Western Asset Mortgage Capital Corporation Announces Chief Investment Officer Transition

Published : Monday, December 3, 2018 | 3:48 PM

Sean Johnson (l) and Dennis McNamara (r)

Pasadena-based Western Asset Mortgage Capital Corporation Monday announced Anup Agarwal’s resignation from his position as Chief Investment Officer of the Company.  Agarwal will be leaving to pursue another opportunity.

The Board of Directors of the Company has appointed Sean Johnson and Dennis McNamara to serve as interim Co-CIOs upon Agarwal’s departure. Western Asset said it will conduct a comprehensive search of both internal and external candidates for a successor CIO for the Company.

“Sean, Dennis and the Western Asset investment team have been deeply involved in the strategy and management of the Company’s portfolio,” said Jennifer Murphy, Chief Executive Officer of the Company. “We will continue to pursue our differentiated strategy to position the Company in the most attractive sectors of the mortgage market by drawing on the breadth and depth of Western Asset’s capabilities.”

Johnson is a Portfolio Manager with over 29 years of investment management experience and has been an integral part of the Company’s investment team and strategy since its initial public offering in 2012. Johnson has deep expertise in residential mortgages and related derivative products as well as a strong understanding of the specialized needs of the REIT portfolio. He joined Western Asset in 1995.

McNamara, Director of Portfolio Operations at Western Asset, has over 38 years of investment management experience, including an extensive background in managing mortgages and structured products. McNamara has served in various portfolio management and senior leadership positions on the investment team since joining Western Asset in 2001. Notably, McNamara was the head of Western Asset’s Structured Products team in 2013 and had prior experience managing mortgages at Transamerica and Kleinwort Benson Capital Management.

“Western Asset’s hallmark is its team-based investment approach,” said James W. Hirschmann, Chairman of the Board. “We have a deep bench of talent to draw from for the leadership of WMC’s investment strategies. We are pleased to welcome Dennis and Sean to their expanded roles at the Company. They both have strong track records at Western Asset and in the investment management field and are well suited to lead the investment team at WMC. Over the coming weeks, they will continue to work closely with Anup to ensure a smooth transition for our shareholders.”

“We are very grateful to Anup for his years of service, and we wish him all the best in his future endeavors,” Hirschmann added.

 

 

 

 

 

 

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