Directors Definition. She is on several non-profit boards and active in the community with a focus on education, the arts, and homeless prevention. Ms. Lancaster-Beal is a financial professional with extensive management and board level experience in corporate governance, credit and financial analysis. 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 . Ironsides and related entities serve as the manager and general partner to various funds and managed accounts for institutional clients. Barings Insurance Solutions group develops customized solutions leveraging the firms experience and capabilities across public and private asset classes. 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). 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. 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. "Building a sustainable world for future generations requires constant evolution and long-term collaboration to drive lasting positive . Our experienced team seeks differentiated sources of return across private equity, real assets and asset-based investments. Historical context-"Corporate Portrait: The Economic Might of Barings Bank" Sound Corporate Governance Policies (365 kb)* and practices are important to add shareholder value and maintain the confidence of depositors and investors alike. 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. Read our latest news, meet our experts and explore our content. 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. In this interview-style podcast, we offer insight into where our global teams are seeing risks and opportunities today. Prior to PaineWebber, Mr. Byers was an executive at Citibank/Citicorp from 1979 to 1986. Androscoggin Bank Headquartered in Lewiston, Maine, the Bank has been fiercely independent for 150 years. Since 2014, Mr. Byers has been engaged periodically as an independent . 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. Prior to his current role, he served as Head of Barings U.S. High Yield Credit Research Group. in Economics from Georgetown University and an M.B.A. from the Wharton School of Business of the University of Pennsylvania. Explore our latest press releases and contact our media relations team. Jill received a Bachelor of Science from Clemson University and a Masters in Organization Behavior and Development from Fielding University. John currently serves on the boards of The Mint Museum and the National Association of Corporate Directors, Carolinas Chapter. 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. View Management Team View Board of Directors. Dr. Harris brings substantial executive, board and operations experience to Barings. Our funds offer access to specialized strategies across global fixed income. The average Barings hourly pay ranges from approximately $30 per hour for an Intern to $65 per hour for a Summer Analyst. Prior to his current role, he served as Head of Barings U.S. High Yield Credit Research Group. The bank collapsed in 1995 after suffering losses of 827 million (1.7 billion in 2021 . 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. 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 . 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 . Our paper provides a practical introduction to board and director evaluations. 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. She has built a reputation as an executive with a strategic and pragmatic approach to talent management with an eye toward bottom line results. 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. OP Corporate Bank complies with the principles of internal control adopted by the central cooperative's Supervisory Board. Governance Statement. A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. Our broad capabilities allow us to go beyond traditional fixed income strategies and access investments spanning the quality, yield and liquidity spectrum. The wave of bank and savings and loan failures in the 1980s and early 1990s, and the resulting losses to deposit insurance funds, served to highlight the need for banks to hold sufficient capital . The Bank . This mission continues to drive the firm today. Mark joined Highwoods in September 2014. 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. [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 . 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. In this interview-style podcast, we offer insight into where our global teams are seeing risks and opportunities today. Learn More about Barings Insurance Solutions. In this interview-style podcast, we offer insight into where our global teams are seeing risks and opportunities today. He holds a B.S. 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. Mark is a Certified Public Accountant and is a graduate of St. Bonaventure University. Barings Bank was initially used to finance the family's wool trading business, but then expanded to include shipping and all aspects of international trade. Nick Leeson, the bank's then 28-year-old head of derivatives in . We are deliberate in our direction, partnerships and decision making to achieve long-term, lasting change. We are committed to sustainable practices and responsible investment. Jill received a Bachelor of Science from Clemson University and a Masters in Organization Behavior and Development from Fielding University. 4 Was the Barings board of directors culpable for the losses of Nick Leeson What from FIN 690G at Wichita State University See Page 1. 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. 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 . *As of June 30, 2022. All rights are reserved. 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. In December 2014, Mr. Byers was recognized by the National Association of Corporate Directors as a Board Leadership Fellow. If you have questions or would like more information about our offerings, please get in touch with us. 2022 Barings PARTICIPATION INVESTORS 2022 Annual Report BARINGS. 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. 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. Robert Knapp brings over 25 years of experience in the financial services industry to the 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. Mr. Byers received his M.B.A. in Finance from Roth Graduate School of Business, Long Island University and his B.A. Download 454 KB. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. 