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. 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. But it is something that we're monitoring. And then the second piece is as it relates to the employees. Thank you for the question. 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. So where we come in is we come in -- in the middle. We had another strong quarter as markets and our AUM continued to rebound. He has So the ability to buy scale and wealth management given where we're focused, doesn't really exist. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. What differentiates you as you embark on this strategy? 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. And if you're not like what would be the reasons why you're not completing them? And I think that's really resonating. Wealth management assets jumped to $66.1 billion on market performance and with the addition of BDF and Congress in the third quarter. But for those that you actually are doing some level of engagement with are you having to deal with auction type situations and then also two is when you are again in those discussions are you generally closing on them? Introductory comments for a webcast by Kurt MacAlpine, Chief Executive Officer, CI Financial: Good afternoon and thank you for joining me today. 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 have been using the model as a starting point. So I feel fantastic about the progress we've made. 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. 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. Sure. 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. So it is a lever that, we could use, but we'll do it in a very disciplined manner when they do. Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. 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. Oftentimes, firms will initiate transactions for financial reasons, personal liquidity events, to initiate a retirement or something like that. 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 it depends, Gary on when you're having a conversation. All of our corporate logos have been updated to the new ones shown on this page. 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. 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. So we needed to evolve our investor platform. WebCI Financials Strategic Priorities Update from CEO Kurt MacAlpine November 2019. So we had a working relationship. 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. For the best Barrons.com experience, please update to a modern browser. 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. 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. Current Address: 254 Park Avenue S Apt 6b, New York, NY 10010 Has Lived In: 101 Canal Street Apt 512, Boston, MA 02114. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, Apple Suppliers Are Racing to Exit China, AirPods Maker Says, Microsoft Expands Game Pass as Regulators Fret Over Activision Deal, Stocks Pare Drop as Traders Assess Data, Fedspeak: Markets Wrap, Cash Is Paying More Than Traditional Stock-Bond Portfolio. 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. The next question will come from Scott Chan with Canaccord. 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. Yes. Kurt Macalpine . Thanks. Hi. So that's kind of one extreme end of the spectrum. The velocity of deals that we're able to do is picking up. 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. What I would say, we have sized the potential at-risk opportunity through sub-advised mandates that exist on bank or insurance owned platforms that have their own capabilities internally. 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. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. https://www.barrons.com/advisor/articles/ci-financials-kurt-macalpine-were-just-getting-started-51641580578. But the way, we had structured our investment platforms we were only able to deliver the scale at the individual boutique level. Sure. 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. One would be capability expansions. Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. I had a good understanding of their particular businesses, their capabilities, their teams and their growth rate. SG&A in the wealth segment moved up slightly to $30.4 million even though incremental SG&A from RIAs acquired this year was more than $2.9 million in the quarter. So they're taking some form of stake in the business and allowing the business to continue to operate on a freestanding independent basis. Not so much. I assume this is low margin. Yes. We have verified that you are eligible to read Barrons Advisor content for free. WebWhat is the salary of Darie Urbanky? 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. 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. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. 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. 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. I am optimistic that we're going to work through the redemptions and put ourselves on a better path forward. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ET. As As for its expansion, it appears CI has no plans to slow down. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. 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. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U. I just really don't think, you can do that and we guarantee a better client experience and guarantee a better employee experience. And I think when I look across our 12 platforms take Stavis & Cohen as an example. The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. And once again that was a speculation based upon the breakdown of the platform. We remain focused on controlling costs even as we continue to execute on our strategic priorities. Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through a period of rapid acquisition and growth. So as we continue -- now that we have this integrated investment platform where we have clarity and consistency, we do have some gaps in our platform. