AGNC Announces the Appointment of Gary Kain as Chief Investment Officer
13 January 2009 - 2:47AM
PR Newswire (US)
BETHESDA, Md., Jan. 12 /PRNewswire-FirstCall/ -- American Capital
Agency Corp. (NASDAQ:AGNC) ("AGNC") announced today that its Board
of Directors has appointed Gary Kain as the Company's Senior Vice
President and Chief Investment Officer effective as of January 26,
2009. Mr. Kain will succeed Russell Jeffrey, who will be pursuing
the full time management of Providence Investment Management, LLC.
Mr. Jeffrey will continue to serve as a senior advisor to AGNC. Mr.
Kain most recently served as Senior Vice President of Investments
and Capital Markets of Federal Home Loan Mortgage Corporation
("Freddie Mac"). He also served as Senior Vice President of
Mortgage Investments & Structuring of Freddie Mac from February
2005 to April 2008. Mr. Kain's group was responsible for managing
all of Freddie Mac's mortgage investment activities for the
company's $700 billion retained portfolio. Previously, Mr. Kain was
also the head trader in Freddie Mac's Securities Sales &
Trading Group where he was responsible for managing all trading
decisions including REMIC structuring and underwriting, hedging all
mortgage positions, income generation and risk management. Prior to
his promotion to head trader in 1995, Mr. Kain served as a senior
trader at Freddie Mac, responsible for managing the adjustable-rate
mortgage and REMIC sectors. Mr. Kain joined Freddie Mac in 1988 as
an analyst in the Financial Research Department. Mr. Kain has also
been appointed as a Senior Vice President and Managing Director of
AGNC's affiliate, American Capital, Ltd., and will be based in
American Capital's Bethesda, Maryland home office. "We are very
pleased to welcome Gary to our management team," stated Malon
Wilkus, Chairman, President and CEO of AGNC. "The depth and breadth
of Gary's experience managing all aspects of Freddie Mac's mortgage
investment portfolio -- investment strategy, liability management,
hedging and interest rate risk management -- highlights his
extensive knowledge of the agency MBS market. We believe that his
skills and experience will help AGNC navigate the evolving mortgage
landscape while continuing to generate attractive risk adjusted
returns for our shareholders. We appreciate Russ' contribution to
the start-up of AGNC and look forward to his continued good advice,
and wish him well in his future activities." ABOUT AGNC AGNC is a
REIT formed in 2008 to invest exclusively in agency pass-through
securities and collateralized mortgage obligations for which the
principal and interest payments are guaranteed by a U.S. Government
agency or a U.S. Government-sponsored entity. The Company is
externally managed and advised by an affiliate of American Capital,
Ltd. Since its IPO in May 2008, AGNC has paid or declared $37.7
million in total dividends or $2.51 in dividends per share. For
further information, please refer to http://www.agnc.com/. ABOUT
AMERICAN CAPITAL American Capital, with $17 billion in capital
resources under management(1), is the only private equity fund and
the largest alternative asset management company in the S&P
500. American Capital, both directly and through its global asset
management business, originates, underwrites and manages
investments in private equity, leveraged finance, real estate and
structured products. American Capital and its affiliates invest
from $5 million to $400 million per company in North America and
euro 5 million to euro 100 million per company in Europe. American
Capital was founded in 1986 and currently has 11 offices in the
U.S., Europe and Asia. For further information, please refer to
http://www.americancapital.com/. (1) As of September 30, 2008
FORWARD-LOOKING STATEMENTS This press release contains
forward-looking statements. Forward-looking statements are not
guarantees of future performance and are subject to various factors
and uncertainties in predicting future results and conditions.
Forward-looking statements can be identified by the fact that they
do not relate strictly to historical or current facts. They often
include words such as "believe," "expect," "anticipate," "estimate"
and "intend" or future or conditional verbs such as "will,"
"would," "should," "could" or "may." Certain factors that could
cause actual results to differ materially from expected results
include changes in interest rates, changes in the yield curve,
changes in prepayment rates, the availability and terms of
financing, changes in the market value of our assets, general
economic conditions, market conditions, conditions in the market
for agency securities, and legislative and regulatory changes that
could adversely affect the business of the Company. Persons
considering an investment in the Company should consider the risks
and uncertainties which could cause actual results to differ from
those contained in the forward-looking statements, as well as the
investment objectives, charges and expenses of the Company
carefully before investing. Such information and other information
about the Company is available in the Company's Registration
Statement on Form S-11, as amended, filed with the Securities and
Exchange Commission ("SEC") on May 14, 2008 and in subsequent
periodic reports filed with the SEC. Copies are available on the
SEC's website, http://www.sec.gov/. The Company disclaims any
obligation or undertaking to publicly release any updates or
revisions to any forward-looking statement for any reason, except
as otherwise required by law. DATASOURCE: American Capital Agency
Corp. CONTACT: John Erickson, Chief Financial Officer, or Tom
McHale, Senior Vice President, Finance, or Justin Cressall, Vice
President, Equity Capital Markets, all of American Capital,
+1-301-968-9300, or Fax, +1-301-968-9301 Web Site:
http://www.agnc.com/
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