Copyright 1996-2023 KM Business Information Canada Ltd. This information is meant to help quantify the impact we've made in a short period in executing against our wealth management strategy. The Canadian equity and Canadian balance categories are two of the three most redeemed categories in the industry year-to-date. Kurt Macalpine, 62 Lives in Boston, MA. First, on the U.S. wealth management initiative. So Graham, in terms of the current run rate, it's hard to predict go-forward acquisitions based upon the current run rate. 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. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. As the President and Chief Operating Officer of CI, the total compensation of Darie Urbanky at CI is CAD$1,225,000. Hi. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. If you take Doyle Wealth Management, the greater Tampa Bay Area is one of the biggest hotbeds for Canadian retirees' period. 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. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. During the call, we will cover these topics. The next question will come from Gary Ho with Desjardins Capital Market. So the ability to buy scale and wealth management given where we're focused, doesn't really exist. Thank you all for the time today. 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. He has And how does that landscape look for you? 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. We don't break out the specific numbers. The next question will come from Geoff Kwan with RBC Capital Markets. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. Fast forwarding to today, our rebranding effort is well underway. The next question will come from Graham Ryding with TD Securities. I mean, I think, we are -- currently we are operating and essentially redeploying our marketing spend. So that's kind of one extreme end of the spectrum. 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. 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. Newcom Media Inc. We use cookies to make your website experience better. 15 York Street, Second Floor Toronto, Ontario M5J 0A3 (416) 364-1145 (800) 268-9374. So that really seems to be where our institutional business has experienced the vast majority of our redemptions over the past year. Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. Kurt MacAlpine, CI Financial May 17, 2021 CEO CI FINANCIAL Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through var CurrentYear = new Date().getFullYear()
Is this happening to you frequently? Okay. And I think we're off to a really great start in Liquid Alternatives. 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. So take Harbour as an example. If you rewind to January this isn't even a segment or a market that we were in. Oftentimes, firms will initiate transactions for financial reasons, personal liquidity events, to initiate a retirement or something like that. I mean, if a considerable improvements on a year-over-year basis, right. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. Bloomberg Markets Americas. I assume this is low margin. All of our initiatives will support one or more of these strategic priorities. 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. in mathematics and physics from Universit de Montral. 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. Joining me on today's call is our CFO, Doug Jamieson; and our new Vice President of Investor Relations and Strategy, Jason Weyeneth. 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. 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. 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. So it depends, Gary on when you're having a conversation. All lines are in a listen-only mode. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). So, there is a range of pricing within it. 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. 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? So I remain very optimistic. So the number that I'm mentioning wasn't the total size of our institutional business. 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 we're doing things more digital. Sure. 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. 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. Not so much. I want to be clear that this is not a forecast. 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. document.write(CurrentYear)
I think the biggest opportunity for us is really two-fold. 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. 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. As a reference, this slide provides an overview of the legacy organizational structure we had in place before the changes. As a large and independent firm with global reach, CI is well positioned to take advantage of the many opportunities in asset and wealth management. He was also a member of the CDPQ asset allocation committee. The next question will come from Gary Ho with Desjardin Capital Markets. 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. Welcome to Barrons Advisor! 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? In the process, its drawn the ire 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. Can you quantify how much of that comes from the line to get a sense on the U.S. RIA traction? 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. Yes. Please go ahead. So, it is not panning the majority or a meaningful portion of that number. Sure. 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. 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 Good morning. And I'm just really excited about how well our differentiated value proposition is resonating compared to other stories that are in the marketplace currently. Yes. All of our corporate logos have been updated to the new ones shown on this page. 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. I did share some additional guidance on the institutional business in that breakdown. You're around there. And it really depends upon the quality of platforms that are coming to market, and then how fast or slow those processes ultimately move. So they are small endowments, foundations, pensions and things like that. Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. Good morning, Geoff. View Reputation Profile. I would now like to turn the call over to Mr. Kurt MacAlpine, CEO of CI Financial. Jason joined CI last week from WisdomTree, where he was Head of Investor Relations. Good morning, everyone, and welcome to CI Financial's third quarter earnings call. Earlier this year, Anderson said he planned to retire by mid-2020. Core average assets under management, which represent the assets managed by CI in Canada, and GSFM in Australia were up 5% in the quarter to $126.4 billion. 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. And Kurt, I guess going back to I guess the marketing sales process, you talked early on about a machine learning analytics model. This includes $125.4 billion of assets under management and $77 billion of wealth management assets. In this series of videos and articles, TD Wealth professionals share practical strategies that helped them build rewarding careers. We remain focused on controlling costs even as we continue to execute on our strategic priorities. We do think that our share price is significantly undervalued. 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. Can you do this without issuing equity? Please disable your ad-blocker and refresh. Please go ahead. 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. 