Reported 6 months ago
In a surprising move in the private credit industry, 22 employees at Barings LLC quit en masse to join an obscure startup called Corinthia Global Management Ltd., led by Paul Weightman, offering the promise of equity which was not available at Barings. This move, driven in part by the desire to earn more money, has caused disruption and turmoil at Barings, leaving the firm in disarray and facing challenges in rebuilding trust with investors and borrowers. The defections have raised concerns about reputation damage for both sides, with Barings launching a lawsuit against Corinthia and the former employees. Weightman's aggressive tactics and the allure of equity ownership have reshaped the dynamics in the private credit market, highlighting the importance of talent retention and stability in this lucrative industry.
Source: YAHOO