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. CI Financial, Corp. (CIXX) Q2 2021 Earnings Conference Call August 10, 2021 10:00 AM ETCompany ParticipantsKurt MacAlpine Chief Executive OfficerAmit So we're doing things more digital. We made considerable progress across our rebranding efforts with the rollout of our new website in October. Next, I will update you on our corporate rebranding initiative. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. 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. If you have an ad-blocker enabled you may be blocked from proceeding. So every month essentially, we capture all of the inputs from various levels of engagement and the model gets smarter and more detailed. 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. Thank you, Kurt. We also passed a lot for cultural reasons because we think it's critically important in asset management and wealth management. 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. You will note that our business was aligned by boutique brands with many of the brands offering competing mandates and capabilities. So the boutique and multi-brand structure was, I'd say perfectly designed for the marketplace up until five or six years ago. So through our strategic integrated collaborative approach we will naturally work our way to an integrated platform. 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. WebKurt MacAlpine is Chief Executive Officer at CI Financial Corp. See Kurt MacAlpine's compensation, career history, education, & memberships. 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 growing and building and improving the business is critically important to our strategy. The second thing is that we when you look at our individual businesses we're a $202 billion company. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy. 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. Just maybe one last one if I could. And it would be more opportunistic in nature. We've been operators of wealth management businesses in Canada for decades. They recognize the need to get bigger. It has informed our digital marketing campaigns, all of our e-mail campaigns that we're doing today are based off of insights that we're receiving from that model. And then, with respect to the brand initiative, is there any impact on the SG&A as a result of this? 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. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. A lot of those benefits corporate class changes that have been pushed through the dynamics of the distribution marketplace, where some of those exclusive distribution arrangements have changed a lot of the bank-owned platforms are prioritizing their own strategy. 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. There's a scenario where all of it redeems and every scenario in between. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. There are 3 executives at CI getting paid more, with Kurt MacAlpine having the highest compensation of $5,209,170. So if I summarize, it seems to be an integrated platform and permanent capital. So, I would say Scott, it's still very early days. And where do you see the process perhaps being a longer effort to turn the ship around? And I think we're off to a really great start in Liquid Alternatives. First, on the U.S. wealth management initiative. Good morning. Our content is free but available only to wealth management professionals. (Podcast). You can sign up for additional alert options at any time. Two increasingly important categories where we are growing our market share. They want to benefit from an integrated platform. So our ability to get to much larger asset levels will be a function of a series of consistent transactions. The infrastructure of a bank, but with a boutique feel, NBFWM offers broad services and security for clients. 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. 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. Good morning. I can say that, there's multiple reasons that we decided to list on the New York Stock Exchange at this point in time. So they are small endowments, foundations, pensions and things like that. Congratulations! Welcome to Barrons Advisor! 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. Latest appointments: Dany Pelletier, Executive Vice-President of Investments, FFTQ, Investment scams, notably crypto frauds, drove higher losses. All rights reserved. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ETCompany ParticipantsKurt MacAlpine - Chief Executive Kurt MacAlpine Thank you, Amit. India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Musk donated around $1.95 billion in Tesla shares last year, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk recruits team to develop OpenAI rival - The Information, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, French tycoon Niel hikes stake in Millicom to 19.6%, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon. I don't have the exact number in front of me, but you're in the ballpark. Thanks and good morning. So that really seems to be where our institutional business has experienced the vast majority of our redemptions over the past year. In the process, its drawn the ire Our signage has been changed and our websites are being transformed, which started with the new CI Financial website that we rolled out a couple of weeks ago. It also excludes any strategic or cost synergies, asset management product sales, business model improvements or planned but unannounced transactions. 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. All lines are in a listen-only mode. If I look at just the pipeline of firms that we are having conversations with it's really increasing on an ongoing basis. 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. Prior to that, he was a sell-side analyst covering asset and wealth managers at Piper Jaffray. 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. And then just on the RIA acquisition pipeline like how would you describe the size of it today? And why would that be? And then from there you'd have to determine, obviously, what percentage do you think ultimately will move. 