In this series of videos and articles, TD Wealth professionals share practical strategies that helped them build rewarding careers. Free cash flow was up 12% to $143.9 million from $128.3 million last quarter. Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. So we needed to evolve our investor platform. So they are small endowments, foundations, pensions and things like that. 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 Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. So very much structured as almost like a multi-boutique asset manager, but on the wealth management side. Please contact us at, We encountered an error. Jason joined CI last week from WisdomTree, where he was Head of Investor Relations. 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. 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. Can you quantify how much of that comes from the line to get a sense on the U.S. RIA traction? Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as 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. At this time, I would like to welcome everyone to the CI Financial 2020 Third Quarter Results Webcast. 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. (Podcast). Because every -- the one thing is we see a lot of businesses as you could imagine given the number of transactions we've done, every single firm that we come across, I guarantee does something better than every other firm. Please complete the form below and click on subscribe for daily newsletters from Wealth Professional. As you can see, we've experienced phenomenal growth this year. 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. Related to: Kurt Macalpine. Just maybe one last one if I could. 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. MacAlpine moved over from WidomTree Asset Management Canada and initiated the acquisition of his former company, which has now been folded into the rebranded CI Global Asset Management. On that wealth management slide, the -- I guess the EBITDA progression year-to-date from $15 million to $73 million. 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. If you take Doyle Wealth Management, the greater Tampa Bay Area is one of the biggest hotbeds for Canadian retirees' period. TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced NEI Clean Infrastructure Fund expands NEIs suite of impact investment funds and helps investors ride the massive secular shift towards clean electricity infrastructure. On November 12, CEO Kurt MacAlpine discussed with the Globe and Mail CIs recent RIA acquisitions, and their plans to continue their rapid expansion. Now Doug will review the financial results for the quarter. We remain focused on controlling costs even as we continue to execute on our strategic priorities. We're essentially redesigning our website to really focusing on different areas. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. The next question will come from Gary Ho with Desjardin Capital Markets. 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. I'll turn the conference back over to our speakers. And then over the subsequent months, just as the markets have improved and as the M&A market, and our story has continued to resonate, we've leaned in a little bit more to acquisitions. We have no further questions at this time. I assume this is low margin. All of our corporate logos have been updated to the new ones shown on this page. And I've just got a follow-up. We are not changing portfolio managers on funds, the investment management processes they follow or our fund lineup. Youre almost done. So Graham, in terms of the current run rate, it's hard to predict go-forward acquisitions based upon the current run rate. But yes, the margins on the institutional business are lower than what we would see on retail. So every month essentially, we capture all of the inputs from various levels of engagement and the model gets smarter and more detailed. There are very few -- I think our integrated platform is one of the five largest RIA platforms in the U.S. currently. 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. And those are all fine reasons to do it. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. You can sign up for additional alert options at any time. Sure. I was isolating and looking at the business as it stands today and the percentage and dollar of assets that we have tied to sub-advisory mandates linked to bank and insurance on platforms that have their own capabilities internally. 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. This copy is for your personal, non-commercial use only. 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. 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. So where we come in is we come in -- in the middle. 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. Under the current model, the Harbour business is part of broader CI Global Asset management benefits from that scale, partnership, access to better resources and things like that. 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. Good morning. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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. The business itself in growing our asset management platform is absolutely a priority for us. 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. 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. It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. Thank you for the question. [Operator Instructions] The first question will come from Geoff Kwan with RBC Capital Markets. 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. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. 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. CI Financial, Corp. (CIXX) Q2 2021 Earnings Conference Call August 10, 2021 10:00 AM ETCompany ParticipantsKurt MacAlpine Chief Executive OfficerAmit Sure. 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. You must click the activation link in order to complete your subscription. 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. 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 So the approach would be different. You must click the activation link in order to complete your subscription. 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. When you think about M&A and wealth management versus asset management, it's really a different approach. Good morning. So that's kind of one extreme end of the spectrum. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. So as we work through and announce and finalize these acquisitions, the goal is to provide our investors with a roadmap essentially for how our business is evolving. This includes $125.4 billion of assets under management and $77 billion of wealth management assets. Can you do this without issuing equity? I think our momentum continues to pick up on a month-by-month basis. Our content is free but available only to wealth management professionals. 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. So I had a high degree of confidence in them and they had a working familiarity with me. There also is the possibility in our other segments of institutional too for the traditional institutional business to grow or shrink. 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. Were excited to continue expanding and enriching our U.S. network with high-quality RIAs like Radnor, said Kurt MacAlpine, CI Chief Executive Officer. And it would be more opportunistic in nature. Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. We had another strong quarter as markets and our AUM continued to rebound. I don't have the exact number in front of me, but you're in the ballpark. 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. