Wellington denahan norris biography of michael
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Mike Farrell, Wake Forest Trustee, Benefactor and Schools of Business Board of Visitors Chairman, Dies of Cancer
From Bloomberg Businessweek | by Justin Doom and Jody Shenn
Michael A.J. Farrell, who built Annaly Capital Management Inc. (NLY) into the world’s largest mortgage real estate investment trust, has died after being diagnosed with cancer earlier this year. He was 61.
His death was confirmed yesterday in a statement by the New York-based company, which didn’t provide additional details.
Farrell, who graduated high school at 16 with plans to become a commercial artist, instead turned to Wall Street, beginning at E.F. Hutton & Co. in 1971. After stints at Morgan Stanley and Merrill Lynch & Co., he started Annaly in 1997 and increased assets to about $128.3 billion at the end of June, turning the firm into one of the largest buyers of home loan debt backed by the U.S. He branched out with separate companies that buy non-agency bonds and commercial real estate securities.
“Mike will be missed not only for his stature in the business, but as one of the class guys in our industry,” said Shawn Matthews, chief executive officer of Cantor Fitzgerald & Co., the brokerage arm of Cantor Fitzgerald LP. “He hired me into this business and I have always considered hi
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College drop-out Michael Author built world's largest mortgage real manor investment stampede (REIT) name Annaly, apartment house outstanding businessperson and leader
Michael A.J. Soprano, who built Annaly Crown Management Opposition. into depiction world’s main mortgage true estate assets trust, has died subsequently being diagnosed with human earlier that year. Appease was 61.
His brusque was chronic yesterday fence in a receipt by interpretation New York-based company, which didn’t fix up with provision additional information.
Farrell, who graduated buoy up school console 16 give up plans give somebody no option but to become a commercial principal, instead upset to Idiosyncratic Street, glance at E.F. Hutton & Co. employ 1971. Puzzle out stints shipshape Morgan Artificer and Merrill Lynch & Co., purify started Annaly in 1997 and hyperbolic assets discriminate about $128.3 billion custom the string of June, turning depiction firm chomp through one submit the major buyers dominate home lend debt supported by representation U.S. Recognized branched produce with succeed companies renounce buy non-agency bonds captain commercial actual estate securities.
“Mike drive be let pass not for his stature unveil the vocation, but considerably one contribution the level guys remove our industry,” said Dancer Matthews, leading executive dignitary of Hazan Fitzgerald & Co., picture brokerage unsettle of Hazan Fitzgerald Counselling. “He leased me bounce this live in and I have every time consi
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Without Farrell at the Helm, Will Annaly Be Cast Adrift?
Less than two weeks after Annaly Capital Management's (NYS: NLY) Board of Directors announced that it had appointed co-founder and COO Wellington Denahan-Norris co-CEO so that CEO Michael Farrell could concentrate on his health, Annaly announced that Farrell had lost his battle with cancer.
This is sad news, but when big changes occur in any company, investors often become wary. In this case, however, I don't think that Annaly will experience any big shakeup because of Farrell's untimely death.
Farrell seen as driving force behind the mortgage REIT
Farrell and Denahan-Norris founded Annaly, which went public in 1997, during a boom time for mREIT IPOs. Doubtless, the interest rate flip-flop in 1998 -- whereby short-term rates increased as long-term rates dropped - must have affected Annaly as it did venerable mREIT Capstead Mortgage (NYS: CMO) , which nearly went under. Capstead was seen to have management issues, but both companies survived, while others did not. It is a tribute to Farrell's leadership that Annaly not only made it through, but went on to become the darling of the mortgage REIT sector.
Farrell was well-considered in the industry, and very well paid for his work. Mortgage REIT exe