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'. Jonathan ("Jon") Bock has been promoted to CEO of Barings BDC, where he has served as CFO since 2018. Read our latest news, meet our experts and explore our content. Ms. Lancaster-Beal holds a B.A. 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 . Our funds offer access to specialized strategies across global fixed income. 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. This paper was laid before Parliament in . Mark joined Highwoods in September 2014. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. 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). 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. 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. 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. In 1995, Barings - then the oldest bank in Britain . This mission continues to drive the firm today. The Barings Investment Institute explores the forces that shape long-term investment and capital decisions. See Page 1. She has built a reputation as an executive with a strategic and pragmatic approach to talent management with an eye toward bottom line results. Dr. Harris currently serves as Director or Trustee of several registered investment companies and other public and private organizations. View detailed BBDC description & address. 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. Read, watch and listen to the latest insights from our global investment teams. Read our latest news, meet our experts and explore our content. He was a director of Dunlop Holdings from 1981 to 1984. 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. 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. The Barings Investment Institute explores the forces that shape long-term investment and capital decisions. Our global presence and longstanding expertise allows us to evaluate and capture the yield potential of illiquid and less liquid credit-based investments. Sierra Income merged with Barings BDC, Inc. in February, 2022, in connection with which Mr. Byers was appointed to the Board of Directors of Barings BDC, Inc. From 2002 to 2012, Mr. Byers also served as Trustee for the College of William and Mary Graduate School of Business. Barings' team-based culture seeks to deliver long-term financial security and builds a sustainable future in service to our clients, colleagues and communities. Company profile for Barings BDC Inc. including key executives, insider trading, ownership, revenue and average growth rates. . 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 holds a B.A. 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. Creating options policies. Ironsides and related entities serve as the manager and general partner to various funds and managed accounts for institutional clients. Open Document. Sierra Income merged with Barings BDC, Inc. in February, 2022, in connection with which Ms. Lancaster-Beal was appointed to the Board of Directors of Barings BDC, Inc. Ms. Lancaster-Beal currently serves on the Board of Directors of KIPP NYC, a network of free, public charter schools. In 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. The unholy mess which could have been avoided In the aftermath of Barings' collapse, the Dutch bank ING purchased Barings for the nominal sum of 1, formed the subsidiary ING Barings, and assumed all Barings' liabilities. The Board of Directors of OP Corporate Bank is responsible for organising and maintaining adequate and effective internal control. Topics: Barings Bank, Nick Leeson, Board of directors, Derivative. 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. Barings BDC, Inc. 300 South Tryon Street Location not listed? We are deliberate in our direction, partnerships and decision making to achieve long-term, lasting change. 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. Barings had been founded in 1762 by Francis Baring and overseen by generations of his wealthy, privileged descendants. 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. 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. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. 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. 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 . 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. Ms. Lancaster-Beal was a Senior Vice President of Drexel Burnham Lambert from 1984 to 1988 and as Vice President of Citicorp Investment Bank from 1978 to 1984. He was Chairman of the Board of the Barings Bank from 1974 to 1989. Eric also works closely with all the investment teams at Barings LLC. Our experienced team seeks differentiated sources of return across private equity, real assets and asset-based investments. 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. By March 2 1995, Barings had lost over $1 billion and shortly after the UK's second oldest bank at the . 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. 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 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. 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. He appointed his personal lawyer and architect to be independent members of the board. 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. The average Barings salary ranges from approximately $100,889 per year for an Analyst to $604,854 per year for a Managing Director. Prior to his current role, he served as Head of Private Assets. In some jurisdictions this website may contain advertising. 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. At Barings, we strive to act responsibly today in order to help deliver a more sustainable tomorrow. 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. Barings Insurance Solutions group develops customized solutions leveraging the firms experience and capabilities across public and private asset classes. The link below will redirect you to their website for more information. 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. Copyright 2023 Barings. 1. Many of Leeson's former colleagues lost their jobs. A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. in Economics from Georgetown University and an M.B.A. from the Wharton School of Business of the University of Pennsylvania. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. 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 subadvises a series of mutual funds for MassMutual Funds. 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 currently serves on the board of McKim and Creed, a North Carolina based professional engineering services firm. Eric also works closely with all the investment teams at Barings LLC. "There was a stack of paper, "recalls visiting official Tony Railton, senior clerk for . 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 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. With investment professionals based in North America, Europe and . Mark joined Highwoods in September 2014. Barings Insurance Solutions group develops customized solutions leveraging the firms experience and capabilities across public and private asset classes. *As of June 30, 2022. 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. 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. Mr. Byers received his M.B.A. in Finance from Roth Graduate School of Business, Long Island University and his B.A. Additionally, the strategies and funds may not be available to all investor types in all jurisdictions. Select from premium Barings Bank of the highest quality. 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. It acts in the social interest of the Bank and ensures its proper function. Additionally, Ms. Lancaster-Beal served on the Board of Regents of Georgetown University from 2006 to 2010. Download 454 KB. Robert Knapp brings over 25 years of experience in the financial services industry to the Board. Evaluating Boards and Directors. 