RCS Capital Corp. continues to shake up its senior leadership and add top industry talent to its already deep management team.
On Tuesday, RCAP said it had hired a former top LPL Financial executive, Bill Dwyer, as chief executive of Realty Capital Securities, RCAP's wholesaling and distribution broker-dealer that is the leading seller of nontraded real estate investment trusts.
Since 2007, RCAP has raised $20 billion through its sale of more than 30 nontraded REITs and other direct investment programs, according to the company.
Last year, RCAP hired Larry Roth, former head of the AIG Advisor Network, for the same job — CEO of Realty Capital Securities. Months later, Mr. Roth was named CEO of Cetera Financial Group, RCAP's army of nearly 10,000 retail reps and advisers.
At the time, RCAP president Michael Weil filled Mr. Roth's job as the head RCAP's wholesaling group. Mr. Dwyer is now taking over those responsibilities.
Mr. Weil is moving up to succeed William Kahane as RCAP's CEO. The longtime business partner of RCAP's executive chairman, Nicholas Schorsch, Mr. Kahane will remain a director of RCAP.
RCAP's wholesaling effort “is an enormous business, and Bill is a legend in the industry,” said Mr. Schorsch. “He's a builder — that's what attracted us to him. He builds things and runs them at their highest level.”
Mr. Dwyer spent more than 20 years at LPL until he resigned last year, saying he wanted to focus more time on charity and philanthropy.
“I've taken some time off and focused on family and philanthropic time,” Mr. Dwyer said. “But once I started talking to these folks &mdash the look and feel of RCAP is highly entrepreneurial and it's incredibly exciting.”
LPL CEO Mark Casady, in a statement, said Mr. Dwyer "will bring experience and leadership to the rapidly evolving field of alternative investments, and we wish him well in that endeavor. He said LPL looks forward to working with Mr. Dwyer.
“This is an important day for the company,” said Mr. Weil. “We saw tremendous results when Larry came to the company only a year ago, and with Bill we have the same caliber of person. We've also asked Bill to continue with the philanthropic work.”
RCAP also said on Tuesday that it had appointed John Grady as its chief strategy and risk officer. Prior to his new role, Mr. Grady held various executive management positions at RCAP and a related company, AR Capital.
In another new hire, RCAP said it had it appointed Sanjay Yodh as executive vice president of its liquid alternative investments group. Mr. Yodh previously was head of institutional sales at ProShares, a leading seller of alternative investment exchange traded funds.