Read, watch and listen to the latest insights from our global investment teams. 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. Mark joined Highwoods in September 2014. 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. As Britain prospered, so did the bank and Sir Francis Baring. Find Barings Bank stock photos and editorial news pictures from Getty Images. 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. Jonathan ("Jon") Bock has been promoted to CEO of Barings BDC, where he has served as CFO since 2018. 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. 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. Throughout history, Barings has been a leader in providing global, innovative, diversified solutions to 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 . Download 454 KB. 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. Investor Contact Information. 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. The firm's star trader was illicitly pursuing a strategy akin to Its missions are to approve strategic guidelines, monitor and ensure their implementation in line with Societe Generale's values, and comply with the highest international standards of governance, ethics and risk management. Company profile for Barings BDC Inc. including key executives, insider trading, ownership, revenue and average growth rates. 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. Creating options policies. David has worked in the financial services industry since 2004. Read or watch our latest perspectives on ESG and sustainability. 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. Beal & Company, which she co-founded in April 1988, until 2014. 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. 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. 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. The company's board of director consists of 9 directors; 6 independent directors and 3 executive directors. All rights are reserved. 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). Sound Corporate Governance Policies (365 kb)* and practices are important to add shareholder value and maintain the confidence of depositors and investors alike. If you have questions or would like more information about our offerings, please get in touch with us. 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. Additionally, the strategies and funds may not be available to all investor types in all jurisdictions. 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 . Ms. Lancaster-Beal holds a B.A. 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. Board of Directors Definition. 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. View detailed BBDC description & address. Read our latest news, meet our experts and explore our content. In some jurisdictions this website may contain advertising. The link below will redirect you to their website for more information. shareholders not already directors of the bank at the time. The board is also tasked with a number of other responsibilities, including the following: Creating dividend policies. . *As of June 30, 2022. By selecting Continue, you will leave U.S. Bank and enter a third-party Web site. 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. 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'. 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. Barings' team-based culture seeks to deliver long-term financial security and builds a sustainable future in service to our clients, colleagues and communities. The Barings Investment Institute explores the forces that shape long-term investment and capital decisions. Beal & Company, which she co-founded in April 1988, until 2014. Barings subadvises a series of mutual funds for MassMutual Funds. Our broad capabilities allow us to go beyond traditional fixed income strategies and access investments spanning the quality, yield and liquidity spectrum. 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. 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. Copyright 2023 Barings. Open Document. Supporting executives and their teams. Essay Sample. We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. 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. 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' team-based culture seeks to deliver long-term financial security and builds a sustainable future in service to our clients, colleagues and communities. She is on several non-profit boards and active in the community with a focus on education, the arts, and homeless prevention. Mr. Byers received his M.B.A. in Finance from Roth Graduate School of Business, Long Island University and his B.A. A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. Our funds offer access to specialized strategies across global fixed income. John currently serves on the boards of The Mint Museum and the National Association of Corporate Directors, Carolinas Chapter. 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 . This document contains the following information: Report of the Board of Banking Supervision inquiry into the circumstances of the collapse of Barings. Barings is a $349+ billion* global investment manager sourcing differentiated opportunities across public and private fixed income, real estate, and specialist equity markets. At Barings, we strive to act responsibly today in order to help deliver a more sustainable tomorrow. 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. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. The collapse of Baring Bank. 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. Location not listed? 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). and "Blueprint Communities" is a registered service mark of the Federal Home Loan Bank of . 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. Visit our Global Site. 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 . Prior to these positions, he served as a Clinical Scientist, Flight Surgeon and Astronaut for NASA. Barings Insurance Solutions group develops customized solutions leveraging the firms experience and capabilities across public and private asset classes. The Board of Directors collectively represents all shareholders. 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. Eric has worked in the industry since 1990 and his experience has encompassed leadership positions in investment management, investment banking, leveraged finance and risk management. Prior to 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. Additionally, the strategies and funds may not be available to all investor types in all jurisdictions. If you have questions or would like more information about our offerings, please get in touch with us. 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. 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 this interview-style podcast, we offer insight into where our global teams are seeing risks and opportunities today. 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. 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. Leeson was arrested in Germany and, after a failed bailout attempt, Barings went . Among its many accomplishments over the centuries, Barings financed both the Louisiana Pur- chase in 1803 and the Napoleonic Wars. Ben Dubow This year marks 25 years since the failure of Barings Bank. 