NEW YORK--(BUSINESS WIRE)--
Annaly Capital Management, Inc. (NYSE: NLY) today announced that Douglas
A. Kelly, currently the Chief Investment Officer of Annaly’s
wholly-owned subsidiary, Merganser Capital Management, Inc., will
succeed Edward R. Bedrosian as President of Merganser. In addition to
his new role as President, Kelly will continue to oversee Merganser’s
investment process along with Andrew M. Smock, who is currently
Merganser’s Assistant Chief Investment Officer. Kelly and Smock will be
Co-Chief Investment Officers of Merganser. Bedrosian, the founder of
Merganser, will serve as Chairman Emeritus of Merganser through 2011.
Annaly acquired Merganser in October 2008.
“Ed exemplifies the investment professional who succeeds by putting his
clients first,” said Michael A.J. Farrell, Chairman, Chief Executive
Officer and President of Annaly. “I want to join his friends and
colleagues in congratulating him on the terrific contributions he has
made in his career, and I particularly want to thank him for making our
combination with Merganser such a success. Not only has Merganser grown
the number of accounts and assets under management since the
acquisition, but we have smoothly integrated our operations as well. I
am also confident that under Doug’s care Merganser will continue to
flourish within the Annaly family of companies.”
“Building the company has been one of my proudest achievements,” said
Bedrosian, “and I am pleased to say that the Merganser franchise is
being placed in capable hands. I have been grooming Doug for this role
for some time, and he will be a great President. He and Andy lead some
of the best investment minds in the business. Most importantly, I move
on secure in the knowledge that the association with Annaly will enable
Merganser to continue to deliver outstanding performance and service to
our clients.”
Kelly joined Merganser in 1986, and has led the portfolio team for ten
years. Prior to joining Merganser, his experience included portfolio
management positions with American Can and Exxon Corporation. At
American Can, Kelly’s primary role was Director, Pension Investments
where he had responsibility for determining investment objectives,
setting asset mix guidelines, reviewing actuarial assumptions and
monitoring and controlling the investment program to ensure achievement
of objectives. Kelly is a Certified Public Accountant, holds the
Chartered Financial Analyst designation and is a member of the CFA
Institute, the Boston Security Analysts Society and the Boston Bond
Analysts Society. He has previously served as a member of the Investment
Issues Committee of the Association of Private Pension and Welfare Plans
and was a member of Pension Group East. Kelly holds a master of science
degree in finance from MIT and a bachelor’s degree from Babson College.
Smock joined Merganser in 2003. Prior to joining Merganser, he was a
management consultant with the consulting firm Sibson Consulting Group.
His primary clients were Fortune 500 companies in both the financial
services and telecommunication industries. Smock holds the Chartered
Financial Analyst designation and is a member of the CFA Institute and
the Boston Security Analysts Society. Smock holds a master’s degree in
business from MIT and a bachelor’s degree from Northwestern University.
Bedrosian founded Merganser in 1985 and built it into a leading boutique
fixed income management firm. Prior to the founding of Merganser,
Bedrosian worked for 22 years for the Polaroid Corporation, the last 18
years of which he was responsible for the Treasury function and, when he
left Polaroid, was Vice President and Treasurer. Before joining
Polaroid, Bedrosian had ten years of experience in finance and
engineering. Bedrosian earned an MBA from Harvard Graduate School of
Business, a master’s degree in engineering from MIT and a bachelor’s
degree from the Illinois Institute of Technology.
Annaly manages assets on behalf of institutional and individual
investors worldwide. The Company's principal business objective is to
generate net income for distribution to investors from its Investment
Securities and from dividends it receives from its subsidiaries, which
include registered investment advisors Merganser and the Fixed Income
Discount Advisory Company, and RCap Securities, a broker-dealer. Annaly
is a Maryland corporation that has elected to be taxed as a real estate
investment trust (“REIT”).
Merganser serves the fixed income investment needs of institutional
clients. Since 1985, Merganser has worked to deliver consistent results
and high quality service in order to build strong and lasting
relationships with institutional investment management clients. Based in
Boston, Merganser offers cash enhancement, short-term bond, intermediate
bond, core bond, ABS and inflation-protected strategies, as well as
customized product portfolios.
This news release and our public documents to which we refer contain or
incorporate by reference certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements which are based on various assumptions (some
of which are beyond our control) may be identified by reference to a
future period or periods or by the use of forward-looking terminology,
such as "may," "will," "believe," "expect," "anticipate," "continue," or
similar terms or variations on those terms or the negative of those
terms. Actual results could differ materially from those set forth in
forward-looking statements due to a variety of factors, including, but
not limited to, changes in interest rates, changes in the yield curve,
changes in prepayment rates, the availability of mortgage-backed
securities for purchase, the availability of financing and, if
available, the terms of any financing, changes in the market value of
our assets, changes in business conditions and the general economy,
changes in government regulations affecting our business, our ability to
maintain our qualification as a REIT for federal income tax purposes,
risks associated with the broker-dealer business of our subsidiary, and
risks associated with the investment advisory business of our
subsidiaries, including the removal by clients of assets they manage,
their regulatory requirements and competition in the investment advisory
business. For a discussion of the risks and uncertainties which could
cause actual results to differ from those contained in the
forward-looking statements, see "Risk Factors" in our most recent Annual
Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.
We do not undertake, and specifically disclaim any obligation, to
publicly release the result of any revisions which may be made to any
forward-looking statements to reflect the occurrence of anticipated or
unanticipated events or circumstances after the date of such statements.
Source: Annaly Capital Management, Inc.