At WisdomTree, MacAlpine was responsible for all client-facing functions and oversaw most of its international businesses. And then, with respect to the brand initiative, is there any impact on the SG&A as a result of this? I mean, if a considerable improvements on a year-over-year basis, right. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. Please go ahead. Kurt MacAlpine, a Canadian with experience in management consulting and exchange-traded funds (ETFs), will take over CI on Sept. 1. Thank you. 3% growth from a year ago. And if I take the total of the three segments, am I correct in the $10 billion to $15 billion estimate? It also just to continue to reiterate wasn't planned redemptions. 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. Kurt MacAlpine has been facing his share of headwinds with CI Financials recent business decisions, but hes convinced hes charted the right course for the company, and he plans to stick with it. articles a month for anyone to read, even non-subscribers! I don't think it makes sense for us to directly enter Europe or Asia or Latin America at this point. 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. 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. And it would be more opportunistic in nature. We are also taking this opportunity to better structure our investment platform to foster improved communication and collaboration across the organization, positioning us to deliver the full-scale and capabilities of CI to our clients not just the capabilities of our legacy investment boutiques. Core average assets under management, which represent the assets managed by CI in Canada, and GSFM in Australia were up 5% in the quarter to $126.4 billion. Sure. 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. So growing and building and improving the business is critically important to our strategy. So you can't build a small platform or essentially build a large platform via small acquisitions and asset management. If not, we're pretty close. We retired $26 million of debt, and we paid $39 million in dividends. 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. And that kind of leads me to the second question, which is I think on your financial statement you disclosed the purchase price of roughly $400 million for the U.S. RIA acquisition that's closed up to September. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. Thank you for the question. Like what sort of, hit rate do you think you would be able to get looking out over the next year? The next question will come from Scott Chan with Canaccord. In the process, its drawn the ire of rivals who say CI has overpaid to take elite firms off the market. I assume this is low margin. After submitting your request, you will receive an activation email to the requested email address. And then from there you'd have to determine, obviously, what percentage do you think ultimately will move. Thank you, Kurt. And then the second piece is as it relates to the employees. Prior to WisdomTree, Mr. Muni served as Chief Accounting Officer of International Securities Exchange Holdings, Inc (ISE), one of the worlds leading electronic options exchanges, where he lead ISEs successful public offering in 2005. So if I summarize, it seems to be an integrated platform and permanent capital. There are very few -- I think our integrated platform is one of the five largest RIA platforms in the U.S. currently. 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. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. It's a tough one to predict. And so we come into the marketplace we're strategic permanent capital. This slide provides a recap of our 3 corporate strategic priorities. So where we come in is we come in -- in the middle. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. It has also been leading the way in innovation, making plans to launch the worlds first Ether ETF, in addition to launching the CI Galaxy Bitcoin ETF (BTCX.B and BTCX.U) in March. 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 His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. Okay, great. 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. When you think about asset management acquisitions, there's probably two types of acquisitions that would potentially make sense for CI. 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. In late August, we rolled out our cross-border wealth management partnership program where our advisers in Canada and the U.S. are working together to holistically service clients north and south of the border. Before I discuss our sales for the quarter to-date, I want to provide you with a brief update on our assets for the month of October. During the quarter, we spent $78 million to repurchase 4.3 million shares. CI's gross debt finished the quarter at $1.96 billion and a reported debt-to-EBITDA ratio of 2.4 times as EBITDA rebounded 10% in the third quarter to $204.6 million from $186.6 million last quarter. It is a profitable business on a stand-alone basis. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. Can you quantify how much of that comes from the line to get a sense on the U.S. RIA traction? The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. 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. Youre almost done. These instruments preserve capital, offer stable income and protect against volatility. Good morning, everyone, and welcome to CI Financial's third quarter earnings call. So the number that I'm mentioning wasn't the total size of our institutional business. 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. Is this happening to you frequently? They recognize the need to get bigger. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. 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. And this is CI's third best quarterly earnings per share number, since converting back to a corporation a decade ago. 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Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. 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. So it depends, Gary on when you're having a conversation. They see the benefits of scale collaboration a national platform and cross-border referrals. Introductory comments for a webcast by Kurt MacAlpine, Chief Executive Officer, CI Financial: Good afternoon and thank you for joining me today. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. As I said in the press release announcing this webcast, the last few weeks have been unprecedented, with the coronavirus having a significant impact on our society, our economy, and the global And then the third part of our institutional business would be sub-advisory mandates, which is really broken into two pieces. And I've just got a follow-up. The $2.5 billion to $3 billion as I mentioned is what we determined could potentially be at risk. As for its expansion, it appears CI has no plans to slow down. It might be, it might not be. 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? This copy is for your personal, non-commercial use only. So, they may not be growing their businesses, they may be transitioning to more lifestyle practices or transitioning out of the business. We've been operators of wealth management businesses in Canada for decades. And we're only $16.5 billion so far. We do think that our share price is significantly undervalued. https://www.barrons.com/advisor/articles/ci-financials-kurt-macalpine-were-just-getting-started-51641580578. 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. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. 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. 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. 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. I don't have the exact number in front of me, but you're in the ballpark. You must click the activation link in order to complete your subscription. CEO Kurt MacAlpine isnt having it. If you rewind to January this isn't even a segment or a market that we were in. SG&A in the wealth segment moved up slightly to $30.4 million even though incremental SG&A from RIAs acquired this year was more than $2.9 million in the quarter. So, it's not easy to say here's the specific number because, it really depends upon the mandate, the strategy, the platform size and things like that. Next, I will update you on our corporate rebranding initiative. If you have an ad-blocker enabled you may be blocked from proceeding. Okay. We are not changing portfolio managers on funds, the investment management processes they follow or our fund lineup. I believe we're still number one in flows and market share in that very important very fast growing category. Good morning. All of our corporate logos have been updated to the new ones shown on this page. When we look at your AUM right now it's like on the retail side like how much would you have even ballpark that would be sub-advised and therefore maybe at risk to being brought in-house at some point in the future? So while we have experienced a couple of lumpy quarters of redemptions, virtually all of those have come from bank and insurance-owned platforms that are moving those assets in-house, specifically to an in-house team doing essentially the same thing. 