It's designed to deliver a better experience and ultimately better investment performance. And so that's been helpful. Yes. Trading is expected to begin next Tuesday the 17th, under the symbol CIXX. 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. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. 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. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. What differentiates you as you embark on this strategy? Okay. https://www.barrons.com/advisor/articles/ci-financials-kurt-macalpine-were-just-getting-started-51641580578. Fast forwarding to today, our rebranding effort is well underway. As everyone knows M&A in and of itself is quite lumpy. I think we're ahead of schedule relative to what we would have initially anticipated. In late August, we rolled out our cross-border wealth management partnership program where our advisers in Canada and the U.S. are working together to holistically service clients north and south of the border. 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. If you experience any issues with this process, please contact us for further assistance. So you're right, it's not a cost-cutting effort. 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. We are excited to welcome Jason to CI. Sure. We made considerable progress across our rebranding efforts with the rollout of our new website in October. Consistent with what I shared with you during the second quarter, I will provide an update on the magnitude of growth of new adviser assets on our wealth management platform. 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. 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I believe we're still number one in flows and market share in that very important very fast growing category. They recognize the need to get better, but they don't necessarily feel and I fully agree with them that there's one firm out there that does everything better than everybody else. I had a good understanding of their particular businesses, their capabilities, their teams and their growth rate. I am optimistic that we're going to work through the redemptions and put ourselves on a better path forward. 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. 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. And it would be more opportunistic in nature. I mean, the biggest challenge was we would constantly get feedback from clients that, it's complex and challenging to do business with CI. This chart outlines new adviser assets that have been on-boarded to our wealth platform over the past three years and compares them to the amount that we've on-boarded so far in 2020. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. So we needed to evolve our investor platform. WebKurt MacAlpine is Chief Executive Officer at CI Financial Corp. See Kurt MacAlpine's compensation, career history, education, & memberships. The next step is an initial public offering of as much as 20% of its US wealth management business. Please try again or contact. Good morning. Why? We do think that our share price is significantly undervalued. WebView Kurt MacAlpines professional profile on LinkedIn. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. They got it, and now one of Canadas largest independent asset managers is a little less Canadian, and a lot less valuable. So what I would say is, we're listing ourselves on the New York Stock Exchange effective next week. I'd say, it's directionally in the right direction, Gary. Please go ahead. 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. As you can see, we've experienced phenomenal growth this year. 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. Kurt MacAlpine Thank you, Amit. First, on the U.S. wealth management initiative. 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 Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. 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? Sure. 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. We look forward to connecting next quarter. 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. The next question will come from Scott Chan with Canaccord. Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. 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. Computershare Investor Services. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. 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. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). The next question will come from Gary Ho with Desjardin Capital Markets. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. Thank you. I also wanted to provide some additional information on our run rate wealth management profitability after the deals we've announced recently had closed. Yes. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ETCompany ParticipantsKurt MacAlpine - Chief Executive Harbour in the old model prior to this week had the ability to deliver $3 billion to $4 billion of total scale. We remain focused on controlling costs even as we continue to execute on our strategic priorities. 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. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. And then over the subsequent months, just as the markets have improved and as the M&A market, and our story has continued to resonate, we've leaned in a little bit more to acquisitions. Sub-advisory mandates that have been outsourced to us specifically by funds that have their own competing capabilities internally and then sub-advisory mandates that have been outsourced to us by firms that don't. All rights reserved. It does. You must click the activation link in order to complete your subscription. We just need a little more information to create your account. And then on the integration of your investment management teams, it sounds like this is more about process and driving fund performance as opposed to surfacing cost synergies. TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced And then the question was well, which of the CI businesses would it ultimately come to? He has 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. 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. Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. All lines are in a listen-only mode. We've detected you are on Internet Explorer. As for its expansion, it appears CI has no plans to slow down. 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 moved over from WidomTree Asset Management Canada and initiated the acquisition of his former company, which has now been folded into the rebranded CI Global Asset Management. 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. Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. [Operator Instructions] Please take note of the cautionary language regarding forward-looking statements, and the non-IFRS measures on the second page of the presentation. So I feel fantastic about the progress we've made. When I look at our institutional business overall what I'd say is there's probably, three different chunks of business. Kurt, just want to go back to the U.S. RIA acquisitions a little bit. 