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Highland Hires PJ McDaniel to Lift Sales of Struggling Non-Traded Products

Highland Capital Management L.P., a Dallas-based investment management firm and distributor of NexPoint Capital and NexPoint Multifamily Realty Trust, hired Patrick J. “PJ” McDaniel as national sales manager for its independent broker-dealer channel.

McDaniel joins Highland from S.C. Distributors where he was a divisional sales manager. A 15-year veteran of the financial services industry, his work history includes positions at KBS Capital Markets Group and Credit Suisse First Boston.

According to the company, McDaniel will “leverage his extensive network to expand Highland’s current outreach to top-tier independent advisors.” He will also help build and manage the sales team for non-traded and mutual fund products while helping to develop new offerings within the independent broker-dealer space.

“Mr. McDaniel’s appointment represents one of the last pieces of the puzzle for Highland’s non-traded assets,” remarked Brad Ross, president of Highland Capital Funds Distributor, in a prepared statement. “We have assembled an outstanding team and his extensive experience and excellent track record will further enhance Highland’s penetration of the independent broker-dealer network.”

Highland’s non-traded products have struggled since the investment management firm entered the space in 2014 with NexPoint Capital, a non-traded BDC seeking to raise up to $1.5 billion. As of Aug. 31, 2015, the NexPoint Capital offering has raised just $4.4 million, according to Robert A. Stanger & Co. Inc. NexPoint Multifamily Realty Trust, a $1 billion non-traded REIT offering launched on August 12, 2015, has yet to raise its minimum offering of $2 million and has not broken impounds. Despite their disappointing start in the non-traded realm, Highland has also registered NexPoint Hospitality Trust, a $1 billion non-traded REIT that has not yet been declared effective.

Highland Capital Management, L.P. is an SEC-registered investment adviser which, together with its affiliates, has approximately $21 billion in assets under management.