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. Sure. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. 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. 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. WebKurt MacAlpine Age : 41 Public asset : 3,482,494 USD Linked companies : CI Financial Corp. Summary Currently, Kurt MacAlpine occupies the position of Chief Executive 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. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. REGISTRAR & TRANSFER AGENT. 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. We're essentially redesigning our website to really focusing on different areas. 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 Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. 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. Yes. 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. 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. 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. WebWhat is the salary of Darie Urbanky? And I would say the other area that I have a lot of excitement for is our fixed income and the relationship that we've struck with DoubleLine and the very early success that we've experienced there on a go-forward basis. Wealth management assets jumped to $66.1 billion on market performance and with the addition of BDF and Congress in the third quarter. 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. Thank you for the question. Once we started to do deals in this space we started to hit the radar of a lot of the banks that are working with these firms to help them transact. 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. 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. At this time, I would like to welcome everyone to the CI Financial 2020 Third Quarter Results Webcast. Yeah. If youre not a wealth management professional, you can find other great financial content at. 100 University Avenue, Eighth Floor. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. Thanks and good morning. We anticipate that the rebranding effort will be fully completed by Q1 2021. And then on top of that if you look at the marketplace, I'd say somewhere around $0.90 on the dollar ex-CI of money in the space right now is private equity or private equity related. He joined CI in 2016 from First Asset Investment Management, where he served as Senior Vice-President, Legal and Operations. 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. WebKurt MacAlpine is Chief Executive Officer at CI Financial Corp. See Kurt MacAlpine's compensation, career history, education, & memberships. We made considerable progress across our rebranding efforts with the rollout of our new website in October. This chart outlines new adviser assets that have been on-boarded to our wealth platform over the past three years and compares them to the amount that we've on-boarded so far in 2020. CONTACT US. It's designed to deliver a better experience and ultimately better investment performance. And there is a few firms that fit this mold and may be called serial aggregators or something like that. Free cash flow in the quarter of $144 million exceeded dividends and buybacks of $116 million by $28 million. Thank you all for the time today. 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 I think we're off to a really great start in Liquid Alternatives. So, we do pass a lot. Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. 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. Would those be. All lines are in a listen-only mode. So we needed to evolve our investor platform. It really depends. Kurt has worked with some of the largest asset managers in the world and has a thorough understanding of the industry, best practices and new developments, David Miller, director and chairman of CIs governance, human resources and compensation committee, said in a statement. I would now like to turn the call over to Mr. Kurt MacAlpine, CEO of CI Financial. Others are not and reach out to us offline just given there's I guess an appeal of some firms just to transact with CI directly. Thank you. I don't like to give guidance on anything as I think oftentimes it's just guessing. You can sign up for additional alert options at any time. So if we're not additive to the process on the client front, we're not interested. If you fast forward to today just looking at the deals, we've done over the past six or seven months, we believe we have the fastest-growing RIA platform ever. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. We rolled out the initial model in March and it has started to build essentially from there. And once again that was a speculation based upon the breakdown of the platform. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. 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. So every month essentially, we capture all of the inputs from various levels of engagement and the model gets smarter and more detailed. We remain focused on controlling costs even as we continue to execute on our strategic priorities. Not so much. Thank you for the question. There will be over time, but that wasn't really the focus of the effort. 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. Please go ahead. I've been very pleased by how well our sales team has embraced the model, in terms of using the insights to identify and prioritize the opportunities in their territories. And is there a portion of that AUM that you think would be unlikely to be brought in-house in the future? This copy is for your personal, non-commercial use only. 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. Thanks, Doug. 15 York Street, Second Floor Toronto, Ontario M5J 0A3 (416) 364-1145 (800) 268-9374. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Yes. Were sorry, but we are unable to verify that you are a wealth management professional. Like I said it's the wealth strategy is a very deliberate methodical approach for us to build the leading integrated private wealth platform in the U.S. 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 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. So, I would say Scott, it's still very early days. Bloomberg Markets Americas. 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. I would anticipate over time, when you think about the SG&A reductions that we've made overall, what we're trying to do is to rightsize the businesses that are -- have declined or are experiencing some declines and redeploying that SG&A to growth areas and growth initiatives of our business. Why? So the ability to buy scale and wealth management given where we're focused, doesn't really exist. First, on the U.S. wealth management initiative. Sure. We don't break out the specific numbers. 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. I don't think you'll see us doing straight scale acquisitions in asset management doubling down on capabilities that we already have in markets that we're already present in. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. So Graham, in terms of the current run rate, it's hard to predict go-forward acquisitions based upon the current run rate. I did share some additional guidance on the institutional business in that breakdown. 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. 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. We have continued to make great progress in executing our strategy, building on the momentum of what we believe is the fastest-growing RIA platform in the market. Did I remember that correctly? That's great. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through a period of rapid acquisition and growth. If you experience any issues with this process, please contact us for further assistance. 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. I will now provide an update on the progress we've made on some of our strategic initiatives. CEOs radical remake accompanied by staff exodus, higher debt, Chairman says of employee complaints: I could care less. Is that a priority? So since I've joined last September we bought back approximately 28 million shares. document.write(CurrentYear) An error has occurred, please try again later. Finally Cabana Group, one of our U.S. RIAs launched $1 billion lineup of target drawdown strategy ETFs in September. 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