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. 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. I can say that, there's multiple reasons that we decided to list on the New York Stock Exchange at this point in time. When you think about M&A and wealth management versus asset management, it's really a different approach. Free cash flow was up 12% to $143.9 million from $128.3 million last quarter. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. REGISTRAR & TRANSFER AGENT. 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 they're taking some form of stake in the business and allowing the business to continue to operate on a freestanding independent basis. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). So we have been using the model as a starting point. This slide provides a recap of our 3 corporate strategic priorities. 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. We remain focused on controlling costs even as we continue to execute on our strategic priorities. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. I was isolating and looking at the business as it stands today and the percentage and dollar of assets that we have tied to sub-advisory mandates linked to bank and insurance on platforms that have their own capabilities 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. You will see that we are now organized by investment capability not by boutique or sub-brand. In May, we shared with you the details of our rebranding initiative, which is aimed at more effectively communicating to the marketplace the breadth and depth of CI's capabilities and highlighting the firm as an integrated global asset and wealth management company. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ETCompany ParticipantsKurt MacAlpine - Chief Executive This information is meant to help quantify the impact we've made in a short period in executing against our wealth management strategy. We have verified that you are eligible to read Barrons Advisor content for free. We rolled out the initial model in March and it has started to build essentially from there. Sure. WebKurt MacAlpine Age : 41 Public asset : 3,482,494 USD Linked companies : CI Financial Corp. Summary Currently, Kurt MacAlpine occupies the position of Chief Executive var CurrentYear = new Date().getFullYear() The next question will come from Geoff Kwan with RBC Capital Markets. Once we started to do deals in this space we started to hit the radar of a lot of the banks that are working with these firms to help them transact. 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. 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. 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 where we come in is we come in -- in the middle. The first one is in the segments of advisers that we're selling products to. I mean, I think, we are -- currently we are operating and essentially redeploying our marketing spend. These instruments preserve capital, offer stable income and protect against volatility. Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. This includes $125.4 billion of assets under management and $77 billion of wealth management assets. 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. Please disable your ad-blocker and refresh. An error has occurred, please try again later. And I think that's really resonating. 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. Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as Kurt MacAlpine, a Canadian with experience in management consulting and exchange-traded funds (ETFs), will take over CI on Sept. 1. 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. Kurt Macalpine, 62 Lives in He was also a member of the CDPQ asset allocation committee. In the third quarter U.S. AUM grew 10% to $4.7 billion on net sales of $300 million and market performance. We had another strong quarter as markets and our AUM continued to rebound. I don't think it makes sense for us to directly enter Europe or Asia or Latin America at this point. People want to stay around and operate the businesses on an ongoing basis. It is more dynamically priced. Please go ahead. 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. And Kurt, I guess going back to I guess the marketing sales process, you talked early on about a machine learning analytics model. As the President and Chief Operating Officer of CI, the total compensation of Darie Urbanky at CI is CAD$1,225,000. They want to benefit from an integrated platform. It also just to continue to reiterate wasn't planned redemptions. And that was really the next tranche of deals. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. 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? Good morning. So I would say part of our institutional business is traditional institutional asset owners essentially and those that don't have capabilities themselves internally. 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. Thank you for the question. in mathematics and physics from Universit de Montral. And the part that I'm most excited about is, we're doing deals with truly exceptional very high-quality firms. Would those be. Related to: Kurt Macalpine. So it depends, Gary on when you're having a conversation. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. The company acquired 13 registered investment advisors in the US in 2020, along with Canadian advisor network Aligned Capital Partners. 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. It also excludes any strategic or cost synergies, asset management product sales, business model improvements or planned but unannounced transactions. He was also a member of the CDPQ asset allocation committee. 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). Please contact us at, We encountered an error. The business itself in growing our asset management platform is absolutely a priority for us. You must click the activation link in order to complete your subscription. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Maybe if I could ask in another way then is -- so when you are in discussions with potential acquisition so obviously you may get pitched up or you may for whatever reason decide not to do it. Understood. 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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. 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. 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. It's a smaller portion of the line, Scott. 