Babson Capital Promotes Pair

Babson Capital Management has promoted Thomas Finke to chairman and CEO, and also named him chief investment officer of MassMutual. Babson also has promoted Clifford Noreen to president.


Babson Capital Management LLC (“Babson Capital”), an investment management firm based in Springfield and Boston, Mass., and Charlotte, N.C., today announced two senior executives will be promoted effective as of Dec. 1.


— Thomas Finke, President of the firm, will become Chairman and CEO. He was also named today an Executive Vice President and Chief Investment Officer of the Massachusetts Mutual Life Insurance Company (MassMutual), Babson Capital’s parent company, effective as of Dec. 1.


— Clifford Noreen, Head of Corporate Securities and Vice Chairman, will become President.


Mr. Finke will assume roles at Massachusetts Mutual Life Insurance Company (MassMutual) and Babson Capital previously held by Roger Crandall, who today was named MassMutual’s President and Chief Operating Officer as of Dec. 1. Mr. Finke will continue to report to Mr. Crandall. Mr. Noreen remains head of the Corporate Securities Group and will report to Mr. Finke, as will Babson Capital’s other investment business heads — Efrem Marder, Quantitative Management; Robert Little, Real Estate Finance Group; Ian Hazelton, Babson Capital Europe; and Russell Morrison and Marcus Sowell, U.S. Bank Loan Team. CFO/COO James Masur will also continue to report to Mr. Finke.


“Since August of 2007, Tom and Cliff have helped guide Babson Capital through a time of tremendous challenge in the financial markets,” Mr. Crandall said. “Investors are seeking managers with the stability, experience and temperament to successfully navigate this market. With Tom and Cliff remaining in key positions, we send a clear message that Babson Capital will maintain the steady course its investors have come to rely on.”


Thomas Finke


Mr. Finke joined Babson Capital in June 2002 as part of the company’s acquisition of First Union Institutional Debt Management (IDM), where he was Co-Founder and President. Prior to founding IDM, he started the Par Loan Trading Desk at First Union Securities. Before that, he was a Vice President at Bear, Stearns & Co. He holds a B.A. from University of Virginia‘s McIntire School of Commerce and an M.B.A. from Duke University‘s Fuqua School of Business. He also served as a member of the founding Board of Directors of the Loan Syndications and Trading Association.


Clifford Noreen


Mr. Noreen joined the firm in 1985 as a private placement analyst and in 1992 was named head of the High Yield Team. In 2004, he became head of the Public Corporate Credit Group, and in 2005 began managing teams for public equity and corporate credit-related investments, including public and private bonds, mezzanine and private equity investments, and structured credit products. Mr. Noreen is also President of MassMutual Corporate Investors and MassMutual Participation Investors, two public closed-end funds advised by Babson Capital. He holds a B.A. from the University of Massachusetts and an M.B.A. from American International College.


About Babson Capital Management


Babson Capital Management LLC and its subsidiaries manage nearly $109 billion as of September 30, 2008 for institutional investors in the U.S. and abroad. The firm offers a wide range of absolute return, co-investing, financing and customized mandates utilizing equity, fixed-income and derivative instruments. Based in Boston and Springfield, Mass., and Charlotte, N.C., the firm has six additional offices in the U.S. with subsidiaries in London and Tokyo. Babson Capital is a member of the MassMutual Financial Group and is on the web at