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. As you can see, we've experienced phenomenal growth this year. It also just to continue to reiterate wasn't planned redemptions. WebWhat is the salary of Darie Urbanky? In particular, Kurt is familiar with using digital strategies to enhance efficiencies and build new services and businesses, a key plank in CIs strategic plans.. 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. Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. 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. Thank you for the question. Free cash flow was up 12% to $143.9 million from $128.3 million last quarter. 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 next step is an initial public offering of as much as 20% of its US wealth management business. When I look at our institutional business overall what I'd say is there's probably, three different chunks of business. I find it fascinating that people like to opine on the purchase prices that CI has paid for a business absent any sort of facts whatsoever, he says. 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. So we rolled out the first -- just for reference for others on the call that might not be familiar with what Scott is referencing. So we are fortunate enough to be winning the vast majority of auctions that we are in. Is that a priority? As 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. 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. And what we're trying to do Gary and Scott, just to clarify the reason this is important is, we're obviously transforming our business relatively quickly from all of our economic profits coming from asset management to more balance. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. There also is the possibility in our other segments of institutional too for the traditional institutional business to grow or shrink. 100 University Avenue, Eighth Floor. 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. I will share more details on the investment platform changes in a few moments. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. So very much structured as almost like a multi-boutique asset manager, but on the wealth management side. 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. 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. So we had a working relationship. So if you think about, the nature of distribution at that point in time, the corporate class that we had some of the exclusive distribution partnerships business was coming to CI. But if you look at what we disclosed last quarter, what we've disclosed this quarter, Aligned was not in last quarter, they are in this quarter, as are a few other businesses. 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. Finally Cabana Group, one of our U.S. RIAs launched $1 billion lineup of target drawdown strategy ETFs in September. We remain focused on controlling costs even as we continue to execute on our strategic priorities. 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. 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 so we come into the marketplace we're strategic permanent capital. 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. Thank you, Kurt. Thank you. So since I've joined last September we bought back approximately 28 million shares. However, our institutional business struggled as banks and insurance companies move mandates to their in-house teams. Comparable SG&A expenses, which excludes expenses from the 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. And that kind of leads me to the second question, which is I think on your financial statement you disclosed the purchase price of roughly $400 million for the U.S. RIA acquisition that's closed up to September. 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. 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. The next question will come from Scott Chan with Canaccord. On November 12, CEO Kurt MacAlpine discussed with the Globe and Mail CIs recent RIA acquisitions, and their plans to continue their rapid expansion. Did I remember that correctly? So what I would say is, we're listing ourselves on the New York Stock Exchange effective next week. Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. 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. 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. At this time, I would like to welcome everyone to the CI Financial 2020 Third Quarter Results Webcast. 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. 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. 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 don't think it makes sense for us to directly enter Europe or Asia or Latin America at this point. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. 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. 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. 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. Please try again or contact. Please go ahead. LinkedIn is the worlds largest business network, helping professionals like Kurt MacAlpine discover inside connections 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. 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. The second part of our institutional business would be the retirement space, typically working with employers on to find contribution plans. 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. During the quarter, we spent $78 million to repurchase 4.3 million shares. TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced If youre not a wealth management professional, you can find other great financial content at. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. 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. So, they may not be growing their businesses, they may be transitioning to more lifestyle practices or transitioning out of the business. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. 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. You will note that our business was aligned by boutique brands with many of the brands offering competing mandates and capabilities. 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. 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. Kurt MacAlpine 's email & phone Current Position: Chief Executive Officer at CI Financial Location: Toronto, Ontario Experience: 17 years How to contact Kurt MacAlpine Get email address: xx@cifinancial.com Phone number: +1-xxx-xxx-5429 Last updated: 2021-04-29 Social media: Sign Up to Get Free Contacts Use a Browser And then from there you'd have to determine, obviously, what percentage do you think ultimately will move. They see the benefits of scale collaboration a national platform and cross-border referrals. Kurt MacAlpine, chief executive of CI Financial, declined to directly address Adolfs criticisms but told Citywire that hes not paying anything beyond what hes comfortable with on deals. And where do you see the process perhaps being a longer effort to turn the ship around? The revenue earned on these assets is recorded in the asset management segment. We look forward to connecting next quarter. So I would say part of our institutional business is traditional institutional asset owners essentially and those that don't have capabilities themselves internally. So the approach would be different. Please contact us at, We encountered an error. 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. But it is something that we're monitoring. How can we help you? Maybe you can just share with us, what the margins would be on that business. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. 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. 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