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. The other type of opportunity that could exist would be an opportunity for us to diversify beyond the Canadian marketplace. So we had a working relationship. For the best Barrons.com experience, please update to a modern browser. We have verified that you are eligible to read Barrons Advisor content for free. Congratulations! Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as chief executive from Peter Anderson on Sept. 1, was previously executive vice president and head of global distribution for WisdomTree Asset Management in New York. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. I will now provide an update on the progress we've made on some of our strategic initiatives. And then the second piece is as it relates to the employees. The Canadian equity and Canadian balance categories are two of the three most redeemed categories in the industry year-to-date. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy. Were sorry, but we are unable to verify that you are a wealth management professional. 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. And it really depends upon the quality of platforms that are coming to market, and then how fast or slow those processes ultimately move. And by us, focusing on, essentially just fitting a framework or fitting that firm to a framework, we're losing a lot of the individuality or the specialty that they bring to us. 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. Copyright 1996-2023 KM Business Information Canada Ltd. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. Asset management flows, where are you seeing the biggest opportunity to move the needle on flows? Wallmine is a radically better financial terminal. 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. It might be, it might not be. MacAlpine takes over from Peter Anderson on Sept. 1. 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. It's a tough one to predict. Please go ahead. The next question will come from Gary Ho with Desjardins Capital Market. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). You must click the activation link in order to complete your subscription. In addition to inorganic growth, the companies we've acquired are also experiencing strong organic growth. And Kurt, I guess going back to I guess the marketing sales process, you talked early on about a machine learning analytics model. 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. If youre not a wealth management professional, you can find other great financial content at. Or are there pieces that I'm missing in those two numbers? India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Musk donated around $1.95 billion in Tesla shares last year, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk recruits team to develop OpenAI rival - The Information, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, French tycoon Niel hikes stake in Millicom to 19.6%, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon. I 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. 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. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. All of our corporate logos have been updated to the new ones shown on this page. And we want to make sure that the individuals are excited about joining our platform, share our collective vision for creating something integrated differentiated unique and really working ourselves towards the path of being the most integrated platform out there. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. in mathematics and physics from Universit de Montral. In the process, its drawn the ire 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. Related to: Kurt Macalpine. 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. WebCI Financials Strategic Priorities Update from CEO Kurt MacAlpine November 2019. Introductory comments for a webcast by Kurt MacAlpine, Chief Executive Officer, CI Financial: Good afternoon and thank you for joining me today. So if the opportunity presents itself, it's financially attractive accretive and a great opportunity to diversify and transform the business we'll look. 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. 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. So the ability to buy scale and wealth management given where we're focused, doesn't really exist. Thank you for the question. Now Doug will review the financial results for the quarter. Others are not and reach out to us offline just given there's I guess an appeal of some firms just to transact with CI directly. On the other end of the spectrum you essentially have aggregators or integrator platforms that will do a deal with you but the terms and conditions by which they'll transact with you are that you need to change everything about your platform to fit into their platform. Youre almost done. It is a profitable business on a stand-alone basis. And those are all fine reasons to do it. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. But what do you bring to the table that they don't? HEAD OFFICE. 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. 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. This includes $125.4 billion of assets under management and $77 billion of wealth management assets. Please disable your ad-blocker and refresh. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. So they're taking some form of stake in the business and allowing the business to continue to operate on a freestanding independent basis. One of the I guess, call it more minor reasons based upon interest from RIAs is the ability to take stock as part of the transaction. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. Two increasingly important categories where we are growing our market share. 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. 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 the number that I'm mentioning wasn't the total size of our institutional business. Wealth management assets jumped to $66.1 billion on market performance and with the addition of BDF and Congress in the third quarter. This slide provides a recap of our 3 corporate strategic priorities. 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. So we have been using the model as a starting point. It also excludes any strategic or cost synergies, asset management product sales, business model improvements or planned but unannounced transactions. We anticipate that the rebranding effort will be fully completed by Q1 2021. If you rewind to January this isn't even a segment or a market that we were in. So every month essentially, we capture all of the inputs from various levels of engagement and the model gets smarter and more detailed. I would now like to open up the call for questions. 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. And I think we're off to a really great start in Liquid Alternatives. So I remain very optimistic. 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