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. 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. 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. So, Barings Bank was declared insolvent on February 26, 1995, and was bought by Dutch bank ING for the symbolic sum of 1 pound. By proceeding to our site you agree to our Cookies Notice and our site Terms and Conditions. We are committed to sustainable practices and responsible investment. He was a director of Dunlop Holdings from 1981 to 1984. 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. 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. The Barings Investment Institute explores the forces that shape long-term investment and capital decisions. Implications of the Barings Collapse for Bank Supervisors. from the University of Washington, and an M.B.A. from Wake Forest University. Additionally, Ms. Lancaster-Beal served on the Board of Regents of Georgetown University from 2006 to 2010. In some jurisdictions this website may contain advertising. Barings' team-based culture seeks to deliver long-term financial security and builds a sustainable future in service to our clients, colleagues and communities. 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. 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. 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. 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. Barings' team-based culture seeks to deliver long-term financial security and builds a sustainable future in service to our clients, colleagues and communities. It acts in the social interest of the Bank and ensures its proper function. The staff at Baring Futures Singapore pried open a drawer always kept locked by Nicholas Leeson in February. In this interview-style podcast, we offer insight into where our global teams are seeing risks and opportunities today. 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. bankruptcy of Barings Bank, collapse of Barings Bank, Britain's oldest merchant bank, on February 27, 1995, when a single employee committed the bank to losses of roughly 830 million, from which it could not recover. Mark joined Highwoods in September 2014. This mission continues to drive the firm today. Mark joined Highwoods in September 2014. Dr. Harris currently serves as Director or Trustee of several registered investment companies and other public and private organizations. Copyright 2023 Barings. Robert Knapp brings over 25 years of experience in the financial services industry to the Board. Read, watch and listen to the latest insights from our global investment teams. Our team secures access to investments across the risk spectrum and around the globe, applying an active management approach designed to maximize each asset's potential. Nick Leeson, the bank's then 28-year-old head of derivatives in . Managing Director & Country Head of China. Previously, Richard held various roles in Barings Bank, which he joined in 1976, latterly as Head of Barings . 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 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. Visit our Global Site. Barings subadvises a series of mutual funds for MassMutual Funds. Mr. Byers received his M.B.A. in Finance from Roth Graduate School of Business, Long Island University and his B.A. Explore our latest press releases and contact our media relations team. Eric also works closely with all the investment teams at Barings LLC. 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. 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. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. The link below will redirect you to their website for more information. 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. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. He also spent eight years at Price Waterhouse. Our broad capabilities allow us to go beyond traditional fixed income strategies and access investments spanning the quality, yield and liquidity spectrum. 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. in Economics from Long Island University. Board of Directors Definition. The Bank . Beal & Company, which she co-founded in April 1988, until 2014. 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. Read our latest news, meet our experts and explore our content. Prior to this, she served as Managing Director at M.R. 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. View detailed BBDC description & address. Mr. Byers received his M.B.A. in Finance from Roth Graduate School of Business, Long Island University and his B.A. Throughout history, Barings has been a leader in providing global, innovative, diversified solutions to clients. 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. Ironsides and related entities serve as the manager and general partner to various funds and managed accounts for institutional clients. In December 2014, Mr. Byers was recognized by the National Association of Corporate Directors as a Board Leadership Fellow. Read, watch and listen to the latest insights from our global investment teams. Read, watch and listen to the latest insights from our global investment teams. in Economics from Georgetown University and an M.B.A. from the Wharton School of Business of the University of Pennsylvania. Breakdown of Risk Controls at Barings Bank. 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. Mr. Byers received his M.B.A. in Finance from Roth Graduate School of Business, Long Island University and his B.A. All such communications should indicate clearly the director or directors to whom the communication is being sent so that each communication, other than unsolicited commercial solicitations, may be forwarded directly to the appropriate director(s). *As of June 30, 2022. The challenge for boards is to prevent crises in the organisations they govern. 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 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. 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. The Barings Investment Institute explores the forces that shape long-term investment and capital decisions. from the University of Washington, and an M.B.A. from Wake Forest University. 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 . 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. 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 collapse of Baring Bank. Nick Leeson was directly responsible for causing the collapse of Britain's Barings Bank by hiding 827 million ($1.4 billion) in losses in 1995. 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. 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. This document contains the following information: Report of the Board of Banking Supervision inquiry into the circumstances of the collapse of Barings. Additionally, Robert serves as a member of the Board of Managers of Veracity Worldwide LLC. [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 . 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 . . Nominating and Corporate Governance Committee Charter, Barings is a $349+ billion* global investment manager sourcing differentiated opportunities across public and private fixed income, real estate, and specialist equity markets. By the later decades of the 20th century, its culture . Eric is Executive Chairman of the Board and Chief Executive Officer of Barings BDC, Inc. | March 1, 2023 . Mark is a Certified Public Accountant and is a graduate of St. Bonaventure University. Key Points. 