Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. 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? He was a member of the companys global executive management committee and sat on the boards of several of its international entities and AdvisorEngine, a digital wealth platform. And that's really important to us because these are people businesses and the ultimate goal of them is to deliver great investment and planning outcomes for clients. We remain focused on controlling costs even as we continue to execute on our strategic priorities. So you've had some redemptions in recent quarters just from some companies that are bringing in-house mandates that you were sub-advising on. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. 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. 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. But what do you bring to the table that they don't? 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 The board is confident that his deep industry knowledge, proven leadership and experience in developing and executing growth-oriented strategic initiatives will ensure that CI remains a leader in a rapidly changing business environment, he added. And then the question was well, which of the CI businesses would it ultimately come to? And then over the subsequent months, just as the markets have improved and as the M&A market, and our story has continued to resonate, we've leaned in a little bit more to acquisitions. If you rewind to January this isn't even a segment or a market that we were in. MacAlpine takes over from Peter Anderson on Sept. 1. 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. Yes. So it is a lever that, we could use, but we'll do it in a very disciplined manner when they do. So, they may not be growing their businesses, they may be transitioning to more lifestyle practices or transitioning out of the business. Why? Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. Spend in the asset management segment declined $1.1 million from last quarter even as average AUM increased 5% and is down $16.1 million from one year ago as we continue to streamline asset management operations. Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. Sure. But yes, the margins on the institutional business are lower than what we would see on retail. Our marketing expense to date, we've essentially been self-funding this initiative within the existing marketing expense base. Not so much. On one hand you'd see more call it financially oriented buyers that are essentially looking to take equity stakes in individual's businesses and then participating in the ongoing cash flows of those business. As you can see, we've experienced phenomenal growth this year. If youre not a wealth management professional, you can find other great financial content at. WebKurt Macalpine was born in 1960 and is currently 63 years old. So I feel fantastic about the progress we've made. There are very few -- I think our integrated platform is one of the five largest RIA platforms in the U.S. currently. Thank you for the question. And if you're not like what would be the reasons why you're not completing them? In the third quarter U.S. AUM grew 10% to $4.7 billion on net sales of $300 million and market performance. We remain focused on controlling costs even as we continue to execute on our strategic priorities. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. And we're only $16.5 billion so far. 100 University Avenue, Eighth Floor. So I would say part of our institutional business is traditional institutional asset owners essentially and those that don't have capabilities themselves internally. Mr. Lewiss previous positions also included Senior Vice-President, Risk Management Fixed Income and Overlay Strategies at CDPQ and Senior Vice-President, Fixed Income at Natcan Investment Management, where he oversaw a team managing $16 billion in Canadian and global fixed-income assets. Just going back to the comment on the institutional AUM at risk $2.50 billion to $3 billion, I thought at one point that number or your institutional AUM was at $10 billion to $15 billion. 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 India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Musk donated around $1.95 billion in Tesla shares last year, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk recruits team to develop OpenAI rival - The Information, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, French tycoon Niel hikes stake in Millicom to 19.6%, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon. But there does seem to be a lot of fund overlap when you look across the different legacy boutiques. It also just to continue to reiterate wasn't planned redemptions. If I look at just the pipeline of firms that we are having conversations with it's really increasing on an ongoing basis. So some of the deals that we are doing are part of an auction process we're participating. And we're operating a very differentiated value proposition which is the goal is to build the leading integrated platform in the U.S., but instead of just focusing on the financial element or pursuing a full integration, we are working with our partners to collectively build that platform. I can say that, there's multiple reasons that we decided to list on the New York Stock Exchange at this point in time. We are making these changes while protecting the elements of our investment platform that make us unique. So every month essentially, we capture all of the inputs from various levels of engagement and the model gets smarter and more detailed. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial. When you think about M&A and wealth management versus asset management, it's really a different approach. 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. Bloomberg Markets Americas. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. in theoretical physics and a B.Sc. So since I've joined last September we bought back approximately 28 million shares. Computershare Investor Services. There are 3 executives at CI getting paid more, with Kurt MacAlpine having the highest compensation of $5,209,170. So that's kind of one extreme end of the spectrum. They recognize the need to get bigger. They want to benefit from an integrated platform. Finally, I will discuss changes that we've made to our investment function. I think our momentum continues to pick up on a month-by-month basis. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. WebHe has extensive experience in the global asset and wealth management industry, having previously served as Executive Vice-President and Head of Global Distribution for TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced the appointment of Kurt MacAlpine as Chief Executive Officer and a Director of the corporation, effective September 1, 2019. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. And then the second piece is as it relates to the employees. We appreciate the interest in CI Financial. I assume this is low margin. The Canadian equity and Canadian balance categories are two of the three most redeemed categories in the industry year-to-date. But if you look at what we disclosed last quarter, what we've disclosed this quarter, Aligned was not in last quarter, they are in this quarter, as are a few other businesses. 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. That is helpful. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). This copy is for your personal, non-commercial use only. var CurrentYear = new Date().getFullYear() 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. How can we help you? Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. So our ability to get to much larger asset levels will be a function of a series of consistent transactions. You can sign up for additional alert options at any time. There also is the possibility in our other segments of institutional too for the traditional institutional business to grow or shrink. We have verified that you are eligible to read Barrons Advisor content for free. U.S. assets under management are reported separately as the revenues earned on those assets are part of an overall fee paid by clients for wealth management and are reported in the wealth segment. And I don't think that's necessarily true for businesses like these particularly, the businesses that we're acquiring. The next question will come from Tom MacKinnon with BMO Capital. CI's SG&A in the third quarter was $108.8 million down from $109 million last quarter and $124.6 million in the third quarter last year. Newcom Media Inc. We use cookies to make your website experience better. Yes. There is a scenario where none of that redeems. 