Net income and adjusted net income of $130.6 million is up 9% from $120.2 million last quarter. You can sign up for additional alert options at any time. And the three transactions you announced in the last 10 days, would that be included in that number? Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). 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. I know it sounds like a minor distinction, but that is very different from us, doing an acquisition and saying, we're going to buy your business. It also just to continue to reiterate wasn't planned redemptions. 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 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. 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Thank you. WebView Kurt MacAlpines professional profile on LinkedIn. There is a scenario where none of that redeems. As a large and independent firm with global reach, CI is well positioned to take advantage of the many opportunities in asset and wealth management. CEOs radical remake accompanied by staff exodus, higher debt, Chairman says of employee complaints: I could care less. 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. Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. MacAlpine, who hails from Saint John, NB, has a commerce degree from Halifaxs Saint Marys University and an MBA from Queens University. Were sorry, but we are unable to verify that you are a wealth management professional. 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. We are not changing portfolio managers on funds, the investment management processes they follow or our fund lineup. Hi. One would be capability expansions. And so we come into the marketplace we're strategic permanent capital. Kurt Macalpine, 62 Lives in Boston, MA. First, on the U.S. wealth management initiative. Just one follow-up. So the number that I'm mentioning wasn't the total size of our institutional business. In fact, all of the businesses we have acquired this year have grown organically. Kurt MacAlpine, a Canadian with experience in management consulting and exchange-traded funds (ETFs), will take over CI on Sept. 1. I was isolating and looking at the business as it stands today and the percentage and dollar of assets that we have tied to sub-advisory mandates linked to bank and insurance on platforms that have their own capabilities internally. Oftentimes, firms will initiate transactions for financial reasons, personal liquidity events, to initiate a retirement or something like that. We've detected you are on Internet Explorer. You can sign up for additional alert options at any time. 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. 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. We made considerable progress across our rebranding efforts with the rollout of our new website in October. Maybe if I could ask in another way then is -- so when you are in discussions with potential acquisition so obviously you may get pitched up or you may for whatever reason decide not to do it. If we did do it, it would be in the U.S. marketplace. On the sales front, although the company continues to be in redemptions, we generated strong gross sales results, which increased 23% from a year ago and 8% sequentially. As everyone knows M&A in and of itself is quite lumpy. 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. in theoretical physics and a B.Sc. [Operator Instructions] The first question will come from Geoff Kwan with RBC Capital Markets. Our marketing expense to date, we've essentially been self-funding this initiative within the existing marketing expense base. Yes. In terms of when we choose to pass and we absolutely pass on a lot of platforms that get presented to us we're really looking for high-quality well-run businesses, great profitability and dynamic management teams that collectively feel that they will benefit and we will all benefit from working together as opposed to working independently. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. They have a phenomenal focus on serving corporate executives in the oil and gas industry, which creates a very interesting energy corridor opportunity for us partnering with Assante. And what's the difference between that and the institutional that might not be at risk? And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. Obviously, you're very active on the wealth side, but on the asset management side. I think there's probably a little bit more there than that plus everything that we've shared, and we'll continue to share will be pre-synergies just given my preference not to provide go-forward guidance or projections. So our ability to get to much larger asset levels will be a function of a series of consistent transactions. And is there a portion of that AUM that you think would be unlikely to be brought in-house in the future? LinkedIn is the worlds largest business network, helping professionals like Kurt MacAlpine discover inside connections Joining me on today's call is our CFO, Doug Jamieson; and our new Vice President of Investor Relations and Strategy, Jason Weyeneth. [Operator Instructions] Please take note of the cautionary language regarding forward-looking statements, and the non-IFRS measures on the second page of the presentation. Sure. We retired $26 million of debt, and we paid $39 million in dividends. CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. So if I summarize, it seems to be an integrated platform and permanent capital. 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. They recognize the need to get bigger. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. Think you ought to have access? Welcome to Barrons Advisor! But the way, we had structured our investment platforms we were only able to deliver the scale at the individual boutique level. HEAD OFFICE. The $2.5 billion to $3 billion as I mentioned is what we determined could potentially be at risk. So we are fortunate enough to be winning the vast majority of auctions that we are in. 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. As 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. WebCI Financials Strategic Priorities Update from CEO Kurt MacAlpine November 2019. Please go ahead. And so that's been helpful. He joined CI in 2016 from First Asset Investment Management, where he served as Senior Vice-President, Legal and Operations. You must click the activation link in order to complete your subscription. It also shows the magnitude of the opportunity for growth and profitability going forward. During the quarter, we spent $78 million to repurchase 4.3 million shares. The infrastructure of a bank, but with a boutique feel, NBFWM offers broad services and security for clients. But it is something that we're monitoring. This approach limits or eliminates the client disruption typically associated with investment platform changes. Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. 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. There are very few -- I think our integrated platform is one of the five largest RIA platforms in the U.S. currently. You will note that our business was aligned by boutique brands with many of the brands offering competing mandates and capabilities. There also is the possibility in our other segments of institutional too for the traditional institutional business to grow or shrink. He has extensive experience in the global asset and wealth management industry, having previously served as Executive Vice-President and Head of Global Distribution for WisdomTree Asset Management and as a Partner and Leader of the North American Asset Management Practice at McKinsey & Company. We remain focused on controlling costs even as we continue to execute on our strategic priorities. 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. 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 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. That is helpful. 