Like what sort of, hit rate do you think you would be able to get looking out over the next year? He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. I don't think it makes sense for us to directly enter Europe or Asia or Latin America at this point. 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? On the positive front, nine of our top-selling funds in the month are liquid alternatives and fixed income strategies. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. Please try again or contact. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. I don't feel that it is imperative that we do it via major M&A. He joined CI in 2016 from First Asset Investment Management, where he served as Senior Vice-President, Legal and Operations. So, we do pass a lot. I want to be clear that this is not a forecast. Sure. You're around there. 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. So our ability to get to much larger asset levels will be a function of a series of consistent transactions. So some of the deals that we are doing are part of an auction process we're participating. var CurrentYear = new Date().getFullYear()
Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. And if I take the total of the three segments, am I correct in the $10 billion to $15 billion estimate? 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. And the three transactions you announced in the last 10 days, would that be included in that number? As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. 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. 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. 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. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. I'll turn the conference back over to our speakers. And so we come into the marketplace we're strategic permanent capital. Thanks, Doug. 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. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). Harbour in the old model prior to this week had the ability to deliver $3 billion to $4 billion of total scale. Last week, we announced our application to cross-list our common shares on the New York Stock Exchange. So if the opportunity presents itself, it's financially attractive accretive and a great opportunity to diversify and transform the business we'll look. Obviously, you're very active on the wealth side, but on the asset management side. We remain focused on controlling costs even as we continue to execute on our strategic priorities. Did I remember that correctly? After submitting your request, you will receive an activation email to the requested email address. 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. 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. Thanks. So very much structured as almost like a multi-boutique asset manager, but on the wealth management side. So they are small endowments, foundations, pensions and things like that. And I was just wondering, if you could provide an update or progress on that initiative. The first one is that we need the client experience to be equal, but ideally significantly better post the CI transaction and pre-CI transaction. 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. Is that something that is -- well how does that prioritize for you? I believe we're still number one in flows and market share in that very important very fast growing category. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. 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 Free cash flow in the quarter of $144 million exceeded dividends and buybacks of $116 million by $28 million. Is this happening to you frequently? 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. 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. This new approach allows us to deliver CI's full-scale to our clients, organize ourselves by investment capability, share information more freely throughout the organization, ideally leading to better problem-solving and investment outcomes, reduce complexity in our investment organization, creating a more client-friendly platform, create consistency in our objectives address gaps in our platform holistically and align the compensation model across teams. And I think that's really resonating. In addition to inorganic growth, the companies we've acquired are also experiencing strong organic growth. That's great. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. 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. On that wealth management slide, the -- I guess the EBITDA progression year-to-date from $15 million to $73 million. And then just on the RIA acquisition pipeline like how would you describe the size of it today? We've been operators of wealth management businesses in Canada for decades. 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. Introductory comments for a webcast by Kurt MacAlpine, Chief Executive Officer, CI Financial: Good afternoon and thank you for joining me today. When I look at our institutional business overall what I'd say is there's probably, three different chunks of business. articles a month for anyone to read, even non-subscribers! 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. The second part of our institutional business would be the retirement space, typically working with employers on to find contribution plans. The next question will come from Tom MacKinnon with BMO Capital. CI Financial, Corp. (CIXX) Q2 2021 Earnings Conference Call August 10, 2021 10:00 AM ETCompany ParticipantsKurt MacAlpine Chief Executive OfficerAmit I don't like to give guidance on anything as I think oftentimes it's just guessing. The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. The next question will come from Tom MacKinnon with BMO Capital. 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. So Graham, in terms of the current run rate, it's hard to predict go-forward acquisitions based upon the current run rate. Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. The first one is in the segments of advisers that we're selling products to. I had a good understanding of their particular businesses, their capabilities, their teams and their growth rate. 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. He was also a member of the CDPQ asset allocation committee. This copy is for your personal, non-commercial use only. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. WebPURE Bioscience COO Tom Myers' 2022 pay slips 13% to $200K. But it is something that we're monitoring. Yes. As everyone knows M&A in and of itself is quite lumpy. I think we're ahead of schedule relative to what we would have initially anticipated. Kurt MacAlpine, a Canadian with experience in management consulting and exchange-traded funds (ETFs), will take over CI on Sept. 1. Newcom Media Inc. We use cookies to make your website experience better. Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. 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. 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. I assume this is low margin. The board is confident that his deep industry knowledge, proven leadership and experience in developing and executing growth-oriented strategic initiatives will ensure that CI remains a leader in a rapidly changing business environment, he added. Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Two increasingly important categories where we are growing our market share. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. In this series of videos and articles, TD Wealth professionals share practical strategies that helped them build rewarding careers. 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. 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. Please go ahead. As the President and Chief Operating Officer of CI, the total compensation of Darie Urbanky at CI is CAD$1,225,000. Yes. It also just to continue to reiterate wasn't planned redemptions.
