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Western Asset Mortgage Capital chief investment officer to retire

Staff writer |
Pasadena, Ca., USA - September 10, 2013, Pasadena, Ca., USA - Stephen P. Fulton will retire as chief investment officer of Western Asset Mortgage Capital Corporation and head of Agency RMBS of Western Asset Management Company, effective September 30, 2013.

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Mr. Fulton has been Western Asset Mortgage Capital chief investment officer since March 2011 and has more than 28 years of investment experience. Mr. Fulton has served as head of Agency RMBS since March 2010 and is a member of the U.S. Broad Markets Committee at the company's Manager. Prior to that Mr. Fulton served as a product specialist focusing on Agency RMBS for the company's Manager from 2000 to 2010.

Prior to joining the company's Manager, Mr. Fulton worked in MBS sales at Greenwich Capital Markets, Inc. as senior vice president of fixed income sales and as a member of their fixed income executive committee from 1996 to 1999. Prior to 1996, he was senior vice president of fixed income sales for Lehman Brothers Holdings Inc. from 1994 to 1996. Mr. Fulton also worked at J.P. Morgan Securities as director of Fixed Income Sales and a member of the Fixed Income Management committee from 1992 to 1994.

Mr. Fulton was vice president of fixed income sales for The Goldman Sachs Group, Inc. from 1985 to 1992. Mr. Fulton also worked at Gibraltar Savings as the head of mortgage portfolio management and asset/liability Management from 1983 to 1985. Mr. Fulton received an MBA from the Amos Tuck School at Dartmouth College and a BA from UCLA.

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.

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