Additionally, Ms. Lancaster-Beal served on the Board of Regents of Georgetown University from 2006 to 2010. 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. 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. 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. 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. 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. in Finance from the University of Virginia, McIntire School of Commerce. An investigation was launched by the Board of Banking Supervision of the Bank of England on the same day. Visit our Global Site. Ironsides and related entities serve as the manager and general partner to various funds and managed accounts for institutional clients. Maintaining company resources. 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. 17. He was a director of Dunlop Holdings from 1981 to 1984. . David holds a B.S. 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. Through its insightful recommendations, the Board helps us constantly refine and improve our curriculum and programming. 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. 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 . He also acted as managing director for over ten years with Millennium Partners. Mark joined Highwoods in September 2014. 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. Our global presence and longstanding expertise allows us to evaluate and capture the yield potential of illiquid and less liquid credit-based investments. 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. 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. This was the genuine . in Economics from Georgetown University and an M.B.A. from the Wharton School of Business of the University of Pennsylvania. 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. Implications of the Barings Collapse for Bank Supervisors. 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. 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. Robert Knapp brings over 25 years of experience in the financial services industry to the Board. Managing Director & Country Head of China. 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 . Barings subadvises a series of mutual funds for MassMutual Funds. Eric is an Executive Sponsor of both the Veterans and the Out & Allies Employee Resource 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. . The average Barings salary ranges from approximately $100,889 per year for an Analyst to $604,854 per year for a Managing Director. With investment professionals based in North America, Europe and . 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. John Switzer is currently a member of the Board of Directors of Carolina Tractor and Equipment Company, a large, privately held southeastern supplier that specializes in material handling, engineered systems, truck engines, power generation systems, and they supply construction, forestry, and paving products. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. 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. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. 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. As for Barings, it become part of ING, the Dutch bank paying 1.00 for it in 1995. Copyright 2023 Barings. Company profile for Barings BDC Inc. including key executives, insider trading, ownership, revenue and average growth rates. 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 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. It was bailed out by the Bank of England. 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). He currently serves on the board of McKim and Creed, a North Carolina based professional engineering services firm. The phrase "board of directors" often is used interchangeably with terms such as " board of trustees ," "board of governors," or simply "the board.". We are deliberate in our direction, partnerships and decision making to achieve long-term, lasting change. Our broad capabilities allow us to go beyond traditional fixed income strategies and access investments spanning the quality, yield and liquidity spectrum. 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 has built a reputation as an executive with a strategic and pragmatic approach to talent management with an eye toward bottom line results. Jill received a Bachelor of Science from Clemson University and a Masters in Organization Behavior and Development from Fielding University. in 2019) resulting from fraudulent investments, primarily in futures contracts. Barings subadvises a series of mutual funds for MassMutual Funds. 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 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. 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. The Board of Directors of OP Corporate Bank is responsible for organising and maintaining adequate and effective internal control. shareholders not already directors of the bank at the time. in Economics from Long Island University. Prior to this, she served as Managing Director at M.R. 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. 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. 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. The link below will redirect you to their website for more information. This mission continues to drive the firm today. Errors were of omission - lacked clear reporting lines in the highly political matrix organization; no one pressed Leeson to provide information and the Board did not pressure the management committee to formulate the risk-reporting . Mark is a Certified Public Accountant and is a graduate of St. Bonaventure University. Nick Leeson, the bank's then 28-year-old head of derivatives in . 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. Performance evaluation is a key means by which boards can recognise and correct corporate governance problems and add real value to their organisations. The Committee is composed of five directors: Jean-Bernard Lvy, Jrme Contamine, France Houssaye, Grard Mestrallet and Juan-Maria Nin Genova. Ms. Lancaster-Beal holds a B.A. View Management Team View Board of Directors. 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. It acts in the social interest of the Bank and ensures its proper function. 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. Jill received a Bachelor of Science from Clemson University and a Masters in Organization Behavior and Development from Fielding University. 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. 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. Copyright 2023 Barings. 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. 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. The link below will redirect you to their website for more information. We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. Prior to PaineWebber, Mr. Byers was an executive at Citibank/Citicorp from 1979 to 1986. in Economics from Long Island University. 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. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. from the University of Washington, and an M.B.A. from Wake Forest University. Prior to these positions, he served as a Clinical Scientist, Flight Surgeon and Astronaut for NASA. 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. "Building a sustainable world for future generations requires constant evolution and long-term collaboration to drive lasting positive . Barings Bank. 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 . 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 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. Eric is Executive Chairman of the Board and Chief Executive Officer of Barings BDC, Inc. Our funds offer access to specialized strategies across global fixed income. 