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:
- Anthony Chereso, Principal, President and CEO, FactRight, LLC
- Sherri Cooke, President and CEO, AI Insight
- Kevin Keefe, Executive Vice President, Advisor Group
- Nicholas Schorsch, Founder and CEO, American Realty Capital
- Kevin 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.