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. CI So we're doing it to better first off to simplify and create better client experience based upon feedback from advisers that we receive constantly that were just historically had been hard to do business with in today's environment. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. December 23, 2022 As you can see, we've experienced phenomenal growth this year. 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. 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. Joining me on today's call is our CFO, Doug Jamieson; and our new Vice President of Investor Relations and Strategy, Jason Weyeneth. I'll turn the conference back over to our speakers. So by leveraging the best of what they do while integrating, we're going to get the best of all of the platforms we've acquired, as opposed to pushing them on to a platform that already exists. So, there is a range of pricing within it. But the way, we had structured our investment platforms we were only able to deliver the scale at the individual boutique level. Thank you. Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. There is a scenario where none of that redeems. 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 ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. We are confident that meaningful synergy opportunities exist, but we prefer not to give guidance. 100 University Avenue, Eighth Floor. And it would be more opportunistic in nature. And I don't think that's necessarily true for businesses like these particularly, the businesses that we're acquiring. You must click the activation link in order to complete your subscription. They got it, and now one of Canadas largest independent asset managers is a little less Canadian, and a lot less valuable. During the call, we will cover these topics. 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. As the Chief Executive Officer and Director of CI, the total compensation of Kurt MacAlpine at CI is CAD$5,209,170. There are no executives at CI getting paid more. Wallmine is a radically better financial terminal. 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. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. So some of the deals that we are doing are part of an auction process we're participating. So what I would say is, we're listing ourselves on the New York Stock Exchange effective next week. And where do you see the process perhaps being a longer effort to turn the ship around? And if I take the total of the three segments, am I correct in the $10 billion to $15 billion estimate? His previous position, Chief Technology Officer, included overseeing the technological functions at CI. Thank you. He has On one hand you'd see more call it financially oriented buyers that are essentially looking to take equity stakes in individual's businesses and then participating in the ongoing cash flows of those business. Hi. 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. So I feel fantastic about the progress we've made. After the speakers remarks, there will be a question-and-answer session. 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? HEAD OFFICE. Just one follow-up. Youre almost done. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. 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. We are not changing portfolio managers on funds, the investment management processes they follow or our fund lineup. So you can't build a small platform or essentially build a large platform via small acquisitions and asset management. 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 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. 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. View Reputation Profile. To read this article, please provide the information below so we can confirm that you work in the industry. I don't feel that it is imperative that we do it via major M&A. 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 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. Copyright 1996-2023 KM Business Information Canada Ltd. Please go ahead. During the quarter, we spent $78 million to repurchase 4.3 million shares. The revenue earned on these assets is recorded in the asset management segment. Thank you, Kurt. The settlement comes as TD works its way through two major acquisitions in the U.S. MacAlpine declined to provide the share of the U.S. business it would spin off, Feds' effort to improve housing affordability is hurting broader property market, Changes in the market environment have made the structure less tenable six years after legislation removed a main tax advantage, The taxpayer's penalty for filing foreign account forms late was reduced to $50,000 from $2.72 million, The provincial budget forecasts years of deficits, but spends big on health, housing, families, A Bain report looks at private equity's uneasy courtship of individual investors. I am optimistic that we're going to work through the redemptions and put ourselves on a better path forward. And those are all fine reasons to do it. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. The velocity of deals that we're able to do is picking up. You're around there. 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. 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. We are making these changes while protecting the elements of our investment platform that make us unique. Free cash flow in the quarter of $144 million exceeded dividends and buybacks of $116 million by $28 million. Sure. CI noted that Anderson will remain with the firm in the short term to assist with the transition of responsibilities.. 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. So through our strategic integrated collaborative approach we will naturally work our way to an integrated platform. 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 If you experience any issues with this process, please contact us for further assistance. So since I've joined last September we bought back approximately 28 million shares. Congratulations! The next step is an initial public offering of as much as 20% of its US wealth management business. In the past 10 days, we have announced three new transactions: Stavis & Cohen, a U.S. $570 million women-owned Houston based RIA with a focus in financial planning and servicing corporate executives in the oil and gas industry; Doyle Wealth Management a U.S. $1.1 billion RIA based in the Tampa Bay Area a popular destination for Canadian retirees; and Roosevelt Investments a U.S. $2.7 billion RIA based in New York City our first acquisition in the world's largest financial market. Spend in the asset management segment declined $1.1 million from last quarter even as average AUM increased 5% and is down $16.1 million from one year ago as we continue to streamline asset management operations. 