Schorsch partner William Kahane resigns as director of two AR Capital REITs

Latest shakeup of high ranking executives at AR Capital products

Nov 25, 2015 @ 2:48 pm

By Bruce Kelly

The shakeout of AR Capital's high-ranking personnel continues.

William Kahane, one of the co-founders of Nicholas Schorsch's AR Capital, resigned as a director from two real estate investment trusts, American Realty Capital New York City REIT Inc. and American Realty Capital Global Trust II Inc.

According to filings with the Securities and Exchange Commission from Tuesday, Mr. Kahane was replaced by Mike Weil, who, along with Mr. Schorsch and Mr. Kahane, was one of the five AR Capital partners.

In both instances, Mr. Kahane “did not resign pursuant to any disagreement with” the two companies, according to the SEC filings.

Jesse Galloway, an AR Capital spokesman, did not return a call on Wednesday to comment.

GALVIN COMPLAINT

Mr. Kahane's departure as director from the boards of two REITs is the latest in a flurry of personnel changes at AR Capital-branded products.

Last Friday, Robert Grunewald “was removed from his position as president, chief investment officer and chief operating officer of” BDCA effective immediately, according to a filing with the SEC.

BDCA is the AR Capital nontraded business development company that is at the center of an administrative complaint filed earlier this month by Massachusetts Secretary of the Commonwealth William Galvin. The Massachusetts lawsuit alleges that Realty Capital Securities, a wholesale brokerage that helped market AR Capital products, fraudulently cast shareholder proxy votes.

James Fisher, a BDCA managing director of middle market investing, is replacing Mr. Grunewald as president and chief operating officer.

Meanwhile, Andrew Winer, president and chief investment officer, Global Net Lease Inc., a publicly traded real estate investment trust sponsored by AR Capital that listed earlier this year, also resigned on Friday, according to an SEC filing. Mr. Winer “stepped down by mutual agreement with the company to pursue other opportunities.” Patrick Goulding, the REIT's chief financial officer and treasurer also “stepped down” to pursue other opportunities, according to an SEC filing.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

Tortoise's Henson: A new look at impact investing

With the growth of impact investing, it is difficult to separate the contenders from the pretenders. Gary Henson of Tortoise gives advisers a new way to look at impact investing.

Latest news & opinion

Step one: Withdraw from the broker protocol

Pulling out of the protocol proved to be one part of multipronged strategies by Morgan Stanley and UBS to reduce broker attrition. So far, their plans seem to be working.

11 best islands in the world to retire to

International Living has come up with a list of affordable islands around the world.

SEC tests show investors don't understand disclosure form for brokers, advisers

Investor advocates: Agency still has a lot of work to do on Form CRS

Wells Fargo considering sale of retirement-plan unit

The business could fetch as much as $1 billion, sources say.

Employees can now save in a 401(k) by using a credit card

EvoShare provides workers with credit-card perks in the form of contributions to a retirement plan.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print