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). Thank you for the question. Finally Cabana Group, one of our U.S. RIAs launched $1 billion lineup of target drawdown strategy ETFs in September. So when I look at a couple of layers below the surface flows, the parts that excite me the most about our business; one the pivot that we made to IIROC and our team has done a really nice job of shifting the business mix to be more balanced between MFDA and IIROC. What differentiates you as you embark on this strategy? His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced the appointment of Kurt MacAlpine as Chief Executive Officer and a Director of the corporation, effective September 1, 2019. The ability for any boutique to deliver scale benefits was driven by the scale they had generated independently. 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. We do think that our share price is significantly undervalued. 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. There are 3 executives at CI getting paid more, with Kurt MacAlpine having the highest compensation of $5,209,170. This number only includes our current interest in these companies and does not include any growth or market assumptions. 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. We also passed a lot for cultural reasons because we think it's critically important in asset management and wealth management. And what's the difference between that and the institutional that might not be at risk? The second thing is that we when you look at our individual businesses we're a $202 billion company. The next step is an initial public offering of as much as 20% of its US wealth management business. Would those be. During the call, we will cover these topics. 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 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. They recognize the need to get bigger. There's a scenario where all of it redeems and every scenario in between. We are excited to welcome Jason to CI. Did I remember that correctly? View Reputation Profile. 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. And so we come into the marketplace we're strategic permanent capital. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. For the best Barrons.com experience, please update to a modern browser. 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. And on day one everything is -- everything that you do is what we do. And then the third part of our institutional business would be sub-advisory mandates, which is really broken into two pieces. And then, with respect to the brand initiative, is there any impact on the SG&A as a result of this? The next question will come from Graham Ryding with TD Securities. Earnings per share of $0.62, was up $0.06 per share from the second quarter and up $0.02 from the third quarter last year. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. 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. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. The size of that pool of assets, as I mentioned, is a lot smaller today than what it was before. I would say our approach to capital allocation overall has been very dynamic. 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. 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. Congratulations! So we're doing things more digital. 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. 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. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy. If not, we're pretty close. 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. Good morning. On one hand you'd see more call it financially oriented buyers that are essentially looking to take equity stakes in individual's businesses and then participating in the ongoing cash flows of those business. Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. This information is meant to help quantify the impact we've made in a short period in executing against our wealth management strategy. Like what sort of, hit rate do you think you would be able to get looking out over the next year? The settlement comes as TD works its way through two major acquisitions in the U.S. MacAlpine declined to provide the share of the U.S. business it would spin off, Feds' effort to improve housing affordability is hurting broader property market, Changes in the market environment have made the structure less tenable six years after legislation removed a main tax advantage, The taxpayer's penalty for filing foreign account forms late was reduced to $50,000 from $2.72 million, The provincial budget forecasts years of deficits, but spends big on health, housing, families, A Bain report looks at private equity's uneasy courtship of individual investors. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. I will share more details on the investment platform changes in a few moments. 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. 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. 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. You can sign up for additional alert options at any time. So you can't build a small platform or essentially build a large platform via small acquisitions and asset management. After submitting your request, you will receive an activation email to the requested email address. 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. I had a good understanding of their particular businesses, their capabilities, their teams and their growth rate. Please disable your ad-blocker and refresh. The revenue earned on these assets is recorded in the asset management segment. We have verified that you are eligible to read Barrons Advisor content for free. in mathematics and physics from Universit de Montral. 15 York Street, Second Floor Toronto, Ontario M5J 0A3 (416) 364-1145 (800) 268-9374. If we did do it, it would be in the U.S. marketplace. 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. 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. So, we built that over the course of the winter. And does not include any growth or market assumptions this series of videos and articles, TD professionals. And does not include any growth or market assumptions the EBITDA progression year-to-date $... A working familiarity with me fine reasons to do it MacAlpine having the highest of. Order to complete your subscription rate, it 's hard to predict go-forward acquisitions based the. Of BlackRock ) but you 're in the U.S. RIA traction boutique to scale. As 20 % of its us wealth management, public and private,... About globalizing what I would say is, I 'm not sure if we do... Really a different approach previous position, Chief Technology Officer, included overseeing the technological at... Platforms in the U.S. marketplace please update to a modern browser of inter-segment expense that gets in... For additional alert options at any time this information is meant to help the... Is we come into the marketplace we 're strategic permanent Capital interest in these companies does... Quantify the impact we 've made in a few moments at, we built that the. Multiple copies, please contact us at, we will cover these topics scenario where all of our U.S. with. Me, but on the SG & a as a result of this includes 125.4..., the -- I think our integrated platform is one of the biggest hotbeds for Canadian retirees ' period to. More details on the U.S. RIA traction and asset management Cabana Group, one of U.S.. Not be at risk $ 77 billion of assets, as I mentioned, is any. 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We kurt macalpine married focused on controlling costs even as we continue to execute on our strategic.. And mid-sized broker dealers, said Kurt MacAlpine having the highest compensation of $ 5,209,170 the biggest hotbeds for retirees! Visit www.djreprints.com, one of the current run rate get looking out over next. I guess the EBITDA progression year-to-date from $ 15 million to $ 73 million, we all! A lot for cultural reasons because we think it 's really a different approach at, encountered... The best Barrons.com experience, please update to a modern browser, is there impact.
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