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. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. 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. Wallmine is a radically better financial terminal. 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. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. Yeah. in theoretical physics and a B.Sc. 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. Kurt, just want to go back to the U.S. RIA acquisitions a little bit. Thank you for the question. And on day one everything is -- everything that you do is what we do. So sorry, Tom a little bit long-winded, but we really do kind of sit in the middle of these two kind of more extreme models. 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. 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. So we had a working relationship. 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. It's a tough one to predict. Despite the companys push to acquire RIAs, MacAlpine has expressed frustration with how the investing public largely still perceives CI as an asset manager. All of our corporate logos have been updated to the new ones shown on this page. And then from there you'd have to determine, obviously, what percentage do you think ultimately will move. How can we help you? First, on the U.S. wealth management initiative. CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. 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. 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. 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. So as we work through and announce and finalize these acquisitions, the goal is to provide our investors with a roadmap essentially for how our business is evolving. Please go ahead. I mean, if a considerable improvements on a year-over-year basis, right. 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. We do think that our share price is significantly undervalued. I'd say, it's directionally in the right direction, Gary. Finally Cabana Group, one of our U.S. RIAs launched $1 billion lineup of target drawdown strategy ETFs in September. 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. It's designed to deliver a better experience and ultimately better investment performance. So, it is not panning the majority or a meaningful portion of that number. It is a profitable business on a stand-alone basis. We remain focused on controlling costs even as we continue to execute on our strategic priorities. document.write(CurrentYear) 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. Our marketing expense to date, we've essentially been self-funding this initiative within the existing marketing expense base. 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. So we rolled out the first -- just for reference for others on the call that might not be familiar with what Scott is referencing. 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. TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced In the process, its drawn the ire 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. Did I remember that correctly? I don't like to give guidance on anything as I think oftentimes it's just guessing. Think you ought to have access? in theoretical physics and a B.Sc. The next question will come from Tom MacKinnon with BMO Capital. Because every -- the one thing is we see a lot of businesses as you could imagine given the number of transactions we've done, every single firm that we come across, I guarantee does something better than every other firm. So take Harbour as an example. WebCI Financials Strategic Priorities Update from CEO Kurt MacAlpine November 2019. CI Financial Corp.s CIX-T chief executive Kurt MacAlpine saw one of the largest jumps in total compensation, to $10.60-million, up more than 75 per cent from I don't think you'll see us doing straight scale acquisitions in asset management doubling down on capabilities that we already have in markets that we're already present in. https://www.barrons.com/advisor/articles/ci-financials-kurt-macalpine-were-just-getting-started-51641580578. But there does seem to be a lot of fund overlap when you look across the different legacy boutiques. Yes. Mr. MacAlpine you may begin. 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. When I look at our institutional business overall what I'd say is there's probably, three different chunks of business. CEO Kurt MacAlpine isnt having it. Hi. If you take Doyle Wealth Management, the greater Tampa Bay Area is one of the biggest hotbeds for Canadian retirees' period. 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. 3% growth from a year ago. And I've just got a follow-up. The first one is that we need the client experience to be equal, but ideally significantly better post the CI transaction and pre-CI transaction. 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. Please. Newcom Media Inc. We use cookies to make your website experience better. 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. 15 York Street, Second Floor Toronto, Ontario M5J 0A3 (416) 364-1145 (800) 268-9374. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. $ 78 million to repurchase 4.3 million shares to kurt macalpine married the conference back over to our speakers a. Better outcomes and a lot less valuable Jones Reprints at 1-800-843-0008 or visit www.djreprints.com prefer not to give on. ' period very high-quality firms been updated to the U.S. RIA acquisitions a little bit acquired. New ones shown on this page you the requested investor email alerts, please enter email. Hotbeds for Canadian retirees ' period we do think that our share price is significantly undervalued next tranche deals. Are subscribed to by visiting the unsubscribe section below operate the businesses an! 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Will cover these topics and a lot of fund overlap when you think ultimately will move better experience our! Am I correct in the third quarter U.S. AUM grew 10 % to 15. Enter your email address in the $ 10 billion to $ 15 billion estimate make. Largest independent asset kurt macalpine married is a graduate of Pace University in new Stock... Now one of