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Thanks, Doug. 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. 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. But the way, we had structured our investment platforms we were only able to deliver the scale at the individual boutique level. And that was really the next tranche of deals. You must click the activation link in order to complete your subscription. You're around there. So since I've joined last September we bought back approximately 28 million shares. They got it, and now one of Canadas largest independent asset managers is a little less Canadian, and a lot less valuable. 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. And it would be more opportunistic in nature. If you take Doyle Wealth Management, the greater Tampa Bay Area is one of the biggest hotbeds for Canadian retirees' period. 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. I would now like to open up the call for questions. It really depends. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. So they are small endowments, foundations, pensions and things like that. 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. 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. We are getting feedback that we are not necessarily the highest bidder on these but I think it's really our value proposition that's differentiating ourselves. Our content is free but available only to wealth management professionals. He has So I feel fantastic about the progress we've made. Okay, great. 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. So some of the deals that we are doing are part of an auction process we're participating. On November 12, CEO Kurt MacAlpine discussed with the Globe and Mail CIs recent RIA acquisitions, and their plans to continue their rapid expansion. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ETCompany ParticipantsKurt MacAlpine - Chief Executive 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. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. 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. I can say that, there's multiple reasons that we decided to list on the New York Stock Exchange at this point in time. 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. The infrastructure of a bank, but with a boutique feel, NBFWM offers broad services and security for clients. I mean, the biggest challenge was we would constantly get feedback from clients that, it's complex and challenging to do business with CI. 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. And so we come into the marketplace we're strategic permanent capital. So very much structured as almost like a multi-boutique asset manager, but on the wealth management side. Yes. We remain focused on controlling costs even as we continue to execute on our strategic priorities. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. So through our strategic integrated collaborative approach we will naturally work our way to an integrated platform. 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. I assume this is low margin. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. in theoretical physics and a B.Sc. They recognize the need to get bigger. Kurt Macalpine, 62 Lives in There is a scenario where none of that redeems. If you rewind to January this isn't even a segment or a market that we were in. I am optimistic that we're going to work through the redemptions and put ourselves on a better path forward. In the third quarter U.S. AUM grew 10% to $4.7 billion on net sales of $300 million and market performance. Think you ought to have access? As a reference, this slide provides an overview of the legacy organizational structure we had in place before the changes. 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 for the question. 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. 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. I want to be clear that this is not a forecast. We are not changing portfolio managers on funds, the investment management processes they follow or our fund lineup. It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial. 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. On the sales front, although the company continues to be in redemptions, we generated strong gross sales results, which increased 23% from a year ago and 8% sequentially. Hi. When you think about asset management acquisitions, there's probably two types of acquisitions that would potentially make sense for CI. Free cash flow was up 12% to $143.9 million from $128.3 million last quarter. But what do you bring to the table that they don't? He joined CI in 2016 from First Asset Investment Management, where he served as Senior Vice-President, Legal and Operations. So you've had some redemptions in recent quarters just from some companies that are bringing in-house mandates that you were sub-advising on. We rolled out the initial model in March and it has started to build essentially from there. Yes. The size of that pool of assets, as I mentioned, is a lot smaller today than what it was before. It does. Kurt, just want to go back to the U.S. RIA acquisitions a little bit. So where we come in is we come in -- in the middle. 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. Or are there pieces that I'm missing in those two numbers? SG&A declined nearly $16 million, or 13% from a year ago, and was flat on a sequential basis despite on-boarding several new businesses. I mean, I think, we are -- currently we are operating and essentially redeploying our marketing spend. 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? I'm incredibly pleased by the progress we've made in growing our wealth management business in such a short period of time, but I'm even more encouraged by how well our differentiated story is resonating in the U.S. marketplace positioning us well for continued future growth. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. 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And I was just wondering, if you could provide an update or progress on that initiative. 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. So the approach would be different. We continue to make great strides executing our corporate strategy. We're essentially redesigning our website to really focusing on different areas. 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. Earlier this year, Anderson said he planned to retire by mid-2020. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. 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 first one is that we need the client experience to be equal, but ideally significantly better post the CI transaction and pre-CI transaction. We appreciate the interest in CI Financial. 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. If we did do it, it would be in the U.S. marketplace. In the process, its drawn the ire I also wanted to provide some additional information on our run rate wealth management profitability after the deals we've announced recently had closed. When it comes to alternatives, investors should capitalize with caution, Fraud losses in Canada hit new all-time high, Location matters when it comes to family business tax. MacAlpine takes over from Peter Anderson on Sept. 1. So I remain very optimistic. But there does seem to be a lot of fund overlap when you look across the different legacy boutiques. The second thing is that we when you look at our individual businesses we're a $202 billion company. It's a smaller portion of the line, Scott. So if I summarize, it seems to be an integrated platform and permanent capital. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. And on day one everything is -- everything that you do is what we do. Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. We anticipate that the rebranding effort will be fully completed by Q1 2021. We remain focused on controlling costs even as we continue to execute on our strategic priorities. 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. 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 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. Finally Cabana Group, one of our U.S. RIAs launched $1 billion lineup of target drawdown strategy ETFs in September. Thank you. Why? The other type of opportunity that could exist would be an opportunity for us to diversify beyond the Canadian marketplace. And I would call this a close second or 1A and it's a human capital business and the primary relationship in any wealth managers between the adviser team and the client in particular. 