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. Computershare Investor Services. Layan Odeh (Bloomberg) | Aug 30, 2022 The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. The program is off to a strong start and acquisitions such as Stavis & Cohen with their focus on the energy business and Doyle with their strategic location in Florida will be great additions to this program. This includes $125.4 billion of assets under management and $77 billion of wealth management assets. So I remain very optimistic. In particular, Kurt is familiar with using digital strategies to enhance efficiencies and build new services and businesses, a key plank in CIs strategic plans.. 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. So through our strategic integrated collaborative approach we will naturally work our way to an integrated platform. I think that includes the cash consideration and the contingent payment. 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. So, it is not panning the majority or a meaningful portion of that number. Or at some point, if you're going to keep this run rate going of acquisitions do you need to start using equity a bit? In October, we saw a 19% improvement in Canadian retail net sales and a 63% improvement in institutional net sales on a sequential basis. We just need a little more information to create your account. in theoretical physics and a B.Sc. Youre almost done. View Reputation Profile. 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. During the height of the pandemic, we did feel the leverage was a little bit high relative to our comfort zone, and we reduced our credit revolver by $175 million in short order by redeploying. How can we help you? WebKurt MacAlpine Chief Executive Officer and Director, CI Financial. As you can see, we've experienced phenomenal growth this year. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ET. This information is meant to help quantify the impact we've made in a short period in executing against our wealth management strategy. WebKurt Macalpine was born in 1960 and is currently 63 years old. Just a follow-up is on M&A but outside of the wealth business, can you describe what your appetite is for asset managements M&A or other businesses that you would view as being complementary to your growth strategy? But what do you bring to the table that they don't? So the ability to buy scale and wealth management given where we're focused, doesn't really exist. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. In the third quarter U.S. AUM grew 10% to $4.7 billion on net sales of $300 million and market performance. I had a good understanding of their particular businesses, their capabilities, their teams and their growth rate. If you take Doyle Wealth Management, the greater Tampa Bay Area is one of the biggest hotbeds for Canadian retirees' period. 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. WebWhat is the salary of Darie Urbanky? The next question will come from Tom MacKinnon with BMO Capital. So I had a high degree of confidence in them and they had a working familiarity with me. Thank you all for the time today. 100 University Avenue, Eighth Floor. Thank you. So, we do pass a lot. So I feel fantastic about the progress we've made. Good morning. So you are right, through the legacy model we had, we naturally have a lot of overlapping and redundant capabilities which over time might clear themselves up, but that wasn't the reason we initiated this process, and it hasn't been a focus for us so far. For every deal that weve done, we felt that we paid a fair price thats reflective of the quality of the platform that were acquiring, he added. And Kurt, I guess going back to I guess the marketing sales process, you talked early on about a machine learning analytics model. 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. So, they may not be growing their businesses, they may be transitioning to more lifestyle practices or transitioning out of the business. He has extensive experience in the global asset and wealth management industry, having previously served as Executive Vice-President and Head of Global Distribution for WisdomTree Asset Management and as a Partner and Leader of the North American Asset Management Practice at McKinsey & Company. MacAlpines overhaul has included about 30 debt-fueled acquisitions, a New York Stock Exchange listing, a new US headquarters in Miami and a major restructuring of the companys Canadian fund-management arm. Copyright 2023 Surperformance. He was also a member of the CDPQ asset allocation committee. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. 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. The velocity of deals that we're able to do is picking up. And we're only $16.5 billion so far. The second part of our institutional business would be the retirement space, typically working with employers on to find contribution plans. CI But it is a different approach and I want to make sure that's coming through than the methodical approach we're taking to the wealth management space. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. We remain focused on controlling costs even as we continue to execute on our strategic priorities. 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. I think we're ahead of schedule relative to what we would have initially anticipated. It's designed to deliver a better experience and ultimately better investment performance. Sure. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. CONTACT US. 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 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. If youre not a wealth management professional, you can find other great financial content at. I am optimistic that we're going to work through the redemptions and put ourselves on a better path forward.
WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. Sure. Please go ahead. Jason Weyeneth, CFA Vice-President, Investor Relations & Strategy, Chief Executive Officer and Director, CI Financial, Executive Vice-President and Chief Financial Officer, CI Financial, Executive Vice-President and Head of Investment Management, Executive Vice-President and Chief Legal Officer, CI Financial, Executive Vice-President and Chief Human Resources Officer. Kurt MacAlpine Thank you, Amit. Please go ahead. Congratulations! When you think about asset management acquisitions, there's probably two types of acquisitions that would potentially make sense for CI. Okay. And I've been very pleased by how well our marketing team has embraced it to really set up and structure all of the campaigns and engagement models that we're ultimately building. 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? 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. 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. Good morning. Please go ahead. 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. in mathematics and physics from Universit de Montral. And I think we're off to a really great start in Liquid Alternatives. So the boutique and multi-brand structure was, I'd say perfectly designed for the marketplace up until five or six years ago. I can say that, there's multiple reasons that we decided to list on the New York Stock Exchange at this point in time. But the major nuance is that it'll be done by the leaders of the business as opposed to done to the leaders of the business by CI. acquisitions we have made this year were down $19.4 million, or almost 16% from the third quarter of 2019, and down $1.7 million sequentially. The asset management we do look at things opportunistically, but it really has to fit what we're building on the integrated asset and wealth management side. 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Considerable progress across our rebranding efforts with the rollout of our New website in October we just need a more.