Andre Mancljoins as Chief Financial Officer. He will oversee all financial strategies for the company and will lead Nium’s global finance organization, including planning, treasury, tax, reporting, corporate development, and investor relations. He will be integral in helping Nium deliver profitable growth and efficiency at scale, while creating value for all Nium shareholders.

Philip Doyle joins as Chief Compliance Officer. He will lead Nium’s global risk and compliance programs, ensuring both evolve and grow as regulatory expectations heighten. Both executives will report to Prajit Nanu, Founder and CEO of Nium, and will join the company’s Executive Committee.

“These two leaders add deep subject matter expertise in their respective fields and complement what is already one of the best leadership teams in global payments,” said Nanu. “We’re in a great position to continue executing on a sustainable growth strategy, elevating our operational performance across all areas of our business, while delivering customer-centric technology innovation. These leaders, together with our colleagues around the world, take us steps closer to achieving a mission of connecting the world’s banks and businesses to the future of real-time, cross-border payments.”

Prior to Nium, Mancl was the Chief Financial Officer at ChowNow, a leading software platform that connects independent restaurants with their diners through a suite of digital products. Before joining ChowNow in 2021, he was a Managing Director and Global Co-Head of Internet Investment Banking at Credit Suisse. As an Investment Banker, he worked in the Technology Sector for over 15 years and has been involved in tens of billions of dollars of debt, equity, and M&A transactions. During his banking career he advised and executed transactions for companies, such as Lyft, Snap, Ancestry.com, Facebook (Meta), AppLovin, and GoDaddy. Prior to his investment banking career, he served as a distinguished SH-60B Seahawk Helicopter Pilot in the United States Navy, flying missions in various regions and received the Order of the Daedalian for landing a helicopter in distress. He holds an MBA from the University of California Los Angeles (UCLA) and a BS in Industrial and Systems Engineering from the University of Southern California (USC).

“Throughout my career in the technology sector, I’ve witnessed firsthand the profound impact of technology innovation on the global economy,” commented Mancl. “Joining Nium at this pivotal moment is one of the most exciting moments of my career and I’m humbled to be part of such an exceptional team. I look forward to playing a meaningful role in Nium’s next phase of growth.”

Doyle joins Nium with decades of risk and compliance experience, most recently Chief Risk and Compliance Officer for Zepz, one of the world’s leading remittance companies. There he created and led the company’s global compliance program, including standards and best practices for adhering to applicable local and international regulations. Prior to this, Doyle held senior financial crime positions at banks, such as Revolut, Clearbank, and Tandem Bank. A career-long “fraud fighter,” Doyle has also held fraud prevention roles at FICO, SAV Credit Limited, Visa, and Morgan Stanley. He holds an MSc. from the University of Nottingham and a BSc. from the University of Sussex.

“Payments is built on the trust we earn from the banks and businesses we serve,” said Doyle. “There could not be a better time to start my journey with Nium with so much investment going into expanding our compliance programs to be best-in-class.”

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“I couldn’t be more excited to team up with a dynamic female-owned business and innovative entrepreneur,” said Popish Severinghaus. “Christine and I are closely aligned on how to navigate the direction the insurance industry is moving in, and I’m honored she asked me to help her expand Noted Advisory.”

The partnership complements Noted Advisory’s existing focus on supporting industry participants on strategic development, investor relations, financial strategies, and corporate structure. Patrick and Popish Severinghaus bring over four decades of collective experience with industry leaders.

“Dana is the perfect addition to the industry expertise we have developed at Noted. She has a unique set of experience from the private and public sectors that will be a huge benefit to our current and future clients,” remarked Patrick.

Dana Popish Severinghaus most recently served as the Director of the Illinois Department of Insurance from January 2021 until April 2024. She was formerly Legislative and Regulatory Counsel at Allstate Insurance Company, Senior Policy Advisor at the State of Illinois in Central Management Services and Director of Government Relations for Blue Cross Blue Shield of Illinois. Popish Severinghaus also held leadership roles with the National Association of Insurance Commissioners (NAIC), served on the Board of the Illinois Insurance Guaranty Fund and was a member of the Illinois Insurance Association. Popish Severinghaus has a bachelor’s degree from the University of Iowa and Juris Doctor from Kent College of Law.

Christine Patrick founded Noted Advisory in January of 2023 following 20 years of insurance-industry expertise in treasury, investor relations and sell-side analyst roles. Patrick was formerly the Treasurer and Head of Investor Relations at Root, and Head of Investor Relations at both Kemper and National General. Prior to transitioning to investor relations, Patrick spent eight years on the sell-side specializing in research coverage of the insurance sector. Patrick has a bachelor’s degree in accounting from Southern Methodist University.

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DYFN will have a broad mandate, allowing the highly experienced Angel Oak team to invest across the financials spectrum. Alongside community bank subordinated-debt investments, the Fund may also invest in but is not limited to nonbank financials, such as brokerage and advisory firms, asset managers, real estate investment trusts and business development companies. At least 80% of the Fund’s portfolio will be publicly rated investment grade or, if unrated, scored as investment grade by Angel Oak’s proprietary BankSURF credit-quality assessment model, providing a quantitative engine for a deep review of the financials space for Angel Oak.

“The focus on investment-grade assets with a range of investment opportunities makes this a potentially compelling strategy for investors in today’s environment,” said Cheryl Pate, CFA, portfolio manager at Angel Oak. “We view now as a great time to enter the community bank sector and other nonbank financials, particularly insurance companies, due to attractive underlying fundamentals. Investors tend to be underallocated to banks and insurance broadly, and we believe this strategy is an attractive way to gain financial exposure and access nonbank financial tactical opportunities.”

Angel Oak is one of the most active investors in the community bank debt sector. In roughly six years, Angel Oak has participated in more than 200 new-issue deals encompassing over $2 billion in subordinated and community bank debt. DYFN has a limited 15-year term and will terminate on June 30, 2035, although the Fund’s termination date may be extended for up to 18 months at the discretion of the board of trustees of the Fund.

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The Fund seeks to pay a distribution at a rate that reflects net investment income actually earned. A portion of each distribution may be treated as paid from sources other than net investment income, including but not limited to short-term capital gain, long-term capital gain, or return of capital. As required by Section 19(a) of the Investment Company Act of 1940, a notice will be distributed to shareholders in the event that a portion of a monthly distribution is derived from sources other than undistributed net investment income. The final determination of the source and tax characteristics of these distributions will depend upon the Fund’s investment experience during its fiscal year and will be made after the Fund’s year end. The Fund will send to investors a Form 1099-DIV for the calendar year that will define how to report these distributions for federal income tax purposes.

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