10 Jan, 2020, 09:00 ET
SALT LAKE CITY, Jan. 10, 2020 /PRNewswire/ -- PREP Securities, LLC, the broker-dealer affiliate of PREP Property Group, announced today that the firm has expanded its distribution team with the addition of several senior professionals, and will no longer outsource its sales functions through CR Capital Distributors. PREP Securities manages the selling group of third-party broker-dealer firms that raise capital for offerings sponsored by PREP Property Group.
Joining PREP Securities from CR Capital are eight experienced industry veterans, three of whom will join the executive team: Phil Meserve, chief executive officer; Adam Dooley, who serves as president and oversees the sales team; Sean "Mac" McEntegart, senior vice president of national accounts, whose primary responsibility is managing and cultivating selling firm relations. Additionally, the new PREP Securities external sales team consists of regional vice presidents Sean Ryan, Kevin Deacy, Nick Brakovich and associate vice presidents Mike Hassel and Michael Tootle.
Kevin Hull, a veteran industry securities lawyer and PREP Securities' former chief executive officer, remains with the firm as its principal financial officer, principal operations officer and in-house counsel. Tim Brennan, vice president of fund management, and Danielle Ball, investor relations manager, remain registered with PREP Securities, serving in dual roles with PREP Securities and Prep Property Group.
"This is a natural evolution of our sales and distribution team which allows PREP to have direct control while achieving meaningful cost savings and enhanced client service," said Hull.
Meserve added, "The CR Capital team and I are extremely excited to be joining PREP as employees to further hone our focus on offerings sponsored by PREP Property Group. The integration of the sales team into the sponsor's broker-dealer can only make us more responsive to our valued selling group and contribute to the success of PREP and its investors overall."
With more than 35 years in the investment industry, Meserve has comprehensive experience in the sales and distribution of life and annuity products, mutual funds and private placements through institutional and financial intermediaries. Meserve had overall responsibility for the sales of AXA Equitable's variable annuities to more than 650 broker-dealers. During his tenure with AXA, he oversaw $25 billion in annual variable annuity sales — making AXA a top five ranked annuity company in the country. He also was part of the team that successfully launched and developed the distribution organizations for both MetLife Investors and Fidelity Investments, and subsequently oversaw the growth of these companies to a top five position within their respective markets.
Most recently, Dooley was a senior partner of CR Capital Group where he oversaw marketing strategy, distribution, product design, financial management and operational performance of the organization's alternative investment offerings. Previously, Dooley led MetLife's Wealth Management business in Europe and the Middle East. Under his leadership, MetLife became one of the leading providers of retirement products in Europe and was instrumental in the successful integration of Alico after MetLife acquired the business from AIG. After returning to the US with MetLife, Dooley served as national sales director overseeing all aspects of distribution for the organization's life, annuity and disability income businesses. He began his career with Salomon Smith Barney as an investment advisor in the firm's Private Client Group.
McEntegart has worked in the financial industry for 18 years, starting his career as a financial advisor with PRUCO Securities and then working for a decade at Sun Life Financial in a progression of leadership roles within their life and annuity distribution company. Prior to CR Capital, he was vice president at Stira Capital Markets Group and part of the team that raised more than $1.6 billion for the Steadfast non-traded real estate investment trusts.
About PREP Property Group
PREP Property Group is a vertically integrated real estate company founded by Michael C. Phillips, co-founder of Phillips Edison & Company, and built on the foundations of Phillips Edison's strategic and net lease real estate divisions that were spun out in 2015. PREP is focused on transforming retail real estate by repositioning lifestyle centers, power centers and enclosed malls that are undermanaged, capital starved, poorly merchandised and or distressed. PREP's Net Lease division seeks to acquire well-located, single tenant net leased retail properties from non-institutional sellers throughout the United States. The team aims to acquire a diverse mix of tenant credit, uses, and geographies including auto parts, convenience stores, pharmacies, casual dining, quick service restaurants, banks, dollar stores, and medical uses in active retail markets. PREP's investors benefit from its fully integrated operating platform for acquisitions, dispositions, development, redevelopment, leasing and property management. The focus of PREP's Net Lease division is to identify sites with strong real estate fundamentals and improve the leases, terms or creditworthiness creating value in the assets and the portfolio. For more information, please visit www.preppg.com.
PREP Securities, LLC is the broker-dealer affiliate of PREP Property Group. PREP Securities, member SIPC, is a broker-dealer registered with the SEC, FINRA and all states.
SOURCE PREP Securities, LLC
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