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. 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. Copyright 1996-2023 KM Business Information Canada Ltd. But what I would say is if I look at the building and the momentum of the pipeline that we've created over the past few months, I think it's truly remarkable. Now Doug will review the financial results for the quarter. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. And then from there you'd have to determine, obviously, what percentage do you think ultimately will move. And it would be more opportunistic in nature. Prior to ADIA, Mr. Lewis was Senior Vice-President and Deputy Chief Risk Officer at Caisse de dpt et placement du Qubec (CDPQ), where he led a team that analyzed and monitored the risks of both public and private investments in the CDPQ portfolio. The company acquired 13 registered investment advisors in the US in 2020, along with Canadian advisor network Aligned Capital Partners. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. 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? in theoretical physics and a B.Sc. I believe we're still number one in flows and market share in that very important very fast growing category. We don't break out the specific numbers. 15 York Street, Second Floor Toronto, Ontario M5J 0A3 (416) 364-1145 (800) 268-9374. He was also a member of the CDPQ asset allocation committee. He was a member of the companys global executive management committee and sat on the boards of several of its international entities and AdvisorEngine, a digital wealth platform. We just need a little more information to create your account. Earlier this year, Anderson said he planned to retire by mid-2020. And then just on the RIA acquisition pipeline like how would you describe the size of it today? He was also a member of the CDPQ asset allocation committee. Okay, great. After submitting your request, you will receive an activation email to the requested email address. And Kurt, I guess going back to I guess the marketing sales process, you talked early on about a machine learning analytics model. Just maybe one last one if I could. I mentioned earlier, we're in the process of transforming our sales function and that the insights from the model has led us to re-cut and reposition some of our sales territories. Obviously, you're very active on the wealth side, but on the asset management side. 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. In addition to inorganic growth, the companies we've acquired are also experiencing strong organic growth. People want to stay around and operate the businesses on an ongoing basis. To read this article, please provide the information below so we can confirm that you work in the industry. It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. Congratulations! So through our strategic integrated collaborative approach we will naturally work our way to an integrated platform. 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 by us, focusing on, essentially just fitting a framework or fitting that firm to a framework, we're losing a lot of the individuality or the specialty that they bring to us. Thank you. If we did do it, it would be in the U.S. marketplace. Is there an opportunity to continue to streamline your fund lineup? In October, we saw a 19% improvement in Canadian retail net sales and a 63% improvement in institutional net sales on a sequential basis. So what I was trying to do in responding to the question was provide the visibility into the breakdown of the institutional and assigning the assets to that particular segment or sub-segment. Please go ahead. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. There will be over time, but that wasn't really the focus of the effort. The revenue earned on these assets is recorded in the asset management segment. Good morning, everyone, and welcome to CI Financial's third quarter earnings call. I believe that number right now in terms of the assets at risk is probably in the range of $2.50 billion to $3 billion total. One of the I guess, call it more minor reasons based upon interest from RIAs is the ability to take stock as part of the transaction. 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. articles a month for anyone to read, even non-subscribers! Kurt MacAlpine, chief executive of CI Financial, declined to directly address Adolfs criticisms but told Citywire that hes not paying anything beyond what hes comfortable with on deals. Maybe you can just share with us, what the margins would be on that business. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. So as we work through and announce and finalize these acquisitions, the goal is to provide our investors with a roadmap essentially for how our business is evolving. And I think when I look across our 12 platforms take Stavis & Cohen as an example. Thank you for the question. Prior to joining Claymore, Mr. Kelterborn was a lawyer with law firms in Toronto and Bermuda and served as Associate General CounselCorporate at Nortel Networks. Kurt MacAlpine has been on an eye-opening run of RIA deals -- $16 billion in managed assets-- in less than ten months, but some industry watchers say he's flying too high in an overvalued market. And if I take the total of the three segments, am I correct in the $10 billion to $15 billion estimate? 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. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ET. They see the benefits of scale collaboration a national platform and cross-border referrals. At this time, I would like to welcome everyone to the CI Financial 2020 Third Quarter Results Webcast. 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. It also excludes any strategic or cost synergies, asset management product sales, business model improvements or planned but unannounced transactions. 3% growth from a year ago. 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. WebView Kurt MacAlpines professional profile on LinkedIn. We continue to take a dynamic approach to capital allocation that includes debt reduction, the return of capital to shareholders through share repurchases and dividends and acquisitions. After the speakers remarks, there will be a question-and-answer session. NEI Clean Infrastructure Fund expands NEIs suite of impact investment funds and helps investors ride the massive secular shift towards clean electricity infrastructure. If I look at what you're doing in the U.S. with respect to RIAs I wonder if you could compare your business model to say competitors here and we certainly know there's one publicly listed competitor. All lines are in a listen-only mode. So we had a working relationship. 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. This number only includes our current interest in these companies and does not include any growth or market assumptions. Mr. Kelterborn is Executive Vice-President and Chief Legal Officer of CI Financial and leads the team responsible for all legal affairs of the corporation and its subsidiaries. The integrated platform builts by the leaders of the businesses, based upon the feedback from their clients. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. When it comes to alternatives, investors should capitalize with caution, Fraud losses in Canada hit new all-time high, Location matters when it comes to family business tax. And they have a very unique approach which includes tax planning estate and retirement that's probably more advanced than the typical wealth management platform. So I had a high degree of confidence in them and they had a working familiarity with me. 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. 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. REGISTRAR & TRANSFER AGENT. So what I would say is, we're listing ourselves on the New York Stock Exchange effective next week. But that's not to say depending on how the business evolves over time that we may spend a little bit more on a go-forward basis but it's not something we've done today. Understood. 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. 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