K. Robert “Bobby” Turner has been “removed” as chairman and CEO of Canyon Capital Realty Advisors, the real estate arm of hedge fund firm Canyon Capital Advisors, according to sources who declined to be identified.
Canyon Capital Advisors notified investors this week about a leadership change in which co-founders Joshua S. Friedman and Mitchell R. Julis will now also take on the role of co-chairmen of Canyon Capital Realty Advisors. Jonathan Roth, a principal of Canyon Capital Realty Advisors, has been promoted to president. Mr. Roth will lead the investment management and asset management teams.
Canyon made the changes to better integrate the CCRA business within the broader Canyon initiative, which currently invests in real estate in both its real estate and hedge fund strategies, said a source close to the firm.
“Canyon continues to be focused on and excited by the opportunities in this space, and remains fully committed to growing the CCRA business. We have restructured management to strengthen the alignment of our broader real estate expertise and investment initiatives across Canyon’s platform,” according to a written statement for Pensions & Investments.