Yes. So they're taking some form of stake in the business and allowing the business to continue to operate on a freestanding independent basis. 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. 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. 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. Hi. 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. 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. 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. 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. Thank you. So if you think about, the nature of distribution at that point in time, the corporate class that we had some of the exclusive distribution partnerships business was coming to CI. If we were to do a wealth deal -- sorry an asset management deal, it would either be to acquire a capability we don't have or to expand the footprint to a market that we're not currently in. 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. 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. 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. For the best Barrons.com experience, please update to a modern browser. Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. 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. So I remain very optimistic. CEOs radical remake accompanied by staff exodus, higher debt, Chairman says of employee complaints: I could care less. Latest appointments: Dany Pelletier, Executive Vice-President of Investments, FFTQ, Investment scams, notably crypto frauds, drove higher losses. And then, with respect to the brand initiative, is there any impact on the SG&A as a result of this? 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. 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. 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. This information is meant to help quantify the impact we've made in a short period in executing against our wealth management strategy. 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. 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. There are very few -- I think our integrated platform is one of the five largest RIA platforms in the U.S. currently. in mathematics and physics from Universit de Montral. Okay. Copyright 2023 Surperformance. 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. 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. EPS of $0.62 for the quarter represents the best quarter of the year, and a 3% growth from a year ago. And then the third part of our institutional business would be sub-advisory mandates, which is really broken into two pieces. Thank you for the question. 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. 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. 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. 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. CI holds a strong and diverse portfolio of businesses and I look forward to working with the CI team to lead the company through the next stage of growth and development, MacAlpine said. So we rolled out the first -- just for reference for others on the call that might not be familiar with what Scott is referencing. Youre almost done. HEAD OFFICE. The next step is an initial public offering of as much as 20% of its US wealth management business. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. And once again that was a speculation based upon the breakdown of the platform. We are making these changes while protecting the elements of our investment platform that make us unique. If you take Doyle Wealth Management, the greater Tampa Bay Area is one of the biggest hotbeds for Canadian retirees' period. The velocity of deals that we're able to do is picking up. 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. Wealth management assets jumped to $66.1 billion on market performance and with the addition of BDF and Congress in the third quarter. How can we help you? 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. Or are there pieces that I'm missing in those two numbers? There will be over time, but that wasn't really the focus of the effort. So every month essentially, we capture all of the inputs from various levels of engagement and the model gets smarter and more detailed. That is helpful. Yes, thanks very much. The next question will come from Geoff Kwan with RBC Capital Markets. But what do you bring to the table that they don't? So I would say part of our institutional business is traditional institutional asset owners essentially and those that don't have capabilities themselves internally. 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 where we come in is we come in -- in the middle. 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. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. If you experience any issues with this process, please contact us for further assistance. This represents one of the largest, if not the largest ETF launch in history and illustrates the type of high-quality, fast-growing firms we are choosing as our U.S. partners. 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. So, the three transactions, plus Bowling which we announced earlier in the quarter, so it would be the combination of those four plus Aligned. Therefore the likely continued redemption rates that we've seen on a go-forward basis just based upon the size of the business and what's already moved is less likely to continue. 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. First, on the U.S. wealth management initiative. Kurt, just want to go back to the U.S. RIA acquisitions a little bit. As a reference, this slide provides an overview of the legacy organizational structure we had in place before the changes. 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. U.S. assets under management are reported separately as the revenues earned on those assets are part of an overall fee paid by clients for wealth management and are reported in the wealth segment. 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. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. Can you do this without issuing equity? Is that a priority? Is there an opportunity to continue to streamline your fund lineup? We just need a little more information to create your account. Copyright 1996-2023 KM Business Information Canada Ltd. Net income and adjusted net income of $130.6 million is up 9% from $120.2 million last quarter. Yes. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through a period of rapid acquisition and growth. A former McKinsey consultant and executive at WisdomTree Asset Management Inc., MacAlpine landed the job three years ago with a pitch to shake CI out The next question will come from Gary Ho with Desjardin Capital Markets. I feel very good about the changes we've made in the Canadian marketplace, absent a couple of specialized capabilities that we're in good shape and have a good platform for go forward growth. WebCI Financials Strategic Priorities Update from CEO Kurt MacAlpine November 2019. December 23, 2022 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. Bloomberg Markets Americas. In October, we saw a 19% improvement in Canadian retail net sales and a 63% improvement in institutional net sales on a sequential basis. But yes, the margins on the institutional business are lower than what we would see on retail. Okay. 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. I would say if you think about the journey we've been on the first few deals that we had started with or prioritized were firms that I had professional relationships with in prior lives. WebKurt Macalpine was born in 1960 and is currently 63 years old. 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? 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. They recognize the need to get bigger. The ability for any boutique to deliver scale benefits was driven by the scale they had generated independently. There also is the possibility in our other segments of institutional too for the traditional institutional business to grow or shrink. They got it, and now one of Canadas largest independent asset managers is a little less Canadian, and a lot less valuable. , New York, NY 10010 I was just wondering, if you could provide an update or progress that. Will not share your information with any third party from New York, is focused on controlling costs even we. Bdf and Congress in the old model prior to this week had the ability for any to. Lower than what we would have initially anticipated information as it happens radical kurt macalpine married! 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