9-9-13 8:30 AM EDT | Email Article

PASADENA, Calif., Sept. 9, 2013 /PRNewswire/ -- Western Asset Mortgage Capital Corporation (NYSE: WMC) announced today that Stephen Fulton will retire from his positions as Chief Investment Officer of Western Asset Mortgage Capital Corporation and Head of Agency RMBS of Western Asset Management Company effective September 30, 2013.  Mr. Fulton has indicated his intention to leave the investment management industry to pursue interests in an unrelated field.

Western Asset Mortgage Capital Corporation has appointed Anup Agarwal to serve as Chief Investment Officer upon Mr. Fulton's departure.  Mr. Agarwal joined Western Asset Management Company earlier this year as Head of Non-Agency MBS and ABS.  He will now also assume the role of Head of Agency MBS upon Mr. Fulton's retirement. 

Mr. Agarwal has 15 years of experience in securities analysis and investment management.  From 2007-2013, Mr. Agarwal served as Portfolio Manager and Head of Consumer Credit for Stark Investments, a global alternative investment firm.  In this role, Mr. Agarwal was responsible for developing and implementing the investment strategy for Agency and non-Agency mortgages (RMBS), asset backed securities (ABS) and commercial mortgage backed securities (CMBS).  From 2003-2007, Mr. Agarwal was Senior Manager, Head of Credit & Research at Invesco Fixed Income, one of the largest fixed income managers in the United States.

Mr. Agarwal has an MBA in Finance from Temple University and a Bachelor of Technology degree from Indian Institute of Technology in Varanasi, India.

"We are pleased to welcome Anup as our new Chief Investment Officer," said Gavin James, Chief Executive Officer of Western Asset Mortgage Capital Corporation.  "Anup has a strong track record in mortgage funds and is well suited to lead our investment team.  His extensive experience managing both Agency and non-Agency mortgage investment strategies will be particularly valuable given our current goal of continuing to increase our exposure to non-Agency securities in the REIT.  Over the next few weeks, Anup will be working in tandem with Steve Fulton to manage our portfolio and ensure a smooth transition.

"We are very grateful to Steve Fulton for his many years of excellent service at Western Asset, and we wish him the very best in his future endeavors," said Mr. James.

Western Asset Mortgage Capital Corporation is a REIT that invests primarily in Agency RMBS, which are residential mortgage-backed securities for which the principal and interest payments are guaranteed by a U.S. Government agency (such as GNMA) or a U.S. Government-sponsored entity (such as FNMA or FHLMC). The Company also invests opportunistically in its other target assets, which include residential mortgage-backed securities that are not guaranteed by a U.S. Government agency or sponsored entity, commercial mortgage-backed securities and other asset-backed securities. The Company is externally managed and advised by Western Asset Management Company, an investment advisor registered with the SEC and a wholly-owned subsidiary of Legg Mason, Inc.

This press release contains statements that constitute "forward-looking statements."  Operating results are subject to numerous conditions, many of which are beyond the control of the Company, including, without limitation, 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, 2012 filed with the Securities and Exchange Commission ("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.

SOURCE Western Asset Mortgage Capital Corporation

Add a Comment

News   More...

Securities related to this article
Western Asset Mortgage Capital Corp View wmc Stock Quote
Start Premium Trial Register For Free

P F Fund Financial Data (13,000+ funds)
P F Stock Financial Data (7,000+ stocks)
P F Stock and Fund Screeners (basic)
P F Investing Articles and Market Commentary
P F Articles Archive (>30 days)
P F Discuss (dozens of stock, fund, bond, and general bulletin boards)
P F Portfolio Manager (basic)
P F Morningstar Investment Classroom
P F Access Your Portfolio Anytime, Anywhere via Your Mobile Device
P   Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)
P   Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)
P   Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)
P   Portfolio Monitor (monthly and on-demand personalized portfolio statements)
P   Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)
P   Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters
P   Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)
P   Discounts on Morningstar newsletters, books, seminars, and more

Sign-up to Morningstar

Basic Access

Articles and Videos
Morningstar video reports, articles, data, and tools. Dig into our lineup of e-newsletters and investing classroom courses outlining sensible strategies for maximizing your investments.
Morningstar Discuss
Follow the buzz on individual stocks or fund families. Plus, read the latest posts from Morningstar members and analysts.
Portfolio Manager
Track your investments and watch lists with our Portfolio Manager. Customize your view with our comprehensive stock, fund, and ETF data.

Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.

Unlimited Access

Analyst Research
Gather in-depth, actionable insight on over 3,700 stock and mutual funds covered by Morningstar analysts. View our mutual fund Analyst Reports favored by professionals, savvy experienced investors, and new investors researching options for retirement savings, college plans, or other investment needs.
Portfolio X-Ray®
Ensure your portfolio is positioned exactly how you want with Morningstar's X-Ray Interpreter and Stock Intersection tools. A Barron's "Best of the Web" award winner for five years running, X-Ray Interpreter goes under the hood of your portfolio to provide a useful allocation, sector, and geographic analysis. And you can discover how much of a stock you really own, individually and through mutual funds, with Stock Intersection.
Investment Picks
Find new 5-star stocks (greatly undervalued companies) to consider daily. Our 5-star stock rating is a proven winner, consistently beating benchmarks like the S&P 500. Plus, browse our Fund Analyst Picks and Stewardship Grades to find shareholder-friendly mutual funds that are poised for outperformance.
Portfolio Monitor
Get a clear view of your investments with personalized reports about your portfolio. Receive monthly statements and generate reports on-demand to help you stay on track to meet your investment goals.

Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.

Content Partners
Morningstar - - Western Asset Mortgage Capital Corporation Announces Retirement Of Stephen Fulton And Addition Of Anup Agarwal As New Chief Investment Officer
Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol |  Title Star Rating |  Category |  Total Assets |  Top Holdings |  Top Sectors |  Symbol |  Name Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol / Ticker |  Title Star Rating |  Category |  Total Assets |  Symbol / Ticker |  Name Title |  Date |  Author |  Collection |  Popularity |  Interest Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Author |  Collection |  Interest |  Popularity

Previous: Western Asset Mortgage Capital Corporation Announces Public Offering Of 13,000,000 Shares Of Common Stock  |  Next: Western Asset Mortgage Capital Corporation Announces Second Quarter 2013 Results