Additionally, Ms. Lancaster-Beal served on the Board of Regents of Georgetown University from 2006 to 2010. 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. The Barings Investment Institute explores the forces that shape long-term investment and capital decisions. 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 also acted as managing director for over ten years with Millennium Partners. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. He was Chairman of the Board of the Barings Bank from 1974 to 1989. Barings BDC, Inc. stockholders and other interested parties may communicate with any member of our Board (including the chairman), the chairman of any of our Board committees, or with our non-management directors as a group by sending communications to Barings BDC, Inc., 300 South Tryon St., Suite 2500, Charlotte, North . 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. 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. 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 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. Location not listed? A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. 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. Barings subadvises a series of mutual funds for MassMutual Funds. Prior to his current role, he served as Head of Barings U.S. High Yield Credit Research Group. She has built a reputation as an executive with a strategic and pragmatic approach to talent management with an eye toward bottom line results. 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. 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. Copyright 2023 Barings. As for Barings, it become part of ING, the Dutch bank paying 1.00 for it in 1995. Mark is a Certified Public Accountant and is a graduate of St. Bonaventure University. A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. She is on several non-profit boards and active in the community with a focus on education, the arts, and homeless prevention. All rights are reserved. Executive Chairman of the Board and Chief Executive Officer. 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. The bank collapsed in 1995 after suffering losses of 827 million (1.7 billion in 2021 . The staff at Baring Futures Singapore pried open a drawer always kept locked by Nicholas Leeson in February. 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. 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 . Barings Insurance Solutions group develops customized solutions leveraging the firms experience and capabilities across public and private asset classes. Supporting executives and their teams. We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. Before that, he served as an officer in the United States Air Force and worked in the telecommunications industry for seven years. Eric is an Executive Sponsor of both the Veterans and the Out & Allies Employee Resource Groups. 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. 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 . 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. David holds a B.S. The Barings Investment Institute explores the forces that shape long-term investment and capital decisions. 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. In some jurisdictions this website may contain advertising. Lloyd has served as chairman since 2021 and CEO and director since 2018. 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. CREATIVE. Barings employees rate the overall compensation and benefits package 3.7/5 stars. Breakdown of Risk Controls at Barings Bank. 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. 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 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 . Our global presence and longstanding expertise allows us to evaluate and capture the yield potential of illiquid and less liquid credit-based investments. in Finance from the University of Virginia, McIntire School of Commerce. The link below will redirect you to their website for more information. 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. Our funds offer access to specialized strategies across global fixed income. 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. 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. 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. 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. A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. 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. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. Since 2014, Mr. Byers has been engaged periodically as an independent consultant to provide expert reports and opinions in financial and investment related matters. John currently serves on the boards of The Mint Museum and the National Association of Corporate Directors, Carolinas Chapter. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. Leeson was arrested in Germany and, after a failed bailout attempt, Barings went . Join Our Relations Mailing List . We are committed to sustainable practices and responsible investment. Question: Financial risk management Case study: The collapse of Barings Bank - What can we learn from this derivatives mishap It was a startling discovery. 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 . Company. Prior to this, she served as Managing Director at M.R. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. 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. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. She is on several non-profit boards and active in the community with a focus on education, the arts, and homeless prevention. 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. 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. 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. in Economics from Georgetown University and an M.B.A. from the Wharton School of Business of the University of Pennsylvania. Company profile for Barings BDC Inc. including key executives, insider trading, ownership, revenue and average growth rates. Read our latest news, meet our experts and explore our content. Regardless of the terminology, the board of directors is a group of individuals either elected or appointed to provide organizational leadership and . He holds a B.S. 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 . Barings Insurance Solutions group develops customized solutions leveraging the firms experience and capabilities across public and private asset classes. 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. Copyright 2023 Barings. The collapse of Baring Bank. He was invited several times to the annual meeting of the Bilderberg Group. 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. In this interview-style podcast, we offer insight into where our global teams are seeing risks and opportunities today. 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. 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 document contains the following information: Report of the Board of Banking Supervision inquiry into the circumstances of the collapse of Barings. Beal & Company, which she co-founded in April 1988, until 2014. 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. As Britain prospered, so did the bank and Sir Francis Baring. We are deliberate in our direction, partnerships and decision making to achieve long-term, lasting change. 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. Barings Insurance Solutions group develops customized solutions leveraging the firms experience and capabilities across public and private asset classes. Dr. Harris currently serves as Director or Trustee of several registered investment companies and other public and private organizations. 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. Explore our latest press releases and contact our media relations team. 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. Learn More about Barings Insurance Solutions. 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. Ms. Lancaster-Beal is a financial professional with extensive management and board level experience in corporate governance, credit and financial analysis. Hiring and firing of senior executives (especially the CEO) Establishing compensation for executives. Throughout history, Barings has been a leader in providing global, innovative, diversified solutions to clients. In the end, his losses accounted for 827 million (or $1.4 billion), twice Barings's available trading capital. 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 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. 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.. Barings Bank, previously known as Baring Brothers & Co. 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. In some jurisdictions this website may contain advertising. Sound Corporate Governance Policies (365 kb)* and practices are important to add shareholder value and maintain the confidence of depositors and investors alike. He holds a B.S. 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. Barings' team-based culture seeks to deliver long-term financial security and builds a sustainable future in service to our clients, colleagues and communities. 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. 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. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. The Nomination and Corporate Governance Committee identifies and recommends to the Board of . Throughout history, Barings has been a leader in providing global, innovative, diversified solutions to clients. Additionally, the strategies and funds may not be available to all investor types in all jurisdictions. Barings subadvises a series of mutual funds for MassMutual Funds. At Barings, we strive to act responsibly today in order to help deliver a more sustainable tomorrow. 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. Additionally, Ms. Lancaster-Beal served on the Board of Regents of Georgetown University from 2006 to 2010. 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 . Our global presence and longstanding expertise allows us to evaluate and capture the yield potential of illiquid and less liquid credit-based investments. 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. Our funds offer access to specialized strategies across global fixed income. Jonathan ("Jon") Bock has been promoted to CEO of Barings BDC, where he has served as CFO since 2018. The collapse of Baring's Bank in 1995 occurred principally as a result of huge losses that resulted from unauthorized derivatives trading . 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. Find Barings Bank stock photos and editorial news pictures from Getty Images. 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. This mission continues to drive the firm today. in Economics from Long Island 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. Eric also works closely with all the investment teams at Barings LLC. 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. Throughout history, Barings has been a leader in providing global, innovative, diversified solutions to clients. Location not listed? Additionally, the strategies and funds may not be available to all investor types in all jurisdictions. Ms. Lancaster-Beal holds a B.A. You can communicate with our Board of Directors by sending a letter addressed to the Board of Directors, non-management directors or specified individual directors to: . By March 2 1995, Barings had lost over $1 billion and shortly after the UK's second oldest bank at the . 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. Our global presence and longstanding expertise allows us to evaluate and capture the yield potential of illiquid and less liquid credit-based investments. OP Corporate Bank complies with the principles of internal control adopted by the central cooperative's Supervisory Board. So, Barings Bank was declared insolvent on February 26, 1995, and was bought by Dutch bank ING for the symbolic sum of 1 pound. We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. *As of June 30, 2022. Open Document. The challenge for boards is to prevent crises in the organisations they govern. Create new Board. We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. He also acted as managing director for over ten years with Millennium Partners. Prior to this, she served as Managing Director at M.R. from the United States Air Force Academy, an M.S. In May of this year, Pearl Meyer published the 2021 Banking Board of Directors Compensation and Governance Practices Survey . Copyright 2023 Barings.
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