You will see that we are now organized by investment capability not by boutique or sub-brand. And the three transactions you announced in the last 10 days, would that be included in that number? 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. We are making these changes while protecting the elements of our investment platform that make us unique. It just doesn't really fit in regards to what we're trying to build, which is ultimately the leading private wealth platform in the U.S. 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. And the retirement space or the defined contribution space has been relatively flat for us as well and that's an area we're looking to grow. To read this article, please provide the information below so we can confirm that you work in the industry. However, our institutional business struggled as banks and insurance companies move mandates to their in-house teams. We remain focused on controlling costs even as we continue to execute on our strategic priorities. Please go ahead. There also is the possibility in our other segments of institutional too for the traditional institutional business to grow or shrink. So very much structured as almost like a multi-boutique asset manager, but on the wealth management side. Is this happening to you frequently? The velocity of deals that we're able to do is picking up. Okay. Sure. This approach limits or eliminates the client disruption typically associated with investment platform changes. All rights reserved. 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. 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. So growing and building and improving the business is critically important to our strategy. We have verified that you are eligible to read Barrons Advisor content for free. Okay, great. Net debt increased $1.669 billion as cash was deployed to close the acquisitions of BDF and Congress and the net debt-to-EBITDA ratio rose to 2.1 times. Sure. CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Thank you for the question. It's designed to deliver a better experience and ultimately better investment performance. So, there is a range of pricing within it. It also just to continue to reiterate wasn't planned redemptions. 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. Please go ahead. [Operator Instructions] The first question will come from Geoff Kwan with RBC Capital Markets. Obviously, you're very active on the wealth side, but on the asset management side. I think our momentum continues to pick up on a month-by-month basis. 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. Copyright 1996-2023 KM Business Information Canada Ltd. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. We are confident that meaningful synergy opportunities exist, but we prefer not to give guidance. 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 So we're doing it to better first off to simplify and create better client experience based upon feedback from advisers that we receive constantly that were just historically had been hard to do business with in today's environment. In this series of videos and articles, TD Wealth professionals share practical strategies that helped them build rewarding careers. 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. As you can see, we've experienced phenomenal growth this year. So the approach would be different. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. Kurt MacAlpine Thank you, Amit. Maybe you can just share with us, what the margins would be on that business. And I think that's really resonating. Fast forwarding to today, our rebranding effort is well underway. Finally Cabana Group, one of our U.S. RIAs launched $1 billion lineup of target drawdown strategy ETFs in September. We appreciate the interest in CI Financial. 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 As for its expansion, it appears CI has no plans to slow down. We anticipate that the rebranding effort will be fully completed by Q1 2021. 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. Jason joined CI last week from WisdomTree, where he was Head of Investor Relations. Thanks. As the President and Chief Operating Officer of CI, the total compensation of Darie Urbanky at CI is CAD$1,225,000. Were excited to continue expanding and enriching our U.S. network with high-quality RIAs like Radnor, said Kurt MacAlpine, CI Chief Executive Officer. 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. 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. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. 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. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. 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. Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as 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. Comparable SG&A expenses, which excludes expenses from the 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. Trading is expected to begin next Tuesday the 17th, under the symbol CIXX. I would say the vulnerabilities remain the vulnerabilities that we currently have. 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. 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 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. Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. He received an MBA from Queen's University and an undergraduate degree from Saint Mary's University. I will now provide an update on the progress we've made on some of our strategic initiatives. We rolled out what we believe is Canada's first machine learning model or predictive algorithm for sales and marketing process in Canadian asset and wealth management. Please contact us at, We encountered an error. We had another strong quarter as markets and our AUM continued to rebound. 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. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. Please go ahead. 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. 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. This copy is for your personal, non-commercial use only. https://www.barrons.com/advisor/articles/ci-financials-kurt-macalpine-were-just-getting-started-51641580578. 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. We are getting feedback that we are not necessarily the highest bidder on these but I think it's really our value proposition that's differentiating ourselves. We continue to scale our wealth management platforms in the U.S. having completed or announced 12 transactions for the year-to-date, representing nearly $22 billion of AUM. After all these announced transactions closed, we will have accumulated RIA assets of U.S. $16.5 billion or CAD 22 billion this year alone. This number only includes our current interest in these companies and does not include any growth or market assumptions. 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. Understood. Yes. Now Doug will review the financial results for the quarter. Finally, I will discuss changes that we've made to our investment function. So any M&A that you would see us doing would be in one of those two areas aligned against the three strategic priorities that we had outlined. The ability for any boutique to deliver scale benefits was driven by the scale they had generated independently. So I remain very optimistic. 