AP News

Annaly Capital co-CEO Michael Farrell dies

NEW YORK (AP) — Annaly Capital Management said Sunday that founder, Chairman and co-CEO Michael Farrell has died.

The executive, who was suffering from cancer, was 61 years old.

Farrell founded the real estate investment trust in 1997. Before that, he was a managing director for Wertheim Schroder and Co., Inc. in the fixed income department.

Farrell began his career at E.F. Hutton and Co. in 1971.

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