RCS Capital took a break from acquiring broker/dealers on Tuesday to instead add top talent to its leadership team. The Nicholas Schorsch-led firm tapped former LPL executive Bill Dwyer to head up its wholesale distribution business and promoted Michael Weil to CEO.
Dwyer, who stepped down as president of LPL Financial's national sales and marketing last year after 20 years with the firm, will serve as CEO of Realty Capital Securities, RCAP’s wholesale distributor of direct investment offerings. In his new role, Dwyer will oversee the development and execution of RCAP’s wholesale distribution strategic plan.
“As I take on this new and exciting role, I am pleased that I will be able to draw upon my 20 years of experience supporting advisors in the retail broker-dealer channel,” Dwyer said in a statement. “The prospects for continued significant growth and the opportunity to expand RCAP’s wholesale distribution of liquid and illiquid alternative investments with existing and new partners in the independent broker-dealer, wirehouse, registered investment advisor and bank channels attracted me to RCAP."
RCAP also announced that William M. Kahane was stepping down as RCAP’s CEO and the firm’s current president, Michael Weil, will be replacing him. Kahane will remain as a director of RCAP.
“Over the past three years we’ve made tremendous progress in building an industry-leading platform and expanding our portfolio of direct investment solutions available to retail investors,” Kahane said.
“My decision to step down as chief executive officer reflects my confidence in our outstanding management team. Under Mike’s leadership, I firmly believe RCAP will continue to execute and deliver real value to shareholders, and I look forward to continuing to work with this exceptional team as a member of the board of directors.”
In his new role, Weil will be responsible for developing and implementing RCAP’s strategic vision and overseeing the execution of RCAP’s business plan. “With our deep bench of seasoned executives, we are poised to continue to capitalize on the significant market opportunities ahead for RCAP. I look forward to building on RCAP’s strong momentum as we enter our next phase of growth,” Weil said.
In addition to Dwyer’s hire and Weil’s promotion, RCAP also selected John H. Grady as Chief Strategy and Risk Officer of the firm, where he previously various executive management positions at RCAP and AR Capital. Grady is also currently serving as president of National Fund Advisors, an institutional asset manager and registered investment advisor.
The firm also snagged Sanjay Yodah, former ProShares institutional sales head, to head RCAP’s liquid alternative sales strategy. While at ProShares, Yodah helped develop and grow the firm’s institutional sales division and has experience working with pension funds, endowments and investment consultants on the benefits of alternative investments. Yodh has executive management responsibility at AR Capital and was recently appointed chief operating officer of National Fund Advisors.