Canyon 'Removes' Real-Estate Chief, To Restructure Business

Dec 16 2013 | 10:42am ET

The past two weeks have been filled with turmoil at Canyon Capital Advisors' real-estate business.

The Los Angeles-based firm "removed" Canyon Capital Realty Advisors co-founder and CEO K. Robert Turner, whose exit was followed by the resignations of principal Daniel Millman and general counsel Bari Sherman. The departures bring to five the number of top real-estate executives at Canyon to have left this year.

At issue, according to Pensions & Investments, was Turner's desire to launch a new firm focused on social-impact investing. His talks with Canyon Capital apparently did not go well, leading to his exit and Canyon's plan to integrate CCRA, which has $3 billion in assets under management, into its main operations.

"After extensive considerations regarding the future of the CCRA business and its leadership, we determined that it is in the best interests of CCRA and its clients to remove Bobby Turner as managing partner and to restructure the management of the business and strengthen the alignment of our real-estate expertise within Canyon," co-founders Joshua Friedman and Mitchell Julis wrote to investors. Friedman and Julis will now serve as co-chairmen of CCRA, which Jonathan Roth will serve as president.

Turner's departure triggers CCRA's key-man provision, allowing investors to redeem without penalty.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR