At its first board meeting of the year, the new Alternative & Direct Investment Securities Association board, elected by the membership in late 2022, selected its 2023 officers.
Michael Underhill of Capital Innovations begins his term as the 2023 ADISA president, and Jade Miller of Bourne Financial Group was elected as the 2023 president-elect and will serve as president in 2024.
The other ADISA officers selected were John Grady of ABR Dynamic Funds as vice president; Catherine Bowman of The Bowman Law Firm as secretary; and Mark Kosanke of Concorde Investment Services as treasurer.
Serving as ADISA’s 2023 president, Michael Underhill is chief investment officer and chief executive officer of Capital Innovations, where he is responsible for overseeing global equity investment strategies and leads Capital Innovations’ Investment Policy Group, a forum for analyzing broader secular and cyclical trends that Capital Innovations believes will influence investment opportunities.
Prior to co-founding Capital Innovations in 2007, Underhill was a vice president portfolio manager at AllianceBernstein and a vice president and partner at Invesco in the financial institutions asset management division where he was responsible for over $8 billion in assets.
Jade Miller, president of capital markets at Bourne Financial Group, is responsible for structuring the Bourne investment programs; sourcing equity with broker-dealer, registered investment advisor, and institutional relationships; and managing sales efforts across all offerings and distribution operations. Miller has nearly a decade of experience in alternative investment distributions and has successfully launched and closed 10 private placement offerings. Miller began her career in 2013 as a junior planner with Ameriprise Financial, where she was introduced to alternative investments. Miller joined CNL Securities in 2014 on the sales desk and was involved in raising over $1 billion in equity across multiple asset structures and asset classes, including senior housing and private equity. Miller’s experience also includes a year in the private equity space focusing on middle-market debt and the quick service restaurant industry. Miller joined Bourne Financial Group in March of 2018 to assist in BFG sales efforts and since then has built the sales team and led the launch of eight Bourne senior housing offerings. She earned a bachelor’s degree in finance and economics from the University of Alabama. She holds series 7 and 63 licenses.
John Grady serves as ABR Dynamic Funds’ chief operating officer and general counsel. The firm is a registered investment advisor and manages several private funds, mutual funds and UCITS sub-funds using proprietary, volatility-focused strategies. Prior to joining ABR Dynamic Funds, Grady was a partner at Practus LLP and DLA Piper LLP. Before that, he held various positions with industry leading firms focused on managed futures, real estate and other alternative assets and strategies.
Catherine Bowman founded The Bowman Law Firm in 2008 in order to conduct due diligence on public and private securities offerings ranging in size to several billion dollars on behalf of independent broker-dealers, investment advisers, and other financial professionals. Bowman also provides consulting on broker-dealer regulatory and compliance matters; researching ’33 Act and ’34 Act laws and regulations, broker-dealer regulations and state securities laws and regulations; contract negotiation and drafting; as well as providing expert witness services. Prior to founding The Bowman Law Firm, Bowman was chief compliance officer, senior vice president and corporate counsel for CNL Securities Corp., and started her law career more than 25 years ago at Gray, Harris & Robinson, focusing on corporate and securities law practice for publicly held and privately held clients.
Mark Kosanke, CPA, has nearly 30 years of securities industry experience. He is one of the founders of Concorde Investment Services, a Michigan-based securities broker-dealer firm and is a current owner of Concorde Holdings, CIS’s parent company. He is president of Concorde Financial Group, which operates as an investment and asset management firm. Prior to Concorde he was at the Detroit office of Price Waterhouse where he concentrated on audit, taxes, and real estate. Kosanke is active in strategic tax planning and investment portfolio design with over $200 million in assets under management.
The other ADISA 2023 board of directors are: Angela Barbera, NexPoint Securities; Sherri Cooke, iCapital; Mat Dellorso, WealthForge; Matthew Iak, U.S. Energy Development Corporation; Karlton Kleis, Arete Wealth Management; Sylvia Kwan, ElleVest; Stephen Lovell, Lovell Wealth Management; Greg Mausz, Skyway Capital Markets; Ann Moore, International Assets Advisory; David Pittman, Cottonwood Residential; Jeff Shafer, CommonGood Capital; Amanda Teeple, CoastalOne; Brad Updike, Mick | Law; and David Wilson, Equifinancial. Darryl Steinhause of DLA Piper also serves as a non-voting, volunteer legal counsel and Thomas Voekler of KVCF provides volunteer hospitality legal counsel.
The Alternative & Direct Investment Securities Association bills itself as the nation’s largest trade association representing the non‐traded alternative investment space. ADISA’s members are typically involved in non-traded real estate investment trusts, business development companies, master limited partnerships and private and public funds (LPs/LLCs), 1031 exchange programs (DSTs/TICs), energy and oil and gas interests, equipment leasing programs or other alternative and direct investment offerings.
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