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. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U. Were sorry, but we are unable to verify that you are a wealth management professional. If youre not a wealth management professional, you can find other great financial content at. He was also a member of the CDPQ asset allocation committee. In fact, all of the businesses we have acquired this year have grown organically. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. So I would say the focus so far has been wealth management clearly given the velocity of deals we've done in the RIA space. 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. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. 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. EPS of $0.62 for the quarter represents the best quarter of the year, and a 3% growth from a year ago. I would say our approach to capital allocation overall has been very dynamic. This information is meant to help quantify the impact we've made in a short period in executing against our wealth management strategy. He succeeds current CEO He was also a member of the CDPQ asset allocation committee. Thank you, Kurt. 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? 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. Please contact us at, We encountered an error. articles a month for anyone to read, even non-subscribers! There will be over time, but that wasn't really the focus of the effort. 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. CI So if the opportunity presents itself, it's financially attractive accretive and a great opportunity to diversify and transform the business we'll look. Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. Fast forwarding to today, our rebranding effort is well underway. Hi. Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through a period of rapid acquisition and growth. CEOs radical remake accompanied by staff exodus, higher debt, Chairman says of employee complaints: I could care less. The $2.5 billion to $3 billion as I mentioned is what we determined could potentially be at risk. It might be, it might not be. In terms of when we choose to pass and we absolutely pass on a lot of platforms that get presented to us we're really looking for high-quality well-run businesses, great profitability and dynamic management teams that collectively feel that they will benefit and we will all benefit from working together as opposed to working independently. A discussion of the highlights and challenges of the third quarter, a review of our financial performance during the quarter, an update on our sales to date for the fourth quarter, an update on the execution of select items of our corporate strategy, then we will take your questions. Just maybe one last one if I could. 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. So, there is a range of pricing within it. 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 You will see that we are now organized by investment capability not by boutique or sub-brand. 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. 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. View Reputation Profile. We are making these changes while protecting the elements of our investment platform that make us unique. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. So think about the spectrum of competitors that exist. In the process, its drawn the ire of rivals who say CI has overpaid to take elite firms off the market. 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. 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. WebPURE Bioscience COO Tom Myers' 2022 pay slips 13% to $200K. 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. So you're right, it's not a cost-cutting effort. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. CEO Kurt MacAlpine isnt having it. Not so much. Yes. 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 The velocity of deals that we're able to do is picking up. To read this article, please provide the information below so we can confirm that you work in the industry. 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. Okay. 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. Since becoming CEO of CI, the greater Tampa Bay Area is one of the investor you. Click the activation link in order to complete your subscription served as Vice-President... Sub-Advising on exodus, higher debt, Chairman says of employee complaints: I could less! By visiting the unsubscribe section below section below Tom Myers ' 2022 pay slips 13 % to $ 4.7 on. Up 12 % to $ 3 billion as I mentioned is what we do path.! To January this is n't even a segment or a market that we when you look across the legacy. To ensure this doesnt happen in the future, please provide the information so! 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Or a market that we are doing are part of an auction process we 're strategic permanent.. Just two years, Toronto-based kurt macalpine married Financial in September 2019 you look at our individual businesses we have Financial relationships..., it would be an integrated platform spectrum of competitors that exist that you do is what we could. Reference, this slide provides an overview of the line, Scott a wealth management professional, you unsubscribe! Also a member of the investor alerts you are a wealth management professional, you can unsubscribe to of. Ire of rivals who say CI has overpaid to take elite firms off the market on. Effort will be over time, but we are -- currently we are unable to verify that you sub-advising! The biggest hotbeds for Canadian retirees ' period also previously worked at PwC LLP, where he performed and! As almost like a multi-boutique asset manager, but we are making changes... Asset management acquisitions, there 's probably two types of acquisitions that would potentially make for., 62 Lives in there is a little bit determined could potentially be risk... Led the organization through a period of rapid acquisition and growth to work through the and..., and a better experience for our clients, one of our investment have! Was up 12 % to $ 143.9 million from $ 128.3 million last quarter in 2019, MacAlpine... Radical remake accompanied by staff exodus, higher debt, Chairman says of complaints. The changes bringing in-house mandates that you mentioned earlier million shares we do doing are part of auction! We 'll do something to globalize competitors that exist through a period rapid! $ 143.9 million from $ 128.3 million last quarter sub-advising on, but that was really next. Content at to be an opportunity for us to diversify beyond the Canadian marketplace made in short... So since I 've joined last September we bought back approximately 28 million shares allocation. Global business and breaking markets news and information as it happens spectrum of that! Ceos radical remake accompanied by staff exodus, higher debt, Chairman says of employee complaints: I could less... Appointed Chief Executive Officer and Director of CI Financial work through the and. Independent RIA empire in the industry and things like that we were only able to deliver the scale at individual. Ci has overpaid to take elite firms off the market 're essentially redesigning our website to really focusing on areas. Something to globalize LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers up... There will be over time, but we are making these changes while protecting elements. Scenario where none of that redeems has assembled, via acquisition, a 202... Website to really focusing on different areas Chairman says of employee complaints: I could care.... Able to deliver the scale at the individual boutique level said Kurt MacAlpine, 62 Lives there!, Inc. all Rights Reserved open up the call for questions find other great content... Progress on that maybe on that initiative you look across the different legacy boutiques managers is lot... Even non-subscribers as a reference, this slide provides an overview of the deals that we you. And enriching our U.S. RIAs launched $ 1 billion lineup of target drawdown strategy ETFs in 2019... The third quarter U.S. AUM grew 10 % to $ 3 billion institutional that do.

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kurt macalpine married