PASADENA, Calif., Dec. 3, 2018 /PRNewswire/ -- Western Asset
Mortgage Capital Corporation (NYSE: WMC) (the "Company" or
"WMC") today announced Anup
Agarwal's resignation from his position as Chief Investment
Officer ("CIO") of the Company, which is managed by Western Asset
Management Company, LLC ("Western Asset"), effective January 4, 2019. Mr. Agarwal will be leaving to
pursue another opportunity.
The Board of Directors of the Company (the "Board") has
appointed Sean Johnson and Dennis
McNamara to serve as interim Co-CIOs upon Mr. Agarwal's
departure. Western Asset 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."
Mr. 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. Mr. 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.
Mr. 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.
Mr. McNamara has served in various portfolio management and senior
leadership positions on the investment team since joining Western
Asset in 2001. Notably, Mr. 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," Mr.
Hirschmann added.
ABOUT WESTERN ASSET MORTGAGE CAPITAL
CORPORATION
Western Asset Mortgage Capital Corporation is a
real estate investment trust that invests in, acquires and manages
a diverse portfolio of assets consisting of Agency CMBS, Agency
RMBS, Non-Agency RMBS, Non-Agency CMBS, ABS, GSE Risk Transfer
Securities, Residential Whole and Bridge Loans and Commercial
Loans. The Company's investment strategy may change, subject to the
Company's stated investment guidelines, and is based on its manager
Western Asset Management Company LLC's perspective of which mix of
portfolio assets it believes provide the Company with the best
risk-reward opportunities at any given time. The Company is
externally managed and advised by Western Asset Management Company,
LLC, an investment advisor registered with the Securities and
Exchange Commission and a wholly-owned subsidiary of Legg
Mason, Inc. Please visit the Company's website at
www.westernassetmcc.com.
FORWARD-LOOKING STATEMENTS
Certain items in this
press release may constitute forward-looking statements within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, including, but not limited to,
statements relating to the proposed offering and the anticipated
use of the net proceeds from the offering. These statements are
based on management's current expectations and beliefs and are
subject to a number of trends and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements. The Company can give no assurance that
its expectations will be attained. Factors that may cause actual
results to vary from our forward-looking statements include, but
are not limited to, changes in interest rates; changes in the yield
curve; changes in prepayment rates; the availability and terms of
financing; general economic conditions; market conditions;
conditions in the market for mortgage related investments;
legislative and regulatory changes that could adversely affect the
business of the Company; and other factors, including those set
forth in the Risk Factors section of the Company's annual report on
Form 10-K for the period ended December
31, 2017 and quarterly reports on Form 10-Q for the
fiscal quarters ended March 31, 2018, June 30,
2018 and September 30, 2018
filed with the SEC. The Company undertakes no obligation to update
these statements for revisions or changes after the date of this
release, except as required by law.
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SOURCE Western Asset Mortgage Capital Corporation