Ms. Lancaster-Beal is a financial professional with extensive management and board level experience in corporate governance, credit and financial analysis. Read or watch our latest perspectives on ESG and sustainability. Question: Financial risk management Case study: The collapse of Barings Bank - What can we learn from this derivatives mishap It was a startling discovery. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. 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. Eric also works closely with all the investment teams at Barings LLC. Barings subadvises a series of mutual funds for MassMutual Funds. 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. In 1995, Barings - then the oldest bank in Britain . 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. 17. Visit our Global Site. and "Blueprint Communities" is a registered service mark of the Federal Home Loan Bank of . The 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. Beal & Company, which she co-founded in April 1988, until 2014. David has worked in the financial services industry since 2004. 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. Prior to his current role, he served as Head of Barings U.S. High Yield Credit Research Group. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its . View detailed BBDC description & address. Governance Statement. 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. 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 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. He was a director of Dunlop Holdings from 1981 to 1984. He also acted as managing director for over ten years with Millennium Partners. Board of Directors Definition. 4 Was the Barings board of directors culpable for the losses of Nick Leeson What from FIN 690G at Wichita State University Additionally, Ms. Lancaster-Beal served on the Board of Regents of Georgetown University from 2006 to 2010. 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. 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. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. If you have questions or would like more information about our offerings, please get in touch with us. He also spent eight years at Price Waterhouse. Read, watch and listen to the latest insights from our global investment teams. Managing Risk. 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 . He is a principal and director of Africa Opportunity Partners Limited, a Cayman Islands company that serves as the investment manager to Africa Opportunity Fund Limited. Mr. Byers 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. 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. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. Prior to these positions, he served as a Clinical Scientist, Flight Surgeon and Astronaut for NASA. CREATIVE. 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. Apart from serving as a Non-Executive Director of BNF Bank p.l.c., Mr Borg also chairs the Bank's Credit Approval Committee. 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. Throughout history, Barings has been a leader in providing global, innovative, diversified solutions to clients. Additionally, Ms. Lancaster-Beal served on the Board of Regents of Georgetown University from 2006 to 2010. A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. The average Barings hourly pay ranges from approximately $30 per hour for an Intern to $65 per hour for a Summer Analyst. The board of directors not only helps lay out the bank's goals, but acts as a watchdog as well. This is an incomplete list of Bank of England directors from the bank's foundation in 1694: . Board of Directors - B of D: A board of directors (B of D) is a group of individuals, elected to represent stockholders . Dr. Harris brings substantial executive, board and operations experience to Barings. 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. "There was a stack of paper, "recalls visiting official Tony Railton, senior clerk for . 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 . 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. 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. 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. The link below will redirect you to their website for more information. He currently serves on the board of McKim and Creed, a North Carolina based professional engineering services firm. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. The collapse of Baring's Bank in 1995 occurred principally as a result of huge losses that resulted from unauthorized derivatives trading . Our broad capabilities allow us to go beyond traditional fixed income strategies and access investments spanning the quality, yield and liquidity spectrum. All rights are reserved. He currently serves on the board of McKim and Creed, a North Carolina based professional engineering services firm. 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. 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 joining Palestra, Mr. Carter was a high yield analyst at Furman Selz LLC (ING Barings), where he was responsible for coverage of healthcare-related high yield debt. At Barings, we strive to act responsibly today in order to help deliver a more sustainable tomorrow. It was bailed out by the Bank of England. 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. Additionally, the strategies and funds may not be available to all investor types in all jurisdictions. A Board's mandate is to establish policies for corporate management and . 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. 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. Breakdown of Risk Controls at Barings Bank. 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 December 2014, Mr. Byers was recognized by the National Association of Corporate Directors as a Board Leadership Fellow. 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. 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). As a global and publicly traded financial institution, Scotiabank recognizes the need to adhere to best practices in Canadian and international corporate governance. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. Citizens Bank of Kansas Board Director Mike Felts, of Winfield, has been named an Amazing Outside Director for 2023 by regional banking magazine BankBeat. Collections; Project #ShowUs; Creative Insights; . PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE 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. 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. A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. Mark joined Highwoods in September 2014. 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 . Barings employees rate the overall compensation and benefits package 3.7/5 stars. A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. Explore our latest press releases and contact our media relations team. in 2019) resulting from fraudulent investments, primarily in futures contracts. Through its insightful recommendations, the Board helps us constantly refine and improve our curriculum and programming. Download 454 KB. 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 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. in Economics from Georgetown University and an M.B.A. from the Wharton School of Business of the University of Pennsylvania. As for Barings, it become part of ING, the Dutch bank paying 1.00 for it in 1995. Our broad capabilities allow us to go beyond traditional fixed income strategies and access investments spanning the quality, yield and liquidity spectrum. 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. 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. The Bank had been founded by his ancestor Francis Baring in 1762. 2022 Barings PARTICIPATION INVESTORS 2022 Annual Report BARINGS. Mr. Byers received his M.B.A. in Finance from Roth Graduate School of Business, Long Island University and his B.A. Chief Human Resources & Communications Officer, Head of Europe & Asia Pacific Real Estate, Learn More about Barings Insurance Solutions. 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. 