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. "There was a stack of paper, "recalls visiting official Tony Railton, senior clerk for futures and 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 . Our integrated platform is focused on providing investors attractive, through-the-cycle risk-adjusted returns that are less correlated with traditional debt and equity markets. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. Throughout history, Barings has been a leader in providing global, innovative, diversified solutions to clients. Board of Directors - B of D: A board of directors (B of D) is a group of individuals, elected to represent stockholders . At Barings, we strive to act responsibly today in order to help deliver a more sustainable tomorrow. *As of June 30, 2022. We use cookies on our website to provide you with the best experience. Barings employees rate the overall compensation and benefits package 3.7/5 stars. 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. 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. 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. 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. 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. He currently serves as trustee or director of several public companies and non-profit organizations, including as Trustee of Barings Global Short Duration High Yield Fund, a closed-end investment company advised by Barings, Trustee of the Horizon Funds, a mutual fund complex, Trustee of Davidson College, and Director of CrossRoads Corporation for Affordable Housing and Community Development, Inc. Thomas holds a Bachelor of Arts in Economics from Davidson College and a Masters of Management, Finance, Accounting and Marketing from Kellogg School of Management, Northwestern University. Previously, Richard held various roles in Barings Bank, which he joined in 1976, latterly as Head of Barings . John currently serves on the boards of The Mint Museum and the National Association of Corporate Directors, Carolinas Chapter. She is on several non-profit boards and active in the community with a focus on education, the arts, and homeless prevention. 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. This was the genuine . Learn More about Barings Insurance Solutions. We are committed to sustainable practices and responsible investment. The opinions and other information contained herein, whether express or implied are made in good faith in relation to the facts known at the time of preparation and are subject to change without notice. The Barings Investment Institute explores the forces that shape long-term investment and capital decisions. 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. Prior to these positions, he served as a Clinical Scientist, Flight Surgeon and Astronaut for NASA. Additionally, the strategies and funds may not be available to all investor types in all jurisdictions. He also spent eight years at Price Waterhouse. The collapse of Barings Bank in February 1995 was caused by colossal losses incurred by a single rogue trader. 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 also spent eight years at Price Waterhouse. Since 2014, Mr. Byers has been engaged periodically as an independent consultant to provide expert reports and opinions in financial and investment related matters. 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. 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. Barings had been founded in 1762 by Francis Baring and overseen by generations of his wealthy, privileged descendants. The staff at Baring Futures Singapore pried open a drawer always kept locked by Nicholas Leeson in February. The phrase "board of directors" often is used interchangeably with terms such as " board of trustees ," "board of governors," or simply "the board.". 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. 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 . 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 . 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. He was a director of Dunlop Holdings from 1981 to 1984. Our experienced team seeks differentiated sources of return across private equity, real assets and asset-based investments. 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. Beal & Company, which she co-founded in April 1988, until 2014. Investor Contact Information. Nov 22nd, 2018 Published. The challenge for boards is to prevent crises in the organisations they govern. P. 223-224 Yes. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Topics: Barings Bank, Nick Leeson, Board of directors, Derivative. 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. Prior to PaineWebber, Mr. Byers was an executive at Citibank/Citicorp from 1979 to 1986. Prior to PaineWebber, Mr. Byers was an executive at Citibank/Citicorp from 1979 to 1986. 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. Eric is an Executive Sponsor of both the Veterans and the Out & Allies Employee Resource Groups. 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. 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. 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. Company. We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. 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 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. Visit our Global Site. 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 mission continues to drive the firm today. . Since 2014, Mr. Byers has been engaged periodically as an independent consultant to provide expert reports and opinions in financial and investment related matters. 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. Company profile for Barings BDC Inc. including key executives, insider trading, ownership, revenue and average growth rates. The link below will redirect you to their website for more information. This followed the discovery of massive trading losses incurred by Barings Futures Singapore (BFS), an . . 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. By managing risk judiciously, the board tries to maintain a balance between enterprise . He was Chairman of the Board of the Barings Bank from 1974 to 1989. Our broad capabilities allow us to go beyond traditional fixed income strategies and access investments spanning the quality, yield and liquidity spectrum. Find Barings Bank stock photos and editorial news pictures from Getty Images. A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. 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. Many of Leeson's former colleagues lost their jobs. Eric also works closely with all the investment teams at Barings LLC. Lloyd has served as chairman since 2021 and CEO and director since 2018.