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. 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. OP Corporate Bank complies with the principles of internal control adopted by the central cooperative's Supervisory Board. Prior to his current role, he served as Head of Private Assets. Prior to this, she served as Managing Director at M.R. in Economics from Georgetown University and an M.B.A. from the Wharton School of Business of the University of Pennsylvania. 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 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. 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. Robert Knapp brings over 25 years of experience in the financial services industry to the Board. Eric is an Executive Sponsor of both the Veterans and the Out & Allies Employee Resource Groups. 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. The Committee is composed of five directors: Jean-Bernard Lvy, Jrme Contamine, France Houssaye, Grard Mestrallet and Juan-Maria Nin Genova. Location not listed? 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 link below will redirect you to their website for more information. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. 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). 17. Historical context-"Corporate Portrait: The Economic Might of Barings Bank" John currently serves on the boards of The Mint Museum and the National Association of Corporate Directors, Carolinas Chapter. Additionally, Robert serves as a member of the Board of Managers of Veracity Worldwide LLC. Mr. Byers received his M.B.A. in Finance from Roth Graduate School of Business, Long Island University and his B.A. Barings had been founded in 1762 by Francis Baring and overseen by generations of his wealthy, privileged descendants. Company. 4 Was the Barings board of directors culpable for the losses of Nick Leeson What from FIN 690G at Wichita State University 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. Before that, he served as an officer in the United States Air Force and worked in the telecommunications industry for seven years. 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 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. 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 . The phrase "board of directors" often is used interchangeably with terms such as " board of trustees ," "board of governors," or simply "the board.". Additionally, Ms. Lancaster-Beal served on the Board of Regents of Georgetown University from 2006 to 2010. Board of Directors - B of D: A board of directors (B of D) is a group of individuals, elected to represent stockholders . Copyright 2023 Barings. He also spent eight years at Price Waterhouse. The challenge for boards is to prevent crises in the organisations they govern. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. It acts in the social interest of the Bank and ensures its proper function. 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. 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. 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 was founded in 1762 as the John and Francis Baring Company by Sir Francis Baring, 1st Baronet, with his older brother John Baring as a mostly silent partner. Prior to his current role, he served as Head of Private Assets. It deals with the guidelines governing OP Financial Group's internal control, ensures that . Additionally, the strategies and funds may not be available to all investor types in all jurisdictions. 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. 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. Robert Knapp brings over 25 years of experience in the financial services industry to the Board. 1. Question: Financial risk management Case study: The collapse of Barings Bank - What can we learn from this derivatives mishap It was a startling discovery. We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. Read our latest news, meet our experts and explore our content. 9 Pages. View Management Team View Board of Directors. With the wise guidance of today's business leaders, the Belk College remains at . 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. from the United States Air Force Academy, an M.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. Barings Bank. 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. 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. 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. In this interview-style podcast, we offer insight into where our global teams are seeing risks and opportunities today. Prior to his current role, he served as Head of Barings U.S. High Yield Credit Research Group. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. from the University of Washington, and an M.B.A. from Wake Forest University. Barings BDC, Inc. 300 South Tryon Street From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. By proceeding to our site you agree to our Cookies Notice and our site Terms and Conditions. The collapse of Baring's Bank in 1995 occurred principally as a result of huge losses that resulted from unauthorized derivatives trading . The Board of Directors was composed of a number of people who have displayed poor moral character and are willing to conduct fraudulent activity. He was Chairman of the Board of the Barings Bank from 1974 to 1989. Through its insightful recommendations, the Board helps us constantly refine and improve our curriculum and programming. 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. So, Barings Bank was declared insolvent on February 26, 1995, and was bought by Dutch bank ING for the symbolic sum of 1 pound. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. 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. 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. FHLBank Pittsburgh's Executive Management and Board of Directors are highly tenured in the financial services industry. He left a $1.4 billion hole in Barings' balance sheet due to his unauthorized derivatives speculation, causing the 233-year-old bank's demise. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. Our paper provides a practical introduction to board and director evaluations. Throughout history, Barings has been a leader in providing global, innovative, diversified solutions to clients. Prior to PaineWebber, Mr. Byers was an executive at Citibank/Citicorp from 1979 to 1986. We are committed to sustainable practices and responsible investment. 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. 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. Location not listed? The Barings Investment Institute explores the forces that shape long-term investment and capital decisions. Barings's investors also lost out. During 2019, CAS's profit had fallen 30% and its share price declined. We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. 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. She is on several non-profit boards and active in the community with a focus on education, the arts, and homeless prevention. 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.