in Finance from the University of Virginia, McIntire School of Commerce. 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. 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. 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. Prior to PaineWebber, Mr. Byers was an executive at Citibank/Citicorp from 1979 to 1986. Barings's investors also lost out. 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 this, she served as Managing Director at M.R. We are committed to sustainable practices and responsible investment. Our funds offer access to specialized strategies across global fixed income. All rights are reserved. 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. 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. The collapse of Baring Bank. 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. Read, watch and listen to the latest insights from our global investment teams. Our global presence and longstanding expertise allows us to evaluate and capture the yield potential of illiquid and less liquid credit-based investments. David holds a B.S. 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. 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. View Management Team View Board of Directors. Previously, Richard held various roles in Barings Bank, which he joined in 1976, latterly as Head of Barings . Our broad capabilities allow us to go beyond traditional fixed income strategies and access investments spanning the quality, yield and liquidity spectrum. Robert Knapp brings over 25 years of experience in the financial services industry to the Board. Since 2014, Mr. Byers has been engaged periodically as an independent consultant to provide expert reports and opinions in financial and investment related matters. 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. John currently serves on the boards of The Mint Museum and the National Association of Corporate Directors, Carolinas Chapter. 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). 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. 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. 2022 Barings PARTICIPATION INVESTORS 2022 Annual Report BARINGS. Eric is Executive Chairman of the Board and Chief Executive Officer of Barings BDC, Inc. Company profile for Barings BDC Inc. including key executives, insider trading, ownership, revenue and average growth rates. 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. She has built a reputation as an executive with a strategic and pragmatic approach to talent management with an eye toward bottom line results. 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. [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 . 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 rights are reserved. This was the genuine . She has built a reputation as an executive with a strategic and pragmatic approach to talent management with an eye toward bottom line results. By managing risk judiciously, the board tries to maintain a balance between enterprise . 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. 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 Our broad capabilities allow us to go beyond traditional fixed income strategies and access investments spanning the quality, yield and liquidity spectrum. Eric also works closely with all the investment teams at Barings LLC. Baring Bank was founded in 1762 by Francis Baring, a . David holds a B.S. P. 223-224 Yes. Visit our Global Site. 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. 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. The company's board of director consists of 9 directors; 6 independent directors and 3 executive directors. 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. Mark joined Highwoods in September 2014. Implications of the Barings Collapse for Bank Supervisors. The Bank had been founded by his ancestor Francis Baring in 1762. In December 2014, Mr. Byers was recognized by the National Association of Corporate Directors as a Board Leadership Fellow. Dr. Harris currently serves as Director or Trustee of several registered investment companies and other public and private organizations. We use cookies on our website to provide you with the best experience. 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 his current role, he served as Head of Barings U.S. High Yield Credit Research Group. Since 2014, Mr. Byers has been engaged periodically as an independent consultant to provide expert reports and opinions in financial and investment related matters. Eric is Executive Chairman of the Board and Chief Executive Officer of Barings BDC, Inc. Barings subadvises a series of mutual funds for MassMutual Funds. in Economics from Georgetown University and an M.B.A. from the Wharton School of Business of the University of Pennsylvania. Mark is a Certified Public Accountant and is a graduate of St. Bonaventure University. 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. He also acted as managing director for over ten years with Millennium Partners. 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. 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. The Chairman of the Committee is Mr Jean-Bernard Lvy. By selecting Continue, you will leave U.S. Bank and enter a third-party Web 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. 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 . Prior to his current role, he served as Head of Private Assets. Ms. Lancaster-Beal is a financial professional with extensive management and board level experience in corporate governance, credit and financial analysis. We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. Board of Directors - B of D: A board of directors (B of D) is a group of individuals, elected to represent stockholders . Additionally, Robert serves as a member of the Board of Managers of Veracity Worldwide LLC. 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 Economics from Long Island University. John currently serves on the boards of The Mint Museum and the National Association of Corporate Directors, Carolinas Chapter. from the University of Washington, and an M.B.A. from Wake Forest University. 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 . Jill received a Bachelor of Science from Clemson University and a Masters in Organization Behavior and Development from Fielding University. It was neither of these things. Location not listed? Location not listed? 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 . Leeson worked at the Singapore branch of Barings Bank PLC, the blue-blooded British merchant bank founded in 1763 that catered to royalty and was at the pinnacle of the London financial 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. Our experienced team seeks differentiated sources of return across private equity, real assets and asset-based investments. In the end, his losses accounted for 827 million (or $1.4 billion), twice Barings's available trading capital. 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. Ironsides and related entities serve as the manager and general partner to various funds and managed accounts for institutional clients. 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. Our funds offer access to specialized strategies across global fixed income. Explore our latest press releases and contact our media relations team. He currently serves on the board of McKim and Creed, a North Carolina based professional engineering services firm. 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. 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. Ironsides and related entities serve as the manager and general partner to various funds and managed accounts for institutional clients. Barings Bank. 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. A Board's mandate is to establish policies for corporate management and . 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. The Barings Investment Institute explores the forces that shape long-term investment and capital decisions. OP Corporate Bank complies with the principles of internal control adopted by the central cooperative's Supervisory Board. Eric also works closely with all the investment teams at Barings LLC. 