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. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. Finally, I will discuss changes that we've made to our investment function. Next, I will update you on our corporate rebranding initiative. in theoretical physics and a B.Sc. So when you look at holistically the combination of the pivots we've made on the sales front, the enhancements we've made to the product lineup through the Liquid Alternatives and DoubleLine plus the re-platforming of our investment organization to really make it more modern and integrated. At this time, I would like to welcome everyone to the CI Financial 2020 Third Quarter Results Webcast. I'd say, it's directionally in the right direction, Gary. The company acquired 13 registered investment advisors in the US in 2020, along with Canadian advisor network Aligned Capital Partners. And I've been very pleased by how well our marketing team has embraced it to really set up and structure all of the campaigns and engagement models that we're ultimately building. So, I would say Scott, it's still very early days. 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 that's kind of one extreme end of the spectrum. 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. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. Spend in the asset management segment declined $1.1 million from last quarter even as average AUM increased 5% and is down $16.1 million from one year ago as we continue to streamline asset management operations. 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. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. 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. Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. So we're doing things more digital. 3% growth from a year ago. Were excited to continue expanding and enriching our U.S. network with high-quality RIAs like Radnor, said Kurt MacAlpine, CI Chief Executive Officer. Thank you for the question. But that's not to say depending on how the business evolves over time that we may spend a little bit more on a go-forward basis but it's not something we've done today. 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. If you rewind to January this isn't even a segment or a market that we were in. The ability for any boutique to deliver scale benefits was driven by the scale they had generated independently. Thank you for the question. WebKurt Macalpine was born in 1960 and is currently 63 years old. Please try again or contact. At WisdomTree, MacAlpine was responsible for all client-facing functions and oversaw most of its international businesses. 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. During the quarter, we spent $78 million to repurchase 4.3 million shares. This includes $125.4 billion of assets under management and $77 billion of wealth management assets. And that's a major nuance for a lot of firms that are selling and looking to stay in the business. And I don't think that's necessarily true for businesses like these particularly, the businesses that we're acquiring. CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. Is this happening to you frequently? Just looking at your leverage just over two times in your current free cash flow run rate, how are you feeling about sustaining this level of RIA acquisitions? You must click the activation link in order to complete your subscription. First, on the U.S. wealth management initiative. 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 The business itself in growing our asset management platform is absolutely a priority for us. This approach limits or eliminates the client disruption typically associated with investment platform changes. 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. Did I remember that correctly? In fact, all of the businesses we have acquired this year have grown organically. I know it sounds like a minor distinction, but that is very different from us, doing an acquisition and saying, we're going to buy your business. So think about the spectrum of competitors that exist. Thank you, Kurt. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. 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. CEOs radical remake accompanied by staff exodus, higher debt, Chairman says of employee complaints: I could care less. Thank you for the question. In particular, Kurt is familiar with using digital strategies to enhance efficiencies and build new services and businesses, a key plank in CIs strategic plans.. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. So, we do pass a lot. It's a tough one to predict. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ETCompany ParticipantsKurt MacAlpine - Chief Executive 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 $2.5 billion to $3 billion as I mentioned is what we determined could potentially be at risk. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. So if we're not additive to the process on the client front, we're not interested. Why? So the boutique and multi-brand structure was, I'd say perfectly designed for the marketplace up until five or six years ago. I would now like to turn the call over to Mr. Kurt MacAlpine, CEO of CI Financial. Newcom Media Inc. We use cookies to make your website experience better. 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. The velocity of deals that we're able to do is picking up. NEI Clean Infrastructure Fund expands NEIs suite of impact investment funds and helps investors ride the massive secular shift towards clean electricity infrastructure. The other type of opportunity that could exist would be an opportunity for us to diversify beyond the Canadian marketplace. 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. Thanks. 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. We reported total assets of $202.4 billion, up 4% from September and another all-time high for CI. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. And then the second piece is as it relates to the employees. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. 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. Like I said it's the wealth strategy is a very deliberate methodical approach for us to build the leading integrated private wealth platform in the U.S. 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. So that really seems to be where our institutional business has experienced the vast majority of our redemptions over the past year. Related to: Kurt Macalpine. So as it relates to the total AUM size of CI in its current standing very small, but that's essentially a little bit of more information in terms of what's remaining getting those specific criteria. We made considerable progress across our rebranding efforts with the rollout of our new website in October. 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. All of our initiatives will support one or more of these strategic priorities. Please go ahead. Finally Cabana Group, one of our U.S. RIAs launched $1 billion lineup of target drawdown strategy ETFs in September. [Operator Instructions] The first question will come from Geoff Kwan with RBC Capital Markets. 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. Yes. 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. 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. The next question will come from Geoff Kwan with RBC Capital Markets. So, it is not panning the majority or a meaningful portion of that number. 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. If youre not a wealth management professional, you can find other great financial content at. https://www.barrons.com/advisor/articles/ci-financials-kurt-macalpine-were-just-getting-started-51641580578. 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. So I feel fantastic about the progress we've made. After the speakers remarks, there will be a question-and-answer session. Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. 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. As for its expansion, it appears CI has no plans to slow down. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. WebKurt MacAlpine Age : 41 Public asset : 3,482,494 USD Linked companies : CI Financial Corp. Summary Currently, Kurt MacAlpine occupies the position of Chief Executive On November 12, CEO Kurt MacAlpine discussed with the Globe and Mail CIs recent RIA acquisitions, and their plans to continue their rapid expansion. We continue to make great strides executing our corporate strategy. Free cash flow was up 12% to $143.9 million from $128.3 million last quarter. 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. 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 are excited to welcome Jason to CI. 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. There also is the possibility in our other segments of institutional too for the traditional institutional business to grow or shrink. Sub-advisory mandates that have been outsourced to us specifically by funds that have their own competing capabilities internally and then sub-advisory mandates that have been outsourced to us by firms that don't. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. We are confident that meaningful synergy opportunities exist, but we prefer not to give guidance. 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. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. And I think that's really resonating. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. 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. 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 Yes. Is that something that is -- well how does that prioritize for you? But yes, the margins on the institutional business are lower than what we would see on retail. 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. As the President and Chief Operating Officer of CI, the total compensation of Darie Urbanky at CI is CAD$1,225,000. So growing and building and improving the business is critically important to our strategy. And why would that be? That is helpful. 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. Kurt Macalpine . Fast forwarding to today, our rebranding effort is well underway. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). 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. document.write(CurrentYear) It is a profitable business on a stand-alone basis. And we're only $16.5 billion so far. 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. WebKurt MacAlpine is Chief Executive Officer at CI Financial Corp. See Kurt MacAlpine's compensation, career history, education, & memberships. 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. I would say the vulnerabilities remain the vulnerabilities that we currently have. 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. Congratulations! 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. Others are not and reach out to us offline just given there's I guess an appeal of some firms just to transact with CI directly. Thanks very much. Would those be. I mean, if a considerable improvements on a year-over-year basis, right. And where do you see the process perhaps being a longer effort to turn the ship around? Kurt MacAlpine, a Canadian with experience in management consulting and exchange-traded funds (ETFs), will take over CI on Sept. 1. 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