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. in Finance from the University of Virginia, McIntire School of Commerce. Prior to this, she served as Managing Director at M.R. By the later decades of the 20th century, its culture . The link below will redirect you to their website for more information. He also spent eight years at Price Waterhouse. Read our latest news, meet our experts and explore our content. She has built a reputation as an executive with a strategic and pragmatic approach to talent management with an eye toward bottom line results. Company. Executive Chairman of the Board and Chief Executive Officer. Barings subadvises a series of mutual funds for MassMutual Funds. 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. If you have questions or would like more information about our offerings, please get in touch with us. Jill received a Bachelor of Science from Clemson University and a Masters in Organization Behavior and Development from Fielding University. Read, watch and listen to the latest insights from our global investment teams. Our experienced team seeks differentiated sources of return across private equity, real assets and asset-based investments. Among its many accomplishments over the centuries, Barings financed both the Louisiana Pur- chase in 1803 and the Napoleonic Wars. 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. Barings is a $349+ billion* global investment manager sourcing differentiated opportunities across public and private fixed income, real estate, and specialist equity markets. 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. When Nick Leeson's fraud was discovered in 1995, the banks claimed they already knew how this broker had managed to circumvent the financial institution and claimed that the loopholes in the bank's system had been . 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. View Management Team View Board of Directors. We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. 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 bank collapsed in 1995 after suffering losses of 827 million (1.7 billion in 2021 . Prior to his current role, he served as Head of Barings U.S. High Yield Credit Research Group. 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 . 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. Read our latest news, meet our experts and explore our content. 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. 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. Since 2014, Mr. Byers has been engaged periodically as an independent consultant to provide expert reports and opinions in financial and investment related matters. Prior to this, she served as Managing Director at M.R. Ms. Lancaster-Beal is a financial professional with extensive management and board level experience in corporate governance, credit and financial analysis. 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. 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 Insurance Solutions group develops customized solutions leveraging the firms experience and capabilities across public and private asset classes. 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 . Before that, he served as an officer in the United States Air Force and worked in the telecommunications industry for seven years. 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). By managing risk judiciously, the board tries to maintain a balance between enterprise . With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its . The Barings Investment Institute explores the forces that shape long-term investment and capital decisions. 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. 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. 4. Our broad capabilities allow us to go beyond traditional fixed income strategies and access investments spanning the quality, yield and liquidity spectrum. Location not listed? from the United States Air Force Academy, an M.S. David has worked in the financial services industry since 2004. 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. 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. David holds a B.S. 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 Carolina 28202, or via e-mail to BDCinvestorrelations@barings.com, or by calling the Barings BDC, Inc.s investor relations department at 1-888-401-1088. Ms. Lancaster-Beal is a financial professional with extensive management and board level experience in corporate governance, credit and financial analysis. See Page 1. 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'. Jill received a Bachelor of Science from Clemson University and a Masters in Organization Behavior and Development from Fielding University. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. They were sons of John (n Johann) Baring, wool trader of Exeter, born in Bremen, Germany.The company started business in offices off Cheapside in London, and within a few years moved to larger quarters in Mincing Lane. 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. 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 . Prior to PaineWebber, Mr. Byers was an executive at Citibank/Citicorp from 1979 to 1986. P. 223-224 Yes. Historical context-"Corporate Portrait: The Economic Might of Barings Bank" Barings BDC, Inc. 300 South Tryon Street 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 $349+ billion* global investment manager sourcing differentiated opportunities across public and private fixed income, real estate, and specialist equity markets. 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. Was the Barings Bank Board of Directors culpable for the losses of Nick Leeson? Copyright 2023 Barings. Ironsides and related entities serve as the manager and general partner to various funds and managed accounts for institutional clients. Ben Dubow This year marks 25 years since the failure of Barings Bank. Nov 22nd, 2018 Published. Previously, Richard held various roles in Barings Bank, which he joined in 1976, latterly as Head of Barings . 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 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 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. Jill received a Bachelor of Science from Clemson University and a Masters in Organization Behavior and Development from Fielding University. Eric is Executive Chairman of the Board and Chief Executive Officer of Barings BDC, Inc. Prior to this, she served as Managing Director at M.R. 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. We are deliberate in our direction, partnerships and decision making to achieve long-term, lasting change. Our paper provides a practical introduction to board and director evaluations. 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. In December 2014, Mr. Byers was recognized by the National Association of Corporate Directors as a Board Leadership Fellow. 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. It was neither of these things. In some jurisdictions this website may contain advertising. Location not listed? 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. 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. Leeson was arrested in Germany and, after a failed bailout attempt, Barings went . 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. Our funds offer access to specialized strategies across global fixed income. a steering committee convened by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York and comprised of large U.S. financial institutions, has recommended the use of the Secured Overnight Financing Rate, SOFR. The Board of Directors collectively represents all shareholders. Our global presence and longstanding expertise allows us to evaluate and capture the yield potential of illiquid and less liquid credit-based investments. 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. Additionally, the strategies and funds may not be available to all investor types in all jurisdictions. Dr. Harris currently serves as Director or Trustee of several registered investment companies and other public and private organizations. Evaluating Boards and Directors. 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. 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. 1990 eastern conference finals, 1990 nba hoops basketball cards value mark jackson,