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. Before that, he served as an officer in the United States Air Force and worked in the telecommunications industry for seven years. John currently serves on the boards of The Mint Museum and the National Association of Corporate Directors, Carolinas Chapter. 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. In some jurisdictions this website may contain advertising. Before that, he served as an officer in the United States Air Force and worked in the telecommunications industry for seven years. Setting general company goals. Create new Board. The Bank had been founded by his ancestor Francis Baring in 1762. 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. Additionally, Ms. Lancaster-Beal served on the Board of Regents of Georgetown University from 2006 to 2010. He also acted as managing director for over ten years with Millennium Partners. 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. By managing risk judiciously, the board tries to maintain a balance between enterprise . Barings Bank, previously known as Baring Brothers & Co. Throughout history, Barings has been a leader in providing global, innovative, diversified solutions to clients. Executive Chairman of the Board and Chief Executive Officer. four of its members are independent directors. in Economics from Long Island University. The phrase "board of directors" often is used interchangeably with terms such as " board of trustees ," "board of governors," or simply "the board.". Our experienced team seeks differentiated sources of return across private equity, real assets and asset-based investments. 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. He holds a B.S. The firm's star trader was illicitly pursuing a strategy akin to *As of June 30, 2022. 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. As Britain prospered, so did the bank and Sir Francis Baring. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. All rights are reserved. 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. Prior to PaineWebber, Mr. Byers was an executive at Citibank/Citicorp from 1979 to 1986. He was a director of Pye Holdings from 1967 to 1979. In some jurisdictions this website may contain advertising. Compensation & Benefits. 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. The collapse of Baring's Bank in 1995 occurred principally as a result of huge losses that resulted from unauthorized derivatives trading . Prior to this, she served as Managing Director at M.R. In the end, his losses accounted for 827 million (or $1.4 billion), twice Barings's available trading capital. Additionally, Robert serves as a member of the Board of Managers of Veracity Worldwide LLC. 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 . Our funds offer access to specialized strategies across global fixed income. 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. Mr. Byers received his M.B.A. in Finance from Roth Graduate School of Business, Long Island University and his B.A. 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. Learn More about Barings Insurance Solutions. 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. The collapse of Barings Bank in February 1995 was caused by colossal losses incurred by a single rogue trader. Nov 22nd, 2018 Published. Since 2014, Mr. Byers has been engaged periodically as an independent consultant to provide expert reports and opinions in financial and investment related matters. 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. Mark is a Certified Public Accountant and is a graduate of St. Bonaventure University. { board.total_asset_count }} View all Boards View all Sets CREATE BOARD. 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. 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. Our broad capabilities allow us to go beyond traditional fixed income strategies and access investments spanning the quality, yield and liquidity spectrum. Additionally, the strategies and funds may not be available to all investor types in all jurisdictions. 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. Barings Insurance Solutions group develops customized solutions leveraging the firms experience and capabilities across public and private asset classes. 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. Investor Contact Information. in Finance from the University of Virginia, McIntire School of Commerce. 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: . Best Essays. Prior to PaineWebber, Mr. Byers was an executive at Citibank/Citicorp from 1979 to 1986. 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. Performance evaluation is a key means by which boards can recognise and correct corporate governance problems and add real value to their organisations. 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. Dr. Harris brings substantial executive, board and operations experience to Barings. 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. 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. Our experienced team seeks differentiated sources of return across private equity, real assets and asset-based investments. 9 Pages. 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. He also spent eight years at Price Waterhouse. The collapse of Baring Bank. 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. 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. 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 previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. Hiring and firing of senior executives (especially the CEO) Establishing compensation for executives. 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. Throughout history, Barings has been a leader in providing global, innovative, diversified solutions to clients. One of its main duties in this capacity is to limit the bank's exposure to excessive risk of all kinds, including legal, reputational and financial. Visit our Global Site. Sierra Income merged with Barings BDC, Inc. in February, 2022, in connection with which Mr. Byers was appointed to the Board of Directors of Barings BDC, Inc. From 2002 to 2012, Mr. Byers also served as Trustee for the College of William and Mary Graduate School of Business. He 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. We are committed to sustainable practices and responsible investment. 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 . 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. 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. 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. Essay Sample. 4. Visit our Global Site. 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. 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. 2231 Words. 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 . 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. The story of Barings Bank Same reserve for all business lines Loss of control over operations Bankrupt in 1995 Banks Trader in Singapore Lost $1.4 Billion in derivatives Imprisoned for 6.5 years ING, a Dutch bank bought Barings bank for 1 Formed subsidiary: ING Barings. 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. 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. Mr. Byers received his M.B.A. in Finance from Roth Graduate School of Business, Long Island University and his B.A. 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. We are committed to sustainable practices and responsible investment. *As of December 31, 2022. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. He also acted as managing director for over ten years with Millennium Partners. This mission continues to drive the firm today. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. 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.
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