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. I would now like to turn the call over to Mr. Kurt MacAlpine, CEO of CI Financial. 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. 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. 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. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. As I think our momentum continues to pick up on a month-by-month basis. On that wealth management slide, the -- I guess the EBITDA progression year-to-date from $15 million to $73 million. 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. 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. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). In this series of videos and articles, TD Wealth professionals share practical strategies that helped them build rewarding careers. So if we're not additive to the process on the client front, we're not interested. 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. Just maybe one last one if I could. SG&A in the wealth segment moved up slightly to $30.4 million even though incremental SG&A from RIAs acquired this year was more than $2.9 million in the quarter. 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. CI noted that Anderson will remain with the firm in the short term to assist with the transition of responsibilities.. He succeeds current CEO 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. So the approach would be different. Is that a priority? Good morning, everyone, and welcome to CI Financial's third quarter earnings call. And so that's been helpful. 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 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. 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. Please disable your ad-blocker and refresh. So our ability to get to much larger asset levels will be a function of a series of consistent transactions. Thank you for the question. Kurt Macalpine, 62 Lives in Boston, MA. 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. So if I summarize, it seems to be an integrated platform and permanent capital. We appreciate the interest in CI Financial. So, there is a range of pricing within it. Thank you. Yes. 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, 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. So you've had some redemptions in recent quarters just from some companies that are bringing in-house mandates that you were sub-advising on. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. Kurt, just want to go back to the U.S. RIA acquisitions a little bit. Please contact us at, We encountered an error. I don't have the exact number in front of me, but you're in the ballpark. 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. WebView Kurt MacAlpines professional profile on LinkedIn. 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. var CurrentYear = new Date().getFullYear() Sure. Sure. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. And then just on the RIA acquisition pipeline like how would you describe the size of it today? And I've been very pleased by how well our marketing team has embraced it to really set up and structure all of the campaigns and engagement models that we're ultimately building. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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 You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Two increasingly important categories where we are growing our market share. It might be, it might not be. Kurt MacAlpine, a Canadian with experience in management consulting and exchange-traded funds (ETFs), will take over CI on Sept. 1. If you have an ad-blocker enabled you may be blocked from proceeding. Maybe you can just share with us, what the margins would be on that business. He was also a member of the CDPQ asset allocation committee. I would say our approach to capital allocation overall has been very dynamic. 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. So we had a working relationship. 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. Good morning. 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. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. Or are there pieces that I'm missing in those two numbers? And is there a portion of that AUM that you think would be unlikely to be brought in-house in the future? Wallmine is a radically better financial terminal. 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. We are confident that meaningful synergy opportunities exist, but we prefer not to give guidance. This approach limits or eliminates the client disruption typically associated with investment platform changes. 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. REGISTRAR & TRANSFER AGENT. So we are fortunate enough to be winning the vast majority of auctions that we are in. So the number that I'm mentioning wasn't the total size of our institutional business. 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 the bar for us entering was obviously, higher and it was really important for us to do something very differentiated than what exists in the marketplace. Earnings per share of $0.62, was up $0.06 per share from the second quarter and up $0.02 from the third quarter last year. 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. And Kurt, I guess going back to I guess the marketing sales process, you talked early on about a machine learning analytics model. 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. When I look at our institutional business overall what I'd say is there's probably, three different chunks of business. 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. 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. And the three transactions you announced in the last 10 days, would that be included in that number? Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as So that really seems to be where our institutional business has experienced the vast majority of our redemptions over the past year. 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. We are not changing portfolio managers on funds, the investment management processes they follow or our fund lineup. 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 [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. Bloomberg Markets Americas. 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? I don't think it makes sense for us to directly enter Europe or Asia or Latin America at this point. And how does that landscape look for you? Fast forwarding to today, our rebranding effort is well underway. 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. Hi. And I think that's really resonating. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. As I said in the press release announcing this webcast, the last few weeks have been unprecedented, with the coronavirus having a significant impact on our society, our economy, and the global The second thing is that we when you look at our individual businesses we're a $202 billion company. CI Financial, Corp. (CIXX) Q2 2021 Earnings Conference Call August 10, 2021 10:00 AM ETCompany ParticipantsKurt MacAlpine Chief Executive OfficerAmit 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.. 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. So through our strategic integrated collaborative approach we will naturally work our way to an integrated platform. 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. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). I think the vulnerabilities, so I'd say that's what I'm most excited about the pivot to IIROC in those particular categories. [Operator Instructions] The first question will come from Geoff Kwan with RBC Capital Markets. 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. 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 I would say part of our institutional business is traditional institutional asset owners essentially and those that don't have capabilities themselves internally. 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. WebCI Financials Strategic Priorities Update from CEO Kurt MacAlpine November 2019. So Tom, we don't typically break out the margin. And why would that be? So what I would say is, we're listing ourselves on the New York Stock Exchange effective next week. 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. We look forward to connecting next quarter. MacAlpine takes over from Peter Anderson on Sept. 1. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). Yes. Thank you, Kurt. 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. Yes, thanks very much. If we did do it, it would be in the U.S. marketplace. When you think about M&A and wealth management versus asset management, it's really a different approach. 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. 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. 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. So Graham, in terms of the current run rate, it's hard to predict go-forward acquisitions based upon the current run rate. And this is CI's third best quarterly earnings per share number, since converting back to a corporation a decade ago. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. Good morning. On November 12, CEO Kurt MacAlpine discussed with the Globe and Mail CIs recent RIA acquisitions, and their plans to continue their rapid expansion. I'm incredibly pleased by the progress we've made in growing our wealth management business in such a short period of time, but I'm even more encouraged by how well our differentiated story is resonating in the U.S. marketplace positioning us well for continued future growth. Current Address: 254 Park Avenue S Apt 6b, New York, NY 10010 Has Lived In: 101 Canal Street Apt 512, Boston, MA 02114. The velocity of deals that we're able to do is picking up. 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. The next question will come from Gary Ho with Desjardins Capital Market. We're essentially redesigning our website to really focusing on different areas. It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. 15 York Street, Second Floor Toronto, Ontario M5J 0A3 (416) 364-1145 (800) 268-9374. Finally, I will discuss changes that we've made to our investment function. 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. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. I would now like to open up the call for questions. The first one is in the segments of advisers that we're selling products to. This slide provides a snapshot of our new investment management organizations. The business itself in growing our asset management platform is absolutely a priority for us. So you're right, it's not a cost-cutting effort. Please. CONTACT US. 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. The $2.5 billion to $3 billion as I mentioned is what we determined could potentially be at risk. Please go ahead. And so we come into the marketplace we're strategic permanent capital. We made considerable progress across our rebranding efforts with the rollout of our new website in October. What differentiates you as you embark on this strategy? 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. He joined CI in 2016 from First Asset Investment Management, where he served as Senior Vice-President, Legal and Operations. We don't break out the specific numbers. The next question will come from Gary Ho with Desjardin Capital Markets. It also shows the magnitude of the opportunity for growth and profitability going forward. The ability for any boutique to deliver scale benefits was driven by the scale they had generated independently. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. 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. Kurt MacAlpine Thank you, Amit. I just really don't think, you can do that and we guarantee a better client experience and guarantee a better employee experience. 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