NEW YORK--(BUSINESS WIRE)--
Annaly Capital Management, Inc. (NYSE: NLY) today announced an expansion
of the investment team of its wholly-owned subsidiary, Fixed Income
Discount Advisory Company (FIDAC), the external manager of CreXus
Investment Corp. (NYSE: CXS).
A team led by Gordon DuGan, the former CEO of W.P. Carey & Co., has
joined the firm to lead the effort to originate and manage global equity
real estate investments.
Michael A.J. Farrell, Chairman, CEO and President of FIDAC’s parent,
Annaly Capital Management, commented on the new positions. “The global
financial system is going through a period of change as a result of new
regulatory regimes and balance sheet rationalization. In this
environment, assets and portfolios have been and will continue to be
available for transition to well-capitalized long-term holders. I
believe the addition of Gordon and the team adds a new facet to our
strong management team. Their experience, relationships and track record
in the real estate business, particularly the triple-net lease industry,
will give us the ability to take advantage of a greater array of
opportunities in this evolving market landscape.”
Gordon DuGan, Global Head of Equity Commercial Real Estate Investments,
has over 20 years of senior management experience in the real estate
industry. For five years, he was President and CEO of W.P. Carey, a real
estate investment company with $10 billion of assets under management.
Joining Mr. DuGan is Benjamin Harris, Head of U.S. Net Lease
Investments. Mr. Harris is the former Head of U.S. Investments for W.P.
Carey. Additionally, Alistair Calvert, the former head of the global net
lease business of D.B. Zwirn (UK) Limited and founding partner of
Threadgreen Partners, has joined as the Head of Non-U.S. Net Lease
Investments. Mr. Calvert and his team are based in London. Mr. DuGan and
the net lease investment team have been operating as Northcliffe Asset
Management since the end of 2010.
“We are very excited to be joining our real estate expertise with the
capabilities of the Annaly family of companies,” said Mr. DuGan. “The
ability to conduct business in scale with the cost of capital advantage
that the Annaly platform brings is very compelling. I believe our team
has the ability to add significant value in the real estate sector,
particularly in opportunities for long-term net leases with attractive
yields on a global basis. We look forward to working closely with the
investment professionals at FIDAC to create value for the shareholders.”
In order to scale FIDAC’s management team for the firm’s broader
platform, FIDAC announced promotions for Robert Karner and Robert
Restrick. Mr. Karner, has been named Global Head of Debt Investments for
CreXus. Mr. Restrick has been named Chief Operating Officer of CreXus.
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, as
well as 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.