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Annaly Capital Management Announces Addition of Gordon DuGan, Net Lease Expertise to its FIDAC Investment Team; Announces Promo

^{Published on 2011-06-16 14:00:34 - Market Wire}
 

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.

"We are very excited to be joining our real estate expertise with the capabilities of the Annaly family of companies"

Michael A.J. Farrell, Chairman, CEO and President of FIDACa™s parent, Annaly Capital Management, commented on the new positions. aThe 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.a

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.

aWe are very excited to be joining our real estate expertise with the capabilities of the Annaly family of companies,a said Mr. DuGan. aThe 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.a

In order to scale FIDACa™s management team for the firma™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.