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. The next question will come from Geoff Kwan with RBC Capital Markets. But yes, the margins on the institutional business are lower than what we would see on retail. Hi. 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. MacAlpine, who hails from Saint John, NB, has a commerce degree from Halifaxs Saint Marys University and an MBA from Queens University. Earlier this year, Anderson said he planned to retire by mid-2020. The infrastructure of a bank, but with a boutique feel, NBFWM offers broad services and security for clients. 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. So what I would say is, we're listing ourselves on the New York Stock Exchange effective next week. Please go ahead. Yes. So where we come in is we come in -- in the middle. An error has occurred, please try again later. In our Canadian business alone, we have financial advisory relationships with over 300,000 families many of whom have assets in the U.S. today. And then the second piece is as it relates to the employees. He was also a member of the CDPQ asset allocation committee. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. Newcom Media Inc. We use cookies to make your website experience better. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. And we're only $16.5 billion so far. Okay. There are very few -- I think our integrated platform is one of the five largest RIA platforms in the U.S. currently. 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. Sure. After submitting your request, you will receive an activation email to the requested email address. We just need a little more information to create your account. 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. Thanks, Doug. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. And I was just wondering, if you could provide an update or progress on that initiative. 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. Kurt Macalpine, 62 Lives in Boston, MA. Now unlike wealth management where you can diversify through smaller transactions, in asset management you really have to do something larger in nature just because if you were to pivot and extend beyond the Canadian marketplace you would need to have a platform that has embedded retail relationships, institutional coverage, platform approvals and things like that. 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. And we have announced 12 deals in the marketplace than it was several months ago when we were starting to build story and build that momentum from scratch. Congratulations! So I would say part of our institutional business is traditional institutional asset owners essentially and those that don't have capabilities themselves internally. 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. 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I just really don't think, you can do that and we guarantee a better client experience and guarantee a better employee experience. 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 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. If you take Doyle Wealth Management, the greater Tampa Bay Area is one of the biggest hotbeds for Canadian retirees' period. Good morning. And then from there you'd have to determine, obviously, what percentage do you think ultimately will move. 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. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. And so that's been helpful. Despite the companys push to acquire RIAs, MacAlpine has expressed frustration with how the investing public largely still perceives CI as an asset manager. And those are all fine reasons to do it. 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. Please disable your ad-blocker and refresh. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ETCompany ParticipantsKurt MacAlpine - Chief Executive So Tom, we don't typically break out the margin. Yeah. I don't like to give guidance on anything as I think oftentimes it's just guessing. 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. Kurt Macalpine, 62 Lives in 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. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy. I'll turn the conference back over to our speakers. 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. 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. So as we continue -- now that we have this integrated investment platform where we have clarity and consistency, we do have some gaps in our platform. So we have been using the model as a starting point. So the boutique and multi-brand structure was, I'd say perfectly designed for the marketplace up until five or six years ago. And that's a major nuance for a lot of firms that are selling and looking to stay in the business. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. 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. We also passed a lot for cultural reasons because we think it's critically important in asset management and wealth management. As a reminder, here is a quick review of our three strategic priorities which are modernizing asset management, expanding wealth management and globalizing our company. Is there an opportunity to continue to streamline your fund lineup? I would now like to turn the call over to Mr. Kurt MacAlpine, CEO of CI Financial. So through our strategic integrated collaborative approach we will naturally work our way to an integrated platform. WebCI Financials Strategic Priorities Update from CEO Kurt MacAlpine November 2019. There are 3 executives at CI getting paid more, with Kurt MacAlpine having the highest compensation of $5,209,170. We look forward to connecting next quarter. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. 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. The next step is an initial public offering of as much as 20% of its US wealth management business. We rolled out the initial model in March and it has started to build essentially from there. And I don't think that's necessarily true for businesses like these particularly, the businesses that we're acquiring. 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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 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. Or are there pieces that I'm missing in those two numbers? Kurt MacAlpine, a Canadian with experience in management consulting and exchange-traded funds (ETFs), will take over CI on Sept. 1. So by leveraging the best of what they do while integrating, we're going to get the best of all of the platforms we've acquired, as opposed to pushing them on to a platform that already exists. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. So it depends, Gary on when you're having a conversation. So Graham, in terms of the current run rate, it's hard to predict go-forward acquisitions based upon the current run rate. Would those be. The next question will come from Gary Ho with Desjardin Capital Markets. Yes. Good morning, ladies and gentlemen. 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. So for wealth management, because of the fragmentation of the RIA marketplace in order for us to create scale, we really have to do a lot of acquisitions. 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. Please try again or contact. So you're right, it's not a cost-cutting effort. Our rebranding effort will be fully completed by Q1 2021 ' period would... 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