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. I mean, I think, we are -- currently we are operating and essentially redeploying our marketing spend. If you experience any issues with this process, please contact us for further assistance. 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. Like what sort of, hit rate do you think you would be able to get looking out over the next year? Can you quantify how much of that comes from the line to get a sense on the U.S. RIA traction? In the third quarter U.S. AUM grew 10% to $4.7 billion on net sales of $300 million and market performance. We anticipate that the rebranding effort will be fully completed by Q1 2021. The revenue earned on these assets is recorded in the asset management segment. Please. I don't feel that it is imperative that we do it via major M&A. Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as And then the question was well, which of the CI businesses would it ultimately come to? Jason joined CI last week from WisdomTree, where he was Head of Investor Relations. I would say the vulnerabilities remain the vulnerabilities that we currently have. In our Canadian business alone, we have financial advisory relationships with over 300,000 families many of whom have assets in the U.S. today. If youre not a wealth management professional, you can find other great financial content at. The integrated platform builts by the leaders of the businesses, based upon the feedback from their clients. If not, we're pretty close. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. As everyone knows M&A in and of itself is quite lumpy. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. We are making these changes while protecting the elements of our investment platform that make us unique. Good morning, ladies and gentlemen. 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. Okay. 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 what I would say is, we're listing ourselves on the New York Stock Exchange effective next week. And they have a very unique approach which includes tax planning estate and retirement that's probably more advanced than the typical wealth management platform. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. When you think about M&A and wealth management versus asset management, it's really a different approach. So, it is not panning the majority or a meaningful portion of that number. 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 Okay, great. I think we're ahead of schedule relative to what we would have initially anticipated. Joining me on today's call is our CFO, Doug Jamieson; and our new Vice President of Investor Relations and Strategy, Jason Weyeneth. So, the three transactions, plus Bowling which we announced earlier in the quarter, so it would be the combination of those four plus Aligned. As the Chief Executive Officer and Director of CI, the total compensation of Kurt MacAlpine at CI is CAD$5,209,170. There are no executives at CI getting paid more. Wallmine is a radically better financial terminal. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. This slide provides a snapshot of our new investment management organizations. 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. 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. Hi. And so we come into the marketplace we're strategic permanent capital. 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. 3% growth from a year ago. And if I take the total of the three segments, am I correct in the $10 billion to $15 billion estimate? Computershare Investor Services. You must click the activation link in order to complete your subscription. Trading is expected to begin next Tuesday the 17th, under the symbol CIXX. This number only includes our current interest in these companies and does not include any growth or market assumptions. I would now like to turn the call over to Mr. Kurt MacAlpine, CEO of CI Financial. And I've just got a follow-up. 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. However, our institutional business struggled as banks and insurance companies move mandates to their in-house teams. Please go ahead. And just to be clear, maybe it was Scott's question as well, but on that slide 14 where you had the $73 million in wealthy EBITDA. Thank you for the question. 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. 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. 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. Please disable your ad-blocker and refresh. Yes. 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. Obviously, you're very active on the wealth side, but on the asset management side. So for wealth management, because of the fragmentation of the RIA marketplace in order for us to create scale, we really have to do a lot of acquisitions. The $2.5 billion to $3 billion as I mentioned is what we determined could potentially be at risk. Thanks. As you can see, we've experienced phenomenal growth this year. And so that's been helpful. In October, we saw a 19% improvement in Canadian retail net sales and a 63% improvement in institutional net sales on a sequential basis. CEOs radical remake accompanied by staff exodus, higher debt, Chairman says of employee complaints: I could care less. Sure. So if I go back to the same slide last quarter where you had the $40 million EBITDA lift so am I wrong to think that's the EBITDA contribution related to that $400 million acquisitions? Free cash flow was up 12% to $143.9 million from $128.3 million last quarter. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. Thank you. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. I think that includes the cash consideration and the contingent payment. That is helpful. Wallmine is a radically better financial terminal. We're essentially redesigning our website to really focusing on different areas. 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