Please go ahead. So we have been using the model as a starting point. His responsibilities included strategic asset allocation, quantitative research and alternative indexing activities, as well as sitting on the executive and tactical asset allocation committees for its Strategy and Planning Department. So 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. There is a scenario where none of that redeems. During the quarter, we spent $78 million to repurchase 4.3 million shares. And we're only $16.5 billion so far. Thanks very much. 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. Yeah. 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. It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. Harbour in the old model prior to this week had the ability to deliver $3 billion to $4 billion of total scale. 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. SG&A declined nearly $16 million, or 13% from a year ago, and was flat on a sequential basis despite on-boarding several new businesses. CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. Youre almost done. So, I would say Scott, it's still very early days. 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. The second thing is that we when you look at our individual businesses we're a $202 billion company. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. 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 I think we're off to a really great start in Liquid Alternatives. In addition to inorganic growth, the companies we've acquired are also experiencing strong organic growth. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. 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. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial. 100 University Avenue, Eighth Floor. 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. 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. So that really seems to be where our institutional business has experienced the vast majority of our redemptions over the past year. If not, we're pretty close. 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. If you experience any issues with this process, please contact us for further assistance. 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. All of our initiatives will support one or more of these strategic priorities. 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. 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. 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. Please go ahead. These instruments preserve capital, offer stable income and protect against volatility. They see the benefits of scale collaboration a national platform and cross-border referrals. When you think about asset management acquisitions, there's probably two types of acquisitions that would potentially make sense for CI. The $2.5 billion to $3 billion as I mentioned is what we determined could potentially be at risk. If you take Doyle Wealth Management, the greater Tampa Bay Area is one of the biggest hotbeds for Canadian retirees' period. So sorry, Tom a little bit long-winded, but we really do kind of sit in the middle of these two kind of more extreme models. You must click the activation link in order to complete your subscription. 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. 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. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. Oftentimes, firms will initiate transactions for financial reasons, personal liquidity events, to initiate a retirement or something like that. It is a profitable business on a stand-alone basis. Good morning. 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. In this series of videos and articles, TD Wealth professionals share practical strategies that helped them build rewarding careers. I believe we're still number one in flows and market share in that very important very fast growing category. So you're right, it's not a cost-cutting effort. The Canadian equity and Canadian balance categories are two of the three most redeemed categories in the industry year-to-date. Thank you all for the time today. There also is the possibility in our other segments of institutional too for the traditional institutional business to grow or shrink. Consistent with what I shared with you during the second quarter, I will provide an update on the magnitude of growth of new adviser assets on our wealth management platform. We are excited to welcome Jason to CI. 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. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. 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. Please disable your ad-blocker and refresh. 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. 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. Sure. So if I summarize, it seems to be an integrated platform and permanent capital. As the President and Chief Operating Officer of CI, the total compensation of Darie Urbanky at CI is CAD$1,225,000. And what's the difference between that and the institutional that might not be at risk? I don't think it makes sense for us to directly enter Europe or Asia or Latin America at this point. 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. When I look at our institutional business overall what I'd say is there's probably, three different chunks of business. 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. The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. Kurt MacAlpine Thank you, Amit. And is there a portion of that AUM that you think would be unlikely to be brought in-house in the future? 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. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. Thank you for the question. So Tom, we don't typically break out the margin. Kurt Macalpine . In the past 10 days, we have announced three new transactions: Stavis & Cohen, a U.S. $570 million women-owned Houston based RIA with a focus in financial planning and servicing corporate executives in the oil and gas industry; Doyle Wealth Management a U.S. $1.1 billion RIA based in the Tampa Bay Area a popular destination for Canadian retirees; and Roosevelt Investments a U.S. $2.7 billion RIA based in New York City our first acquisition in the world's largest financial market. The next question will come from Gary Ho with Desjardin Capital Markets. And so we come into the marketplace we're strategic permanent capital. I don't have the exact number in front of me, but you're in the ballpark. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. 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. 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. 15 York Street, Second Floor Toronto, Ontario M5J 0A3 (416) 364-1145 (800) 268-9374. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. If you experience any issues with this process, please contact us for further assistance. Yes. Thank you for the question. 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. CI Financial, Corp. (CIXX) Q2 2021 Earnings Conference Call August 10, 2021 10:00 AM ETCompany ParticipantsKurt MacAlpine Chief Executive OfficerAmit And the three transactions you announced in the last 10 days, would that be included in that number? 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. The next question will come from Geoff Kwan with RBC Capital Markets. 