First, on the U.S. wealth management initiative. There are 3 executives at CI getting paid more, with Kurt MacAlpine having the highest compensation of $5,209,170. We do think that our share price is significantly undervalued. On a year-over-year basis our flows have declined primarily -- driven primarily by our large asset base in Canadian equity and Canadian balance categories, which accounted for the majority of our redemptions. We don't break out the specific numbers. Just one follow-up. He joined CI in 2016 from First Asset Investment Management, where he served as Senior Vice-President, Legal and Operations. So if the opportunity presents itself, it's financially attractive accretive and a great opportunity to diversify and transform the business we'll look. After the speakers remarks, there will be a question-and-answer session. And I'm just really excited about how well our differentiated value proposition is resonating compared to other stories that are in the marketplace currently. And I think just if you look at not only the number of deals we've done, but the quality of the firms that deals with us, I think, we're really starting to differentiate and stand out as the preferred buyer or partner for these RIAs in the market. So Tom, we don't typically break out the margin. Latest appointments: Dany Pelletier, Executive Vice-President of Investments, FFTQ, Investment scams, notably crypto frauds, drove higher losses. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). I don't feel that it is imperative that we do it via major M&A. But yes, the margins on the institutional business are lower than what we would see on retail. Copyright 2023 Surperformance. And we're only $16.5 billion so far. Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as chief executive from Peter Anderson on Sept. 1, was previously executive vice president and head of global distribution for WisdomTree Asset Management in New York. He joined CI Financial in May 2021 from WisdomTree Investments, Inc., a publicly traded asset manager where he served as Executive Vice President and CFO since 2008. in theoretical physics and a B.Sc. So think about the spectrum of competitors that exist. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. We retired $26 million of debt, and we paid $39 million in dividends. I will now provide an update on the progress we've made on some of our strategic initiatives. His responsibilities included strategic asset allocation, quantitative research and alternative indexing activities, as well as sitting on the executive and tactical asset allocation committees for its Strategy and Planning Department. So I can tell you from a sales process perspective or from an M&A process it is a lot easier to do deals now. The next question will come from Tom MacKinnon with BMO Capital. Thank you. CEO Kurt MacAlpine isnt having it. Youre almost done. After closing the transactions, we've announced over the past few days, we will have added $31.2 billion in new assets to our platform so far this year with two months left to go. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. The next question will come from Gary Ho with Desjardins Capital Market. Please disable your ad-blocker and refresh. This slide provides a snapshot of our new investment management organizations. We expect the cross-listing to increase CI's corporate profile in the U.S., expand our investor base and allow us to offer U.S. dollar-denominated shares in future U.S. RIA acquisitions. Wallmine is a radically better financial terminal. And then on the integration of your investment management teams, it sounds like this is more about process and driving fund performance as opposed to surfacing cost synergies. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. Prior to joining CI GAM in September 2021, Mr. Lewis was Head of Portfolio Construction at the Abu Dhabi Investment Authority (ADIA), one of the worlds largest sovereign wealth funds. When I look at our institutional business overall what I'd say is there's probably, three different chunks of business. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. Earnings per share of $0.62, was up $0.06 per share from the second quarter and up $0.02 from the third quarter last year. Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as chief executive from Peter Anderson on Sept. 1, was previously executive vice president and head of global distribution for WisdomTree Asset Management in New York. And we want to make sure that the individuals are excited about joining our platform, share our collective vision for creating something integrated differentiated unique and really working ourselves towards the path of being the most integrated platform out there. LinkedIn is the worlds largest business network, helping professionals like Kurt MacAlpine discover inside connections So we have been using the model as a starting point. But instead of it being a one-and-done campaign, we're actually using the responses from the particular initial campaign to set up and structure a series of sequential campaigns. In his role as a Partner, he managed global consulting teams working with some of the largest asset and wealth managers in the world on topics related to strategy, distribution, marketing, international expansion, mergers and acquisitions, and product development. There's a scenario where all of it redeems and every scenario in between. MacAlpine takes over from Peter Anderson on Sept. 1. It's a smaller portion of the line, Scott. So we are fortunate enough to be winning the vast majority of auctions that we are in. The Canadian equity and Canadian balance categories are two of the three most redeemed categories in the industry year-to-date. Welcome to Barrons Advisor! As President and Chief Operating Officer, Mr. Urbanky is responsible for the operational aspects and resources of CI Global Asset Management, CI Assante Wealth Management and other CI Financial companies. We've detected you are on Internet Explorer. I had a good understanding of their particular businesses, their capabilities, their teams and their growth rate. And once again that was a speculation based upon the breakdown of the platform. So does that include the acquisitions that are announced, but not closed such as the Roosevelt or the Doyle acquisitions that were announced earlier this week last week? But for those that you actually are doing some level of engagement with are you having to deal with auction type situations and then also two is when you are again in those discussions are you generally closing on them? Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. Mr. Lewis has over 20 years of global investing experience and has held senior leadership positions at several organizations, including two of the worlds largest institutional investors. So I would say the focus so far has been wealth management clearly given the velocity of deals we've done in the RIA space. On the other end of the spectrum you essentially have aggregators or integrator platforms that will do a deal with you but the terms and conditions by which they'll transact with you are that you need to change everything about your platform to fit into their platform. Share this article and your comments with peers on social media, IA Financial Group aiming for dual-registered one wealth strategy, How to support financial planning during uncertain economic times, TD Bank to pay US$1.2 billion to settle Stanford Ponzi scheme lawsuit, CIs U.S. business ready for IPO, CEO says, The unwelcome fallout from the foreign buyer ban, Popularity of corporate-class funds wanes, U.S. Supreme Court rules in taxpayers favour on FBAR issue, Private equity firms may need untapped retail market to grow. Current Address: 254 Park Avenue S Apt 6b, New York, NY 10010 Has Lived In: 101 Canal Street Apt 512, Boston, MA 02114. Our signage has been changed and our websites are being transformed, which started with the new CI Financial website that we rolled out a couple of weeks ago. In the process, its drawn the ire of rivals who say CI has overpaid to take elite firms off the market. Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. I also wanted to provide some additional information on our run rate wealth management profitability after the deals we've announced recently had closed. There are very few -- I think our integrated platform is one of the five largest RIA platforms in the U.S. currently. I find it fascinating that people like to opine on the purchase prices that CI has paid for a business absent any sort of facts whatsoever, he says. In his role as a Partner, he managed global consulting teams working with some of the largest asset and wealth managers in the world on topics related to strategy, distribution, marketing, international expansion, mergers and acquisitions, and product development. We have no further questions at this time. It also excludes any strategic or cost synergies, asset management product sales, business model improvements or planned but unannounced transactions. As Okay, great. And those are all fine reasons to do it. So, the three transactions, plus Bowling which we announced earlier in the quarter, so it would be the combination of those four plus Aligned. Just maybe one last one if I could. Mr. Urbanky holds an MBA from Rotman School of Business and a masters degree in computer science from University of Toronto and has attended leadership and management programs at Queens School of Business.
The impact is a $58 million increase in our run rate wealth management EBITDA, which translates to $73 million annualized or 387% improvement from 2019. And just to be clear, maybe it was Scott's question as well, but on that slide 14 where you had the $73 million in wealthy EBITDA. WebKurt MacAlpine is Chief Executive Officer at CI Financial Corp. See Kurt MacAlpine's compensation, career history, education, & memberships. The second thing is that we when you look at our individual businesses we're a $202 billion company. Is there an opportunity to continue to streamline your fund lineup? I just really don't think, you can do that and we guarantee a better client experience and guarantee a better employee experience. He succeeds current CEO A lot of those benefits corporate class changes that have been pushed through the dynamics of the distribution marketplace, where some of those exclusive distribution arrangements have changed a lot of the bank-owned platforms are prioritizing their own strategy. Congratulations! The next step is an initial public offering of as much as 20% of its US wealth management business. Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as Please complete the form below and click on subscribe for daily newsletters from Wealth Professional. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Just looking at your leverage just over two times in your current free cash flow run rate, how are you feeling about sustaining this level of RIA acquisitions? Thanks, Doug. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). If not, we're pretty close. Thank you for the question. Good morning, everyone, and welcome to CI Financial's third quarter earnings call. So our ability to get to much larger asset levels will be a function of a series of consistent transactions. And now we're at a fascinating place where I probably get a couple of firms reaching out every week directly bypassing a bank or a process just looking to do a deal with CI specifically. Understood. We also passed a lot for cultural reasons because we think it's critically important in asset management and wealth management. EPS of $0.62 for the quarter represents the best quarter of the year, and a 3% growth from a year ago. And what we're trying to do Gary and Scott, just to clarify the reason this is important is, we're obviously transforming our business relatively quickly from all of our economic profits coming from asset management to more balance. Thank you, Kurt. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, Apple Suppliers Are Racing to Exit China, AirPods Maker Says, Microsoft Expands Game Pass as Regulators Fret Over Activision Deal, Stocks Pare Drop as Traders Assess Data, Fedspeak: Markets Wrap, Cash Is Paying More Than Traditional Stock-Bond Portfolio. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. Were excited to continue expanding and enriching our U.S. network with high-quality RIAs like Radnor, said Kurt MacAlpine, CI Chief Executive Officer. Okay. As Head of Investment Management, Mr. Lewis leads a team of more than 100 investment professionals at CI Global Asset Management and oversees the continued development of the firms integrated global investment platform. And CI bought back 4.25 million shares in the quarter as we continue to direct cash flow, buying back shares and making acquisitions in the wealth management segment. In May, we shared with you the details of our rebranding initiative, which is aimed at more effectively communicating to the marketplace the breadth and depth of CI's capabilities and highlighting the firm as an integrated global asset and wealth management company. So take Harbour as an example. I did share some additional guidance on the institutional business in that breakdown. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. You must click the activation link in order to complete your subscription. WebWhat is the salary of Darie Urbanky? We're essentially redesigning our website to really focusing on different areas. So the approach would be different. Mr. Kelterborn also serves as a director of the Canadian Exchange Traded Funds Association and holds a BA from Carleton University and an LLB from the University of Ottawa, and was called to the Ontario Bar in 1992. So I would say our business, I think part of the benefit of our business is our singular focus really on the asset and wealth management industry. Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as chief executive from Peter Anderson on Sept. 1, was previously executive vice president and head of global distribution for WisdomTree Asset Management in New York. I announced on our Q1 earnings call in May that we were planning a corporate rebranding aimed at streamlining and simplifying our business removing unnecessary complexity and making it easier for our clients to do business with us. Kurt MacAlpine, CI Financial May 17, 2021 CEO CI FINANCIAL Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through Sure. Wealth management assets jumped to $66.1 billion on market performance and with the addition of BDF and Congress in the third quarter. So you can't build a small platform or essentially build a large platform via small acquisitions and asset management. One would be capability expansions. We've been operators of wealth management businesses in Canada for decades. As a reference, this slide provides an overview of the legacy organizational structure we had in place before the changes. An error has occurred, please try again later. Last week, we announced our application to cross-list our common shares on the New York Stock Exchange. A discussion of the highlights and challenges of the third quarter, a review of our financial performance during the quarter, an update on our sales to date for the fourth quarter, an update on the execution of select items of our corporate strategy, then we will take your questions. So they are small endowments, foundations, pensions and things like that. If we did do it, it would be in the U.S. marketplace. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. Sure. He also oversaw the majority of the firms international businesses, which during his tenure included employees in Canada, Europe, Japan, Israel and Latin America and strategic partnerships in Asia and Australia and New Zealand. You can sign up for additional alert options at any time. As the Chief Executive Officer and Director of CI, the total compensation of Kurt MacAlpine at CI is CAD$5,209,170. There are no executives at CI getting paid more. Wallmine is a radically better financial terminal. Maybe you can just share with us, what the margins would be on that business. 3% growth from a year ago. So the bar for us entering was obviously, higher and it was really important for us to do something very differentiated than what exists in the marketplace. Is that a priority? CEOs radical remake accompanied by staff exodus, higher debt, Chairman says of employee complaints: I could care less. CI Financial Corp.s CIX-T chief executive Kurt MacAlpine saw one of the largest jumps in total compensation, to $10.60-million, up more than 75 per cent from Sub-advisory mandates that have been outsourced to us specifically by funds that have their own competing capabilities internally and then sub-advisory mandates that have been outsourced to us by firms that don't. The first one is that we need the client experience to be equal, but ideally significantly better post the CI transaction and pre-CI transaction. WebKurt Macalpine was born in 1960 and is currently 63 years old. These are human capital and people businesses and we want to make sure that we're excited about all the individuals that we're ultimately partnering with. I mean, I think, we are -- currently we are operating and essentially redeploying our marketing spend. To the extent that, we can use our stock accretively to do these types of transactions, it is something we would consider using as part of the purchase price which would reduce our free cash flow