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. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. And once again that was a speculation based upon the breakdown of the platform. I think our momentum continues to pick up on a month-by-month basis. 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. And then the question was well, which of the CI businesses would it ultimately come to? So does that include the acquisitions that are announced, but not closed such as the Roosevelt or the Doyle acquisitions that were announced earlier this week last week? 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. Bloomberg Markets Americas. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. Thanks and good morning. So every month essentially, we capture all of the inputs from various levels of engagement and the model gets smarter and more detailed. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. 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. And CI bought back 4.25 million shares in the quarter as we continue to direct cash flow, buying back shares and making acquisitions in the wealth management segment. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. And there is a few firms that fit this mold and may be called serial aggregators or something like that. 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. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. You can sign up for additional alert options at any time. So some of the deals that we are doing are part of an auction process we're participating. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy. But it is something that we're monitoring. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. You're around there. 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. And so that's been helpful. 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. We have continued to make great progress in executing our strategy, building on the momentum of what we believe is the fastest-growing RIA platform in the market. And I don't think that's necessarily true for businesses like these particularly, the businesses that we're acquiring. After closing the transactions, we've announced over the past few days, we will have added $31.2 billion in new assets to our platform so far this year with two months left to go. 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. In conjunction with the rebranding of CI Investments, CI Global Asset Management, we are phasing out the brands associated with our investment boutiques and moving to an integrated investment management platform under the CI Global Asset Management name. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. I did share some additional guidance on the institutional business in that breakdown. And I think just if you look at not only the number of deals we've done, but the quality of the firms that deals with us, I think, we're really starting to differentiate and stand out as the preferred buyer or partner for these RIAs in the market. So, the three transactions, plus Bowling which we announced earlier in the quarter, so it would be the combination of those four plus Aligned. So it depends, Gary on when you're having a conversation. The company acquired 13 registered investment advisors in the US in 2020, along with Canadian advisor network Aligned Capital Partners. We had another strong quarter as markets and our AUM continued to rebound. Layan Odeh (Bloomberg) | Aug 30, 2022 The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. At this time, I would like to welcome everyone to the CI Financial 2020 Third Quarter Results Webcast. 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. Just one follow-up. To read this article, please provide the information below so we can confirm that you work in the industry. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. 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. He succeeds current CEO On the positive front, nine of our top-selling funds in the month are liquid alternatives and fixed income strategies. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Kurt Macalpine, 62 Lives in 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. Newcom Media Inc. We use cookies to make your website experience better. 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. 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. Thank you all for the time today. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. Prior to joining CI GAM in September 2021, Mr. Lewis was Head of Portfolio Construction at the Abu Dhabi Investment Authority (ADIA), one of the worlds largest sovereign wealth funds. So we had a working relationship. Despite the companys push to acquire RIAs, MacAlpine has expressed frustration with how the investing public largely still perceives CI as an asset manager. To that end, CI is spinning out its RIA business through an IPO that will open up 20% of the division to the public markets. As the President and Chief Operating Officer of CI, the total compensation of Darie Urbanky at CI is CAD$1,225,000. After submitting your request, you will receive an activation email to the requested email address. And that's a major nuance for a lot of firms that are selling and looking to stay in the business. Oftentimes, firms will initiate transactions for financial reasons, personal liquidity events, to initiate a retirement or something like that. 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. Please go ahead. After the speakers remarks, there will be a question-and-answer session. WebWhat is the salary of Darie Urbanky? We are confident that meaningful synergy opportunities exist, but we prefer not to give guidance. 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. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. 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. Thank you for the question. You must click the activation link in order to complete your subscription. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. WebHe has extensive experience in the global asset and wealth management industry, having previously served as Executive Vice-President and Head of Global Distribution for 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. Or are there pieces that I'm missing in those two numbers? Next, I will update you on our corporate rebranding initiative. We continue to make great strides executing our corporate strategy. And we have announced 12 deals in the marketplace than it was several months ago when we were starting to build story and build that momentum from scratch. 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. 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. If I look at just the pipeline of firms that we are having conversations with it's really increasing on an ongoing basis. This includes $125.4 billion of assets under management and $77 billion of wealth management assets. 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. We are excited to welcome Jason to CI. Earlier this year, Anderson said he planned to retire by mid-2020. 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. 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. Introductory comments for a webcast by Kurt MacAlpine, Chief Executive Officer, CI Financial: Good afternoon and thank you for joining me today. And I think we're off to a really great start in Liquid Alternatives. We are not changing portfolio managers on funds, the investment management processes they follow or our fund lineup. 