IPA Elects Frank McCarthy Chairman of the Board
Five New Members Join IPA Board of Directors
ELLICOTT CITY, Md., Nov. 26, 2012 (GLOBE NEWSWIRE) -- The Investment Program
Association (IPA) has named Frank McCarthy of Ameriprise Financial Services,
Inc., as Chairman of the Board for 2013. The IPA has also added five new
members to its board of directors. McCarthy will lead the Board as the IPA
continues to raise awareness and educate advisors and investors about Direct
Investments, which include products such as Non-Listed REITs (NLREITs),
Business Development Companies (BDCs), and Oil and Gas, and Equipment Leasing
Programs. McCarthy is the IPA's first Chairman elected from a broker dealer.
McCarthy succeeds former Chairman Martel Day of Independence Realty
Securities, LLC, who was honored at the IPA's recent Fall Conference.Day will
become Chairman Emeritus of the IPA on January 1.
"The IPA's advocacy and education initiatives are very robust and have helped
move the direct investment industry forward," said IPA President & CEO Kevin
Hogan. "We are confident that Frank McCarthy's energy, experience and insights
will guide the IPA, and ultimately the direct investment industry, to an even
more promising future."
"Martel Day has been an exemplary Chairman. We cannot thank him enough for his
dedication to the IPA and the industry," added Hogan. During his 27 years in
the industry he has been a model not only for this industry, but for the
financial services profession overall. It is for this reason that the IPA has
conferred on him the title of Chairman Emeritus beginning in 2013."
Today's low-yield environment and the long-term economic outlook have created
an ideal climate for investing directly in hard assets.The recent report
released by Robert A. Stanger & Co., Inc., estimates that capital flows to
NLREITs will reach $13 billion in 2012, bringing the total estimated assets
under management in direct investments to $100 billion.
Direct Investment Programs can offer portfolio diversity, stable income,
reduced volatility, and a hedge against inflation, among other things. As the
industry has grown, so has membership in the IPA. This year, membership in the
association has reached an all-time high, with more than 153 investment
product sponsor, independent broker dealer, and associate members.
In addition to electing McCarthy as Chairman, the IPA chose the following
executives as Board Members for 2013:
oAnthony Chereso, Principal, President and CEO, FactRight, LLC
oSherri Cooke, President and CEO, AI Insight
oKevin Keefe, Executive Vice President, Advisor Group
oNicholas Schorsch, Founder and CEO, American Realty Capital
oKevin Shields, Chairman and CEO, Griffin Capital Corporation
"These are exciting times for our industry as we build a broader understanding
of direct investments," said McCarthy. "In the next year, we will be active in
educating regulators, financial advisors and the investing public about the
potential benefits of direct investments as part of a diversified portfolio."
About The Investment Program Association
The Investment Program Association (IPA) was formed in 1985 to provide
effective national leadership for the Direct Investment industry, including
Non-Listed REITs (NLREITs), Oil and Gas, and Equipment Leasing Programs. For
the last 27 years, the IPA has successfully championed the growth of such
products, which have increased in popularity with financial professionals and
investors alike. It is estimated that by year end 2012, direct investments
will reach over $100 billion in assets under management in the accounts of
more than 1.5 million investors. The mission of the IPA is advocating direct
investments through education. Request your free copies of the Guide to
Understanding Direct Investments and take the free IPA e-learning course
today, or visit the IPA online for more information about becoming a member.
To stay up-to-date with IPA news, follow @IPADirectInvest on Twitter.
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