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. Prior to this, she served as Managing Director at M.R. Eric is Executive Chairman of the Board and Chief Executive Officer of Barings BDC, Inc. 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. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. 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 staff at Baring Futures Singapore pried open a drawer always kept locked by Nicholas Leeson in February. We are committed to sustainable practices and responsible investment. 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. Additionally, the strategies and funds may not be available to all investor types in all jurisdictions. This mission continues to drive the firm today. 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. This followed the discovery of massive trading losses incurred by Barings Futures Singapore (BFS), an . Best Essays. Through its insightful recommendations, the Board helps us constantly refine and improve our curriculum and programming. 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. As Britain prospered, so did the bank and Sir Francis Baring. "There was a stack of paper, "recalls visiting official Tony Railton, senior clerk for futures and 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. Our global presence and longstanding expertise allows us to evaluate and capture the yield potential of illiquid and less liquid credit-based investments. Historical context-"Corporate Portrait: The Economic Might of Barings Bank" 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. 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 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 his current role, he served as Head of Private Assets. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. Prior to this, she formed and led the Leadership Practices Group at Wachovia to create and implement a company-wide talent management process that identified, developed, tracked and promoted high potential leaders throughout their careers. In this 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. Investor Contact Information. 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. Prior to PaineWebber, Mr. Byers was an executive at Citibank/Citicorp from 1979 to 1986. Location not listed? By March 2 1995, Barings had lost over $1 billion and shortly after the UK's second oldest bank at the . 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. 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. 2231 Words. 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. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. The Chairman of the Committee is Mr Jean-Bernard Lvy. 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 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 material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. Create new Board. 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 . In 1995, Barings - then the oldest bank in Britain . Visit our Global Site. Prior to PaineWebber, Mr. Byers was an executive at Citibank/Citicorp from 1979 to 1986. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. Barings Bank: A British merchant bank that was started in 1762, and for centuries was considered the largest and most stable bank in the world. The link below will redirect you to their website for more information. 4 Was the Barings board of directors culpable for the losses of Nick Leeson What from FIN 690G at Wichita State University 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 . The Barings Investment Institute explores the forces that shape long-term investment and capital decisions. The collapse of Barings Bank in February 1995 was caused by colossal losses incurred by a single rogue trader. The phrase "board of directors" often is used interchangeably with terms such as " board of trustees ," "board of governors," or simply "the board.". 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 appointed his personal lawyer and architect to be independent members of the board. "There was a stack of paper, "recalls visiting official Tony Railton, senior clerk for . Our broad capabilities allow us to go beyond traditional fixed income strategies and access investments spanning the quality, yield and liquidity spectrum. 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.. 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. Lloyd has served as chairman since 2021 and CEO and director since 2018. Executive Chairman of the Board and Chief Executive Officer. 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. If you have questions or would like more information about our offerings, please get in touch with us. He also acted as managing director for over ten years with Millennium Partners. The Nomination and Corporate Governance Committee identifies and recommends to the Board of . He also spent eight years at Price Waterhouse. 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. Regardless of the terminology, the board of directors is a group of individuals either elected or appointed to provide organizational leadership and . Governance Statement. 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. Question: Financial risk management Case study: The collapse of Barings Bank - What can we learn from this derivatives mishap It was a startling discovery. four of its members are independent directors. Location not listed? Jill received a Bachelor of Science from Clemson University and a Masters in Organization Behavior and Development from Fielding University. 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. 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. 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. 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. 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. Eric is an Executive Sponsor of both the Veterans and the Out & Allies Employee Resource Groups. David has worked in the financial services industry since 2004. In this interview-style podcast, we offer insight into where our global teams are seeing risks and opportunities today. This paper was laid before Parliament in . Prior to PaineWebber, Mr. Byers was an executive at Citibank/Citicorp from 1979 to 1986. 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. Company. 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. A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. Prior to his current role, he served as Head of Private Assets. Barings Bank was initially used to finance the family's wool trading business, but then expanded to include shipping and all aspects of international trade. All rights are reserved. He holds a B.S. Before that, he served as an officer in the United States Air Force and worked in the telecommunications industry for seven years. 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 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. Our funds offer access to specialized strategies across global fixed income. Mark is a Certified Public Accountant and is a graduate of St. Bonaventure University. 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 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. Eric also works closely with all the investment teams at Barings LLC. She has built a reputation as an executive with a strategic and pragmatic approach to talent management with an eye toward bottom line results.