Annaly Capital Management has named Douglas A. Kelly, currently the chief investment officer of Annaly’s wholly-owned subsidiary, Merganser Capital Management, as president of Merganser.
Kelly succeeds Edward R. Bedrosian in the role.
In addition to his new role as president, Kelly will continue to oversee Merganser’s investment process along with Andrew M. Smock, who is currently Merganser’s assistant chief investment officer. Kelly and Smock will be co-chief investment officers of Merganser.
Bedrosian, the founder of Merganser, will serve as chairman emeritus of Merganser through 2011.
Annaly acquired Merganser in October 2008.
"Ed exemplifies the investment professional who succeeds by putting his clients first," says Michael A.J. Farrell, chairman, chief executive officer and president of Annaly. "I want to join his friends and colleagues in congratulating him on the terrific contributions he has made in his career, and I particularly want to thank him for making our combination with Merganser such a success. Not only has Merganser grown the number of accounts and assets under management since the acquisition, but we have smoothly integrated our operations as well. I am also confident that under Doug’s care Merganser will continue to flourish within the Annaly family of companies."
Kelly joined Merganser in 1986, and has led the portfolio team for ten years. Prior to joining Merganser, his experience included portfolio management positions with American Can and Exxon.
Smock joined Merganser in 2003. Prior to joining Merganser, he was a management consultant with the consulting firm Sibson Consulting Group.
Bedrosian founded Merganser in 1985. Prior to this Bedrosian worked for 22 years for Polaroid, the last 18 years of which he was responsible for the treasury function and, when he left Polaroid, was vice president and treasurer.
