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Michael A.J. Farrell, the co-founder and co-CEO of Annaly Capital Management, the largest mortgage REIT listed on the New York Stock Exchange (NLY), has died, Bloomberg News reports. He was 61. A cause of death was not specified, but Farrell had been diagnosed with cancer earlier this year that he said was treatable, according to Bloomberg.
Here’s his bio from Annaly’s website:
Mr. Farrell is the Chairman and Co-Chief Executive Officer of Annaly and FIDAC. Prior to founding Annaly and FIDAC, Mr. Farrell was a Managing Director for Wertheim Schroder and Co., Inc. in the Fixed Income Department. He has previously served on the Executive Committee of the Public Securities Association Primary Dealers Division and as Chairman of the Primary Dealers Operations Committee and its Mortgage Backed Securities Division. Mr. Farrell serves on the Executive Board of the National Association of Real Estate Investment Trusts (NAREIT), is Chairman of the Board of Visitors of the Wake Forest Schools of Business, member of the Board of Trustees of Wake Forest University, a director of the U.S. Dollar Floating Rate Fund and Chairman of the Maeve Foundation.
“He was a fantastic leader and friend and will be greatly missed. Our hearts go out to his family and all those who were fortunate enough to know him,” the firm’s board said in a statement.