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. 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. Sierra Income merged with Barings BDC, Inc. in February, 2022, in connection with which Mr. Byers was appointed to the Board of Directors of Barings BDC, Inc. From 2002 to 2012, Mr. Byers also served as Trustee for the College of William and Mary Graduate School of Business. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. Additionally, Ms. Lancaster-Beal served on the Board of Regents of Georgetown University from 2006 to 2010. 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. 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 PaineWebber, Mr. Byers was an executive at Citibank/Citicorp from 1979 to 1986. The Board of Directors collectively represents all shareholders. The average Barings hourly pay ranges from approximately $30 per hour for an Intern to $65 per hour for a Summer Analyst. Before that, he served as an officer in the United States Air Force and worked in the telecommunications industry for seven years. Beal & Company, which she co-founded in April 1988, until 2014. 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. 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. This mission continues to drive the firm today. 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. 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. The Board of Directors was composed of a number of people who have displayed poor moral character and are willing to conduct fraudulent activity. from the United States Air Force Academy, an M.S. 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. Throughout history, Barings has been a leader in providing global, innovative, diversified solutions to clients. She is on several non-profit boards and active in the community with a focus on education, the arts, and homeless prevention. 1. A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. 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. Visit our Global Site. Jill received a Bachelor of Science from Clemson University and a Masters in Organization Behavior and Development from Fielding University. Prior to these positions, he served as a Clinical Scientist, Flight Surgeon and Astronaut for NASA. 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. Mark is a Certified Public Accountant and is a graduate of St. Bonaventure University. Prior to this, she formed and led the Leadership Practices Group at Wachovia to create and implement a company-wide talent management process that identified, developed, tracked and promoted high potential leaders throughout their careers. Ms. Lancaster-Beal is a financial professional with extensive management and board level experience in corporate governance, credit and financial analysis. Jill received a Bachelor of Science from Clemson University and a Masters in Organization Behavior and Development from Fielding University. 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. If you have questions or would like more information about our offerings, please get in touch with us. This mission continues to drive the firm today. Barings employees rate the overall compensation and benefits package 3.7/5 stars. Additionally, Ms. Lancaster-Beal served on the Board of Regents of Georgetown University from 2006 to 2010. four of its members are independent directors. Apart from serving as a Non-Executive Director of BNF Bank p.l.c., Mr Borg also chairs the Bank's Credit Approval Committee. Breakdown of Risk Controls at Barings Bank. Throughout history, Barings has been a leader in providing global, innovative, diversified solutions to clients. from the University of Washington, and an M.B.A. from Wake Forest University. Read, watch and listen to the latest insights from our global investment teams. Evaluating Boards and Directors. Mike is also Chair of the Barings Board of Directors and a member of the MassMutual Executive Leadership Team. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. *As of December 31, 2022. Robert Knapp brings over 25 years of experience in the financial services industry to the Board. He is also an independent board director of Heliconia Capital Management, an investment firm owned by Temasek focused on growth oriented Singapore companies, and is Chairman of the Singapore Government's Health Promotion Board. In some jurisdictions this website may contain advertising. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its . Barings Insurance Solutions group develops customized solutions leveraging the firms experience and capabilities across public and private asset classes. 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. in Finance from the University of Virginia, McIntire School of Commerce. By the later decades of the 20th century, its culture . The unholy mess which could have been avoided In the aftermath of Barings' collapse, the Dutch bank ING purchased Barings for the nominal sum of 1, formed the subsidiary ING Barings, and assumed all Barings' liabilities. The board of directors not only helps lay out the bank's goals, but acts as a watchdog as well. We are deliberate in our direction, partnerships and decision making to achieve long-term, lasting change. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. He also spent eight years at Price Waterhouse. 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. 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. Learn More about Barings Insurance Solutions. 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. 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. 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. Sierra Income merged with Barings BDC, Inc. in February, 2022, in connection with which Mr. Byers was appointed to the Board of Directors of Barings BDC, Inc. From 2002 to 2012, Mr. Byers also served as Trustee for the College of William and Mary Graduate School of Business. Barings' team-based culture seeks to deliver long-term financial security and builds a sustainable future in service to our clients, colleagues and communities. Regardless of the terminology, the board of directors is a group of individuals either elected or appointed to provide organizational leadership and . 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. 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. David has worked in the financial services industry since 2004. Company. Since 2014, Mr. Byers has been engaged periodically as an independent . 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 . Ironsides and related entities serve as the manager and general partner to various funds and managed accounts for institutional clients. 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. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. If you have questions or would like more information about our offerings, please get in touch with us. 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 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. He also acted as managing director for over ten years with Millennium Partners. 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. Managing Director & Country Head of China. GA30503 Financial Risks Management Sem 1 2020/2021 Assignment 2 (15%) Case study: The collapse of Barings Bank - What can we learn from this derivatives mishap It was a startling discovery. 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. "Building a sustainable world for future generations requires constant evolution and long-term collaboration to drive lasting positive . PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. The Board of Directors of OP Corporate Bank is responsible for organising and maintaining adequate and effective internal control. Location not listed? John currently serves on the boards of The Mint Museum and the National Association of Corporate Directors, Carolinas Chapter. 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. Position. leadership details. 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. . Mr. Byers received his M.B.A. in Finance from Roth Graduate School of Business, Long Island University and his B.A. 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. 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.