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 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. See Page 1. The board of directors not only helps lay out the bank's goals, but acts as a watchdog as well. Setting general company goals. Ms. Lancaster-Beal holds a B.A. 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. 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. 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. 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. The link below will redirect you to their website for more information. Additionally, Robert serves as a member of the Board of Managers of Veracity Worldwide LLC. By the later decades of the 20th century, its culture . Chief Human Resources & Communications Officer, Head of Europe & Asia Pacific Real Estate, Learn More about Barings Insurance Solutions. Prior to PaineWebber, Mr. Byers was an executive at Citibank/Citicorp from 1979 to 1986. Our team secures access to investments across the risk spectrum and around the globe, applying an active management approach designed to maximize each asset's potential. Robert 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. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. Loading . He was a director of Pye Holdings from 1967 to 1979. If you have questions or would like more information about our offerings, please get in touch with us. 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 some jurisdictions this website may contain advertising. View detailed BBDC description & address. Copyright 2023 Barings. | March 1, 2023 . Throughout history, Barings has been a leader in providing global, innovative, diversified solutions to clients. 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. 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. At Barings, we strive to act responsibly today in order to help deliver a more sustainable tomorrow. Prior to his current role, he served as Head of Barings U.S. High Yield Credit Research Group. The collapse of Baring's Bank in 1995 occurred principally as a result of huge losses that resulted from unauthorized derivatives trading . Visit our Global Site. 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. Barings's investors also lost out. Additionally, Ms. Lancaster-Beal served on the Board of Regents of Georgetown University from 2006 to 2010. Androscoggin Bank Headquartered in Lewiston, Maine, the Bank has been fiercely independent for 150 years. Create new Board. 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. Barings employees rate the overall compensation and benefits package 3.7/5 stars. We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. The Barings Investment Institute explores the forces that shape long-term investment and capital decisions. Read, watch and listen to the latest insights from our global investment teams. Barings' team-based culture seeks to deliver long-term financial security and builds a sustainable future in service to our clients, colleagues and communities. Leeson was arrested in Germany and, after a failed bailout attempt, Barings went . PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. She is on several non-profit boards and active in the community with a focus on education, the arts, and homeless prevention. Visit our Global Site. Our experienced team seeks differentiated sources of return across private equity, real assets and asset-based investments. 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. Read or watch our latest perspectives on ESG and sustainability. David has worked in the financial services industry since 2004. Since 2014, Mr. Byers has been engaged periodically as an independent . The firm's star trader was illicitly pursuing a strategy akin to 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. Before that, he served as an officer in the United States Air Force and worked in the telecommunications industry for seven years. Select from premium Barings Bank of the highest quality. 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. 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. 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. In December 2014, Mr. Byers was recognized by the National Association of Corporate Directors as a Board Leadership Fellow. The Board of Directors collectively represents all shareholders. Eric also works closely with all the investment teams at Barings LLC. He appointed his personal lawyer and architect to be independent members of the board. John currently serves on the boards of The Mint Museum and the National Association of Corporate Directors, Carolinas Chapter. Before the acquisition of Wachovia, Eric worked in Wachovia's Global Markets Investment Banking division and served on the division's Operating Committee where he had various leadership positions, including Head of Wachovia's Global Leveraged Finance Group. Prior to joining Dreyfus Corporation, Mr. Byers served in executive positions at PaineWebber Group from 1986 to 1997, and served in such capacities as chairman of the Investment Policy and Risk Oversight Committee, Capital Markets Director of Risk and Credit Management, and was NASD registered as General Principal, Financial and Operations Principal and Branch Principal. 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. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. P. 223-224 Yes. { board.total_asset_count }} View all Boards View all Sets CREATE BOARD. The company's board of director consists of 9 directors; 6 independent directors and 3 executive directors. 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. Our global presence and longstanding expertise allows us to evaluate and capture the yield potential of illiquid and less liquid credit-based investments. He also spent eight years at Price Waterhouse. Before that, he served as an officer in the United States Air Force and worked in the telecommunications industry for seven years. If you have questions or would like more information about our offerings, please get in touch with us. This case study consists of the "Report of the Board of Banking Supervision Inquiry into the Circumstances of the Collapse of Barings, 18 July 1995." Events. Ironsides and related entities serve as the manager and general partner to various funds and managed accounts for institutional clients. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. Barings is a $349+ billion* global investment manager sourcing differentiated opportunities across public and private fixed income, real estate, and specialist equity markets. 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. 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. "There was a stack of paper, "recalls visiting official Tony Railton, senior clerk for futures and In some jurisdictions this website may contain advertising. Since 2014, Mr. Byers has been engaged periodically as an independent consultant to provide expert reports and opinions in financial and investment related matters. 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. She is on several non-profit boards and active in the community with a focus on education, the arts, and homeless prevention. 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. 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. Learn More about Barings Insurance Solutions. 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 . 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. Michael is the CEO and chairman of CAS. She has built a reputation as an executive with a strategic and pragmatic approach to talent management with an eye toward bottom line results. 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'. Additionally, the strategies and funds may not be available to all investor types in all jurisdictions. 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.