obligations. Yes, thanks very much. And I would call this a close second or 1A and it's a human capital business and the primary relationship in any wealth managers between the adviser team and the client in particular. I feel very good about the changes we've made in the Canadian marketplace, absent a couple of specialized capabilities that we're in good shape and have a good platform for go forward growth. If I look at just the pipeline of firms that we are having conversations with it's really increasing on an ongoing basis. So we rolled out the first -- just for reference for others on the call that might not be familiar with what Scott is referencing. Earlier this year, Anderson said he planned to retire by mid-2020. So, we built that over the course of the winter. It might be, it might not be. The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. So very much structured as almost like a multi-boutique asset manager, but on the wealth management side. So if we're not additive to the process on the client front, we're not interested. That business has been relatively flat for us over the past little while and we have the new head of institutional now that's working to grow it. Please go ahead. So we're doing things more digital. Now Doug will review the financial results for the quarter. But as we naturally work through it, if there's opportunities to deliver a better client experience through consolidation, it's something we will look at as we would look at all opportunities across our businesses. If you take Doyle Wealth Management, the greater Tampa Bay Area is one of the biggest hotbeds for Canadian retirees' period. And how does that landscape look for you? Or are there pieces that I'm missing in those two numbers? Good morning, ladies and gentlemen. As you can see, we've experienced phenomenal growth this year. All of our corporate logos have been updated to the new ones shown on this page. CIs total assets have grown to $241 billion (at March 31, 2021) since he joined the company. 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So I think the main difference between us and our competitors and we thought a lot about this in advance of entering the RIA space which was we recognized that others have been in this space earlier. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ETCompany ParticipantsKurt MacAlpine - Chief Executive I mean, if a considerable improvements on a year-over-year basis, right. Newcom Media Inc. We use cookies to make your website experience better. Thanks. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. We believe these changes will improve the client experience, not only through the potential for improved performance, but by simplifying our offering, while strengthening our value proposition. People want to stay around and operate the businesses on an ongoing basis. It is more dynamically priced. So some of the deals that we are doing are part of an auction process we're participating. He was also a member of the CDPQ asset allocation committee. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. At WisdomTree, a global asset manager and exchange-traded fund sponsor based in New York, Mr. MacAlpine was responsible for all client-facing functions globally, including distribution, marketing, data intelligence and strategy, business development and client solutions. Prior to joining WisdomTree in July 2015, Mr. MacAlpine was a Partner at McKinsey, a global management consulting firm, based in its New York office. We have a very high concentration of Canadian equity and Canadian balanced funds that have been higher redeemed categories in the industry and the concentration of advisers that are holding them tend to be those, as I mentioned, that are older MFDA advisers that might not be in growth mode on their businesses. Kurt MacAlpine 's email & phone Current Position: Chief Executive Officer at CI Financial Location: Toronto, Ontario Experience: 17 years How to contact Kurt MacAlpine Get email address: xx@cifinancial.com Phone number: +1-xxx-xxx-5429 Last updated: 2021-04-29 Social media: Sign Up to Get Free Contacts Use a Browser The settlement comes as TD works its way through two major acquisitions in the U.S. MacAlpine declined to provide the share of the U.S. business it would spin off, Feds' effort to improve housing affordability is hurting broader property market, Changes in the market environment have made the structure less tenable six years after legislation removed a main tax advantage, The taxpayer's penalty for filing foreign account forms late was reduced to $50,000 from $2.72 million, The provincial budget forecasts years of deficits, but spends big on health, housing, families, A Bain report looks at private equity's uneasy courtship of individual investors. And then just on the RIA acquisition pipeline like how would you describe the size of it today? A former McKinsey consultant and executive at WisdomTree Asset Management Inc., MacAlpine landed the job three years ago with a pitch to shake CI out He also oversaw the majority of the firms international businesses, which during his tenure included employees in Canada, Europe, Japan, Israel and Latin America and strategic partnerships in Asia and Australia and New Zealand. Good morning. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. I would say our approach to capital allocation overall has been very dynamic. So historically, a lot of our flows and assets sit with legacy MFDA advisers that have been in the industry for an extended period of time. Our marketing expense to date, we've essentially been self-funding this initiative within the existing marketing expense base. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Thank you for the question. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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