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. However, our institutional business struggled as banks and insurance companies move mandates to their in-house 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. When you think about M&A and wealth management versus asset management, it's really a different approach. The integrated platform builts by the leaders of the businesses, based upon the feedback from their clients. I had a good understanding of their particular businesses, their capabilities, their teams and their growth rate. Prior to that, he was a sell-side analyst covering asset and wealth managers at Piper Jaffray. In fact, all of the businesses we have acquired this year have grown organically. It really depends. The business itself in growing our asset management platform is absolutely a priority for us. The velocity of deals that we're able to do is picking up. On a year-over-year basis our flows have declined primarily -- driven primarily by our large asset base in Canadian equity and Canadian balance categories, which accounted for the majority of our redemptions. 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. 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 Sure. 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? If you experience any issues with this process, please contact us for further assistance. I would say the vulnerabilities remain the vulnerabilities that we currently have. 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. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. So by leveraging the best of what they do while integrating, we're going to get the best of all of the platforms we've acquired, as opposed to pushing them on to a platform that already exists. 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. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. An error has occurred, please try again later. Yes. REGISTRAR & TRANSFER AGENT. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. 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. He was also a member of the CDPQ asset allocation committee. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial. The next question will come from Geoff Kwan with RBC Capital Markets. NEI Clean Infrastructure Fund expands NEIs suite of impact investment funds and helps investors ride the massive secular shift towards clean electricity infrastructure. We do think that our share price is significantly undervalued. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. That's great. CEOs radical remake accompanied by staff exodus, higher debt, Chairman says of employee complaints: I could care less. We retired $26 million of debt, and we paid $39 million in dividends. Wealth management assets jumped to $66.1 billion on market performance and with the addition of BDF and Congress in the third quarter. And how does that landscape look for you? Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). He joined CI in 2016 from First Asset Investment Management, where he served as Senior Vice-President, Legal and Operations. The next step is an initial public offering of as much as 20% of its US wealth management business. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. 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. So very much structured as almost like a multi-boutique asset manager, but on the wealth management side. 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. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. 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. If we did do it, it would be in the U.S. marketplace. 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. They want to benefit from an integrated platform. We are in the early stages of the strategic transformation of our sales function and our investment platform and we are confident that these actions will lead to better flows. So when we look at opportunities there's two things that have to remain intact for us to be willing to do a deal. 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. Fast forwarding to today, our rebranding effort is well underway. 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. It is more dynamically priced. The next question will come from Tom MacKinnon with BMO Capital. So I had a high degree of confidence in them and they had a working familiarity with me. How can we help you? So you can't build a small platform or essentially build a large platform via small acquisitions and asset management. Sure. 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. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. View Reputation Profile. As everyone knows M&A in and of itself is quite lumpy. I'll turn the conference back over to our speakers. Yes. So the ability to buy scale and wealth management given where we're focused, doesn't really exist. All rights reserved. I just really don't think, you can do that and we guarantee a better client experience and guarantee a better employee experience. 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. I would anticipate over time, when you think about the SG&A reductions that we've made overall, what we're trying to do is to rightsize the businesses that are -- have declined or are experiencing some declines and redeploying that SG&A to growth areas and growth initiatives of our business. It does. We made considerable progress across our rebranding efforts with the rollout of our new website in October. I would say in the auction process oftentimes there's an assumption that if you're in an auction process that the highest bidder ultimately is the winner. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. Youre almost done. As for its expansion, it appears CI has no plans to slow down. Kurt MacAlpine, a Canadian with experience in management consulting and exchange-traded funds (ETFs), will take over CI on Sept. 1. 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. And then, with respect to the brand initiative, is there any impact on the SG&A as a result of this? [Operator Instructions] The first question will come from Geoff Kwan with RBC Capital Markets. During the quarter, we spent $78 million to repurchase 4.3 million shares. So what I would say is, we're listing ourselves on the New York Stock Exchange effective next week. You must click the activation link in order to complete your subscription. CONTACT US. Asset management flows, where are you seeing the biggest opportunity to move the needle on flows? During the height of the pandemic, we did feel the leverage was a little bit high relative to our comfort zone, and we reduced our credit revolver by $175 million in short order by redeploying. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. Is that a priority? 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. 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 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 from there you'd have to determine, obviously, what percentage do you think ultimately will move. These instruments preserve capital, offer stable income and protect against volatility. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. Please disable your ad-blocker and refresh. So that's kind of one extreme end of the spectrum. So, we do pass a lot. Sure. 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. It also shows the magnitude of the opportunity for growth and profitability going forward. We believe these changes will improve the client experience, not only through the potential for improved performance, but by simplifying our offering, while strengthening our value proposition. We expect the cross-listing to increase CI's corporate profile in the U.S., expand our investor base and allow us to offer U.S. dollar-denominated shares in future U.S. RIA acquisitions. Think that 's a major nuance for a lot of firms kurt macalpine married fit this mold and may called! The U.S. marketplace guidance on the wealth management assets feedback from their are. 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