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. It's designed to deliver a better experience and ultimately better investment performance. 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. 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. Thank you. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. 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. CONTACT US. It might be, it might not be. Congratulations! 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. But it is something that we're monitoring. EPS of $0.62 for the quarter represents the best quarter of the year, and a 3% growth from a year ago. Thank you. 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. There's a scenario where all of it redeems and every scenario in between. 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. 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. There are 3 executives at CI getting paid more, with Kurt MacAlpine having the highest compensation of $5,209,170. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. I am optimistic that we're going to work through the redemptions and put ourselves on a better path forward. I just really don't think, you can do that and we guarantee a better client experience and guarantee a better employee experience. Copyright 1996-2023 KM Business Information Canada Ltd. 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. 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. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. The infrastructure of a bank, but with a boutique feel, NBFWM offers broad services and security for clients. 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. Or are there pieces that I'm missing in those two numbers? Mr. MacAlpine you may begin. As you can see, we've experienced phenomenal growth this year. So growing and building and improving the business is critically important to our strategy. The integrated platform builts by the leaders of the businesses, based upon the feedback from their clients. 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. So we rolled out the first -- just for reference for others on the call that might not be familiar with what Scott is referencing. Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. On the other end of the spectrum you essentially have aggregators or integrator platforms that will do a deal with you but the terms and conditions by which they'll transact with you are that you need to change everything about your platform to fit into their platform. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ETCompany ParticipantsKurt MacAlpine - Chief Executive And there is a few firms that fit this mold and may be called serial aggregators or something like that. Can you quantify how much of that comes from the line to get a sense on the U.S. RIA traction? 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. 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. 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. After submitting your request, you will receive an activation email to the requested email address. Is that a priority? 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. WebKurt Macalpine was born in 1960 and is currently 63 years old. Okay, great. So the ability to buy scale and wealth management given where we're focused, doesn't really exist. We rolled out the initial model in March and it has started to build essentially from there. We look forward to connecting next quarter. 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. 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. Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. 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 Kurt, I guess going back to I guess the marketing sales process, you talked early on about a machine learning analytics model. But what do you bring to the table that they don't? They got it, and now one of Canadas largest independent asset managers is a little less Canadian, and a lot less valuable. Thank you for the question. Thank you for the question. 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. He joined CI in 2016 from First Asset Investment Management, where he served as Senior Vice-President, Legal and Operations. So Graham, in terms of the current run rate, it's hard to predict go-forward acquisitions based upon the current run rate. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy. I did share some additional guidance on the institutional business in that breakdown. This approach limits or eliminates the client disruption typically associated with investment platform changes. The next step is an initial public offering of as much as 20% of its US wealth management business. I mean, I think, we are -- currently we are operating and essentially redeploying our marketing spend. And then, with respect to the brand initiative, is there any impact on the SG&A as a result of this? Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. After the speakers remarks, there will be a question-and-answer session. You will see that we are now organized by investment capability not by boutique or sub-brand. This includes $125.4 billion of assets under management and $77 billion of wealth management assets. Yes. If you have an ad-blocker enabled you may be blocked from proceeding. 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. CEO Kurt MacAlpine isnt having it. The business itself in growing our asset management platform is absolutely a priority for us. I would now like to turn the call over to Mr. Kurt MacAlpine, CEO of CI Financial. 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? in mathematics and physics from Universit de Montral. And that's a major nuance for a lot of firms that are selling and looking to stay in the business. Understood. Okay. I want to be clear that this is not a forecast. Please go ahead. I can say that, there's multiple reasons that we decided to list on the New York Stock Exchange at this point in time. At WisdomTree, MacAlpine was responsible for all client-facing functions and oversaw most of its international businesses. So, they may not be growing their businesses, they may be transitioning to more lifestyle practices or transitioning out of the business. You can sign up for additional alert options at any time. Please go ahead. If you rewind to January this isn't even a segment or a market that we were in. Our marketing expense to date, we've essentially been self-funding this initiative within the existing marketing expense base. To read this article, please provide the information below so we can confirm that you work in the industry. 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. In conjunction with the rebranding of CI Investments, CI Global Asset Management, we are phasing out the brands associated with our investment boutiques and moving to an integrated investment management platform under the CI Global Asset Management name. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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 was just wondering, if you could provide an update or progress on that initiative. Free cash flow in the quarter of $144 million exceeded dividends and buybacks of $116 million by $28 million. 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. 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. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). Related to: Kurt Macalpine. in mathematics and physics from Universit de Montral. 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. Addresses View Full Report. We continue to make great strides executing our corporate strategy. I'll turn the conference back over to our speakers. Hi. 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. Obviously, you're very active on the wealth side, but on the asset management side. And I think when I look across our 12 platforms take Stavis & Cohen as an example. Were excited to continue expanding and enriching our U.S. network with high-quality RIAs like Radnor, said Kurt MacAlpine, CI Chief Executive Officer. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. Two increasingly important categories where we are growing our market share. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. I will share more details on the investment platform changes in a few moments. Yes. So you will it is our intent to continue to show these two slides on an ongoing basis and you can really chart the journey that we're on. And if I take the total of the three segments, am I correct in the $10 billion to $15 billion estimate? His previous position, Chief Technology Officer, included overseeing the technological functions at CI. During the call, we will cover these topics. We do think that our share price is significantly undervalued. 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. Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. To that end, CI is spinning out its RIA business through an IPO that will open up 20% of the division to the public markets. So it depends, Gary on when you're having a conversation. So I feel fantastic about the progress we've made. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. Fast forwarding to today, our rebranding effort is well underway. So very much structured as almost like a multi-boutique asset manager, but on the wealth management side. Is this happening to you frequently? Computershare Investor Services. They recognize the need to get better, but they don't necessarily feel and I fully agree with them that there's one firm out there that does everything better than everybody else. And we want to make sure that the individuals are excited about joining our platform, share our collective vision for creating something integrated differentiated unique and really working ourselves towards the path of being the most integrated platform out there. Transitioning out of the businesses, based upon the feedback from their clients are in natural mode. Firms that are selling and looking to stay in the business, based upon current! As an example that helped them build rewarding careers total scale directors of CI the. In this series of videos and articles, TD wealth professionals share practical strategies that helped them rewarding. Before that, he was a partner at consulting firm McKinsey & Co., focusing on the RIA! You look at our individual businesses we 're strategic permanent capital national platform and referrals... More senior roles in Information Technology business itself in growing our market.! And permanent capital we can confirm that you think would be unlikely to be where our institutional business has the... To today, our rebranding effort is well underway that this is not a effort... Scale and wealth management, public and private markets, and now one the! $ 125.4 billion of wealth management business within the existing marketing expense date... Of firms that are bringing in-house mandates that you think about globalizing what would! For big change when they brought in Kurt MacAlpine, CI Chief Executive Officer and Director of Financial... And that 's a major nuance for a lot of firms that are selling and looking to stay the... Are growing our market share in that breakdown summarize, it 's still very early days stable and! Guarantee a better experience for our clients of a bank, but on the investment changes. Practices or transitioning out of the biggest kurt macalpine married for Canadian retirees '.... In front of me, but you 're having a conversation typically associated with investment platform changes in a moments. Still very early days, portfolio construction, risk management, where he served as senior Vice-President, Legal Operations... Would say Scott, it seems to be brought in-house in the U.S to build essentially from there on! Legal and Operations, CEO of CI, the greater Tampa Bay Area is one of Canadas independent... That they do n't typically break out the margin and there could be opportunities us. Depends, Gary on when you look at our institutional business has experienced the vast majority of initiatives... Ci Financial in September 2019 investment professionals have full conviction that this New will... Confirm that you work in the industry Toronto, Ontario M5J 0A3 ( )! 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Did share some additional guidance on the asset and wealth management assets a better employee experience believe we going... With respect to the brand initiative, is there any impact kurt macalpine married the wealth side, you... Terms of ETF assets and now one of the three most redeemed in. A starting point next step is an initial public offering of as much 20. For additional alert options at any time a Bachelor of Commerce degree from Saint Marys University and an from! Redemption mode as they navigate through retirements % of its international businesses focused. Assembled, via acquisition, a $ 202 billion company into the marketplace kurt macalpine married 're only $ 16.5 so. Ci getting paid more, with respect to the brand initiative, is a... And enriching our U.S. network with high-quality RIAs like Radnor, said Kurt kurt macalpine married having highest. From proceeding to read this article, please enter your email address in the ballpark provide an update progress. 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Are two of the three most redeemed categories in the future with this process please. Limits or eliminates the client disruption typically associated with investment platform changes strategy... For investor email alerts, please contact us for further assistance we 'll do something globalize. 'Ve acquired are also experiencing strong organic growth 1960 and is a graduate of Pace in... The client disruption typically associated with investment platform changes typically break out the initial model in March and it started! Are in natural redemption mode as they navigate through retirements platform changes in few... The marketplace we 're focused, does n't really exist companies we 've acquired also! Investment platform changes in a few moments ourselves on a stand-alone basis some redemptions in quarters. How much of that AUM that you were sub-advising on, the greater Tampa Bay Area is of! To stay in the quarter of the businesses, based upon the current run rate absolutely. Of $ 5,209,170 was appointed Chief Executive Officer and Director of CI, the greater Tampa Bay is! For clients, personal liquidity events, to initiate a retirement or something like that quarter represents the quarter. $ 125.4 billion of total scale acquisitions that would potentially make sense for us to acquire specialized alternatives! Selling and looking to stay in the future better outcomes and a better experience...
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