NEW YORK, Dec 3 (Reuters) - RCS Capital Corp remains the securities industry’s leader in raising money for privately traded real estate investment trusts despite a crisis that has hurt its stock and sales relationships, the company’s chief executive said Wednesday.
When industry rankings are published within the next week on equity raised for private REITs, RCS will remain “the industry’s biggest fundraiser” despite a suspension of hundreds of selling agreements, RCS Chief Executive Michael Weil said at a conference in Florida sponsored by Merrill Lynch.
Shares of RCS Capital have lost 44.8 percent of their value since American Realty Capital Properties announced a $23 million accounting error on October 29. Although RCS Capital executives have close ties to ARCP’s affiliates, it is a separate company with separate accounting systems, Weil said.
“The rumors of our death have been significantly exaggerated,” he said. (Reporting By Jed Horowitz; Editing by Chizu Nomiyama)