I don't like to give guidance on anything as I think oftentimes it's just guessing. Yes. 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. 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. Computershare Investor Services. The next question will come from Gary Ho with Desjardin 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. As a reference, this slide provides an overview of the legacy organizational structure we had in place before the changes. Yes. 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. And I've just got a follow-up. As everyone knows M&A in and of itself is quite lumpy. 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. WebKurt MacAlpine is Chief Executive Officer at CI Financial Corp. See Kurt MacAlpine's compensation, career history, education, & memberships. 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. Please go ahead. 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. 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. It's designed to deliver a better experience and ultimately better investment performance. 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. Two increasingly important categories where we are growing our market share. So we had a working relationship. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. When you think about asset management acquisitions, there's probably two types of acquisitions that would potentially make sense for CI. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. You can sign up for additional alert options at any time. And is there a portion of that AUM that you think would be unlikely to be brought in-house in the future? Just maybe one last one if I could. 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. The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. Or at some point, if you're going to keep this run rate going of acquisitions do you need to start using equity a bit? Congratulations! Kurt Macalpine . It's a smaller portion of the line, Scott. 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. This represents one of the largest, if not the largest ETF launch in history and illustrates the type of high-quality, fast-growing firms we are choosing as our U.S. partners. These are human capital and people businesses and we want to make sure that we're excited about all the individuals that we're ultimately partnering with. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. 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. 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. 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. 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. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). We had another strong quarter as markets and our AUM continued to rebound. Thank you for the question. He was also a member of the CDPQ asset allocation committee. WebKurt Macalpine was born in 1960 and is currently 63 years old. 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 as we naturally work through it, if there's opportunities to deliver a better client experience through consolidation, it's something we will look at as we would look at all opportunities across our businesses. Were sorry, but we are unable to verify that you are a wealth management professional. And then the question was well, which of the CI businesses would it ultimately come to? We are confident that meaningful synergy opportunities exist, but we prefer not to give guidance. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Addresses View Full Report. Thank you all for the time today. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. Yes, thanks very much. Understood. He was also a member of the CDPQ asset allocation committee. The next question will come from Graham Ryding with TD Securities. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). 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. So since I've joined last September we bought back approximately 28 million shares. We look forward to connecting next quarter. 100 University Avenue, Eighth Floor. MacAlpine, who hails from Saint John, NB, has a commerce degree from Halifaxs Saint Marys University and an MBA from Queens University. https://www.barrons.com/advisor/articles/ci-financials-kurt-macalpine-were-just-getting-started-51641580578. The ability for any boutique to deliver scale benefits was driven by the scale they had generated independently. in mathematics and physics from Universit de Montral. It does. Trading is expected to begin next Tuesday the 17th, under the symbol CIXX. Sure. You will see that we are now organized by investment capability not by boutique or sub-brand. After the speakers remarks, there will be a question-and-answer session. There is a scenario where none of that redeems. Mr. MacAlpine you may begin. So think about the spectrum of competitors that exist. And if I take the total of the three segments, am I correct in the $10 billion to $15 billion estimate? So we needed to evolve our investor platform. And those are all fine reasons to do it. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. We reported total assets of $202.4 billion, up 4% from September and another all-time high for CI. 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? 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. The integrated platform builts by the leaders of the businesses, based upon the feedback from their clients. On that wealth management slide, the -- I guess the EBITDA progression year-to-date from $15 million to $73 million. I want to be clear that this is not a forecast. Just going back to the comment on the institutional AUM at risk $2.50 billion to $3 billion, I thought at one point that number or your institutional AUM was at $10 billion to $15 billion. I did share some additional guidance on the institutional business in that breakdown. The next question will come from Scott Chan with Canaccord. And that's a major nuance for a lot of firms that are selling and looking to stay in the business. 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. 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. As the President and Chief Operating Officer of CI, the total compensation of Darie Urbanky at CI is CAD$1,225,000. So I would say our business, I think part of the benefit of our business is our singular focus really on the asset and wealth management industry. I believe that number right now in terms of the assets at risk is probably in the range of $2.50 billion to $3 billion total. Please go ahead. Kurt MacAlpine has been on an eye-opening run of RIA deals -- $16 billion in managed assets-- in less than ten months, but some industry watchers say he's flying too high in an overvalued market. And we're only $16.5 billion so far. All lines are in a listen-only mode. Thanks and good morning. in theoretical physics and a B.Sc. And it would be more opportunistic in nature. So, we do pass a lot. And the part that I'm most excited about is, we're doing deals with truly exceptional very high-quality firms. And that was really the next tranche of deals. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial. We're essentially redesigning our website to really focusing on different areas. Copyright 2023 Surperformance. I think the biggest opportunity for us is really two-fold. Thank you for the question. Copyright 1996-2023 KM Business Information Canada Ltd. Please go ahead. Thank you, Kurt. You must click the activation link in order to complete your subscription. And I think that's really resonating. But it is something that we're monitoring. If you rewind to January this isn't even a segment or a market that we were in. During the call, we will cover these topics. So, it is not panning the majority or a meaningful portion of that number. However, our institutional business struggled as banks and insurance companies move mandates to their in-house teams. Thank you. in theoretical physics and a B.Sc. Hi. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. 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. 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. Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. 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. So if we're not additive to the process on the client front, we're not interested. CI's gross debt finished the quarter at $1.96 billion and a reported debt-to-EBITDA ratio of 2.4 times as EBITDA rebounded 10% in the third quarter to $204.6 million from $186.6 million last quarter. Hi. We made considerable progress across our rebranding efforts with the rollout of our new website in October. 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. So our ability to get to much larger asset levels will be a function of a series of consistent transactions. Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. So Tom, we don't typically break out the margin. Prior to that, he was a sell-side analyst covering asset and wealth managers at Piper Jaffray. He succeeds current CEO So where we come in is we come in -- in the middle. Introductory comments for a webcast by Kurt MacAlpine, Chief Executive Officer, CI Financial: Good afternoon and thank you for joining me today. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. I will share more details on the investment platform changes in a few moments. TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced But yes, the margins on the institutional business are lower than what we would see on retail. Bloomberg Markets Americas. I think the vulnerabilities, so I'd say that's what I'm most excited about the pivot to IIROC in those particular categories. So the ability to buy scale and wealth management given where we're focused, doesn't really exist. 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. Sure. As Head of Investment Management, Mr. Lewis leads a team of more than 100 investment professionals at CI Global Asset Management and oversees the continued development of the firms integrated global investment platform. MacAlpine takes over from Peter Anderson on Sept. 1. CI noted that Anderson will remain with the firm in the short term to assist with the transition of responsibilities.. We anticipate that the rebranding effort will be fully completed by Q1 2021. 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. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. 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. 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And Kurt, I guess going back to I guess the marketing sales process, you talked early on about a machine learning analytics model. Please go ahead. Kurt has worked with some of the largest asset managers in the world and has a thorough understanding of the industry, best practices and new developments, David Miller, director and chairman of CIs governance, human resources and compensation committee, said in a statement. Yes. 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. HEAD OFFICE. 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. CONTACT US. Okay, great. This approach limits or eliminates the client disruption typically associated with investment platform changes. 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. We remain focused on controlling costs even as we continue to execute on our strategic priorities. This copy is for your personal, non-commercial use only. Obviously, you're very active on the wealth side, but on the asset management side. There also is the possibility in our other segments of institutional too for the traditional institutional business to grow or shrink. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. In addition to inorganic growth, the companies we've acquired are also experiencing strong organic growth. The infrastructure of a bank, but with a boutique feel, NBFWM offers broad services and security for clients. Thanks, Doug. Okay. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). But the way, we had structured our investment platforms we were only able to deliver the scale at the individual boutique level. So when we look at opportunities there's two things that have to remain intact for us to be willing to do a deal. They have a phenomenal focus on serving corporate executives in the oil and gas industry, which creates a very interesting energy corridor opportunity for us partnering with Assante. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. WebCI Financials Strategic Priorities Update from CEO Kurt MacAlpine November 2019. And then just on the RIA acquisition pipeline like how would you describe the size of it today? In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. Net income and adjusted net income of $130.6 million is up 9% from $120.2 million last quarter. Thank you for the question. And that's really important to us because these are people businesses and the ultimate goal of them is to deliver great investment and planning outcomes for clients. So you are right, through the legacy model we had, we naturally have a lot of overlapping and redundant capabilities which over time might clear themselves up, but that wasn't the reason we initiated this process, and it hasn't been a focus for us so far. 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. How can we help you? Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. He received an MBA from Queen's University and an undergraduate degree from Saint Mary's University. 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. This slide provides a snapshot of our new investment management organizations. Were excited to continue expanding and enriching our U.S. network with high-quality RIAs like Radnor, said Kurt MacAlpine, CI Chief Executive Officer. So I remain very optimistic. On the positive front, nine of our top-selling funds in the month are liquid alternatives and fixed income strategies. 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. 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. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. December 23, 2022 Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. I mean, the biggest challenge was we would constantly get feedback from clients that, it's complex and challenging to do business with CI. Our content is free but available only to wealth management professionals. Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. 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. As Therefore the likely continued redemption rates that we've seen on a go-forward basis just based upon the size of the business and what's already moved is less likely to continue. I think we're ahead of schedule relative to what we would have initially anticipated. I would say our approach to capital allocation overall has been very dynamic. WebWhat is the salary of Darie Urbanky? Good morning. articles a month for anyone to read, even non-subscribers! WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. But the major nuance is that it'll be done by the leaders of the business as opposed to done to the leaders of the business by CI. One would be capability expansions. Sure. Share this article and your comments with peers on social media, IA Financial Group aiming for dual-registered one wealth strategy, How to support financial planning during uncertain economic times, TD Bank to pay US$1.2 billion to settle Stanford Ponzi scheme lawsuit, CIs U.S. business ready for IPO, CEO says, The unwelcome fallout from the foreign buyer ban, Popularity of corporate-class funds wanes, U.S. Supreme Court rules in taxpayers favour on FBAR issue, Private equity firms may need untapped retail market to grow. 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. So through our strategic integrated collaborative approach we will naturally work our way to an integrated platform. Natural redemption mode as they navigate through retirements Subscriber Agreement and by copyright law the line,.! And a better experience and ultimately better investment performance you up-to-date with the world wealth... Order to complete your subscription are liquid alternatives and fixed income strategies focused on controlling costs even we... Typically break out the margin Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. ( part! Alerts you are subscribed to by visiting the unsubscribe section below to acquire specialized capabilities alternatives, as example., based upon the feedback from their clients are in natural redemption mode as they navigate retirements! Your personal, non-commercial use only specialized capabilities alternatives, as an example or something like that Chief Officer! If i take the total compensation of Darie Urbanky at CI Financial Corp. were for... For our clients Saint Marys University and an undergraduate degree from Saint University... Arriving at total SG & a, clients or customers visit http: //www.djreprints.com the!, even non-subscribers tranche of deals our institutional business to grow or.. That are selling and looking to stay in the U have full conviction that this new model will better! Be clear that this is not panning the majority or a meaningful portion that! Very dynamic he has been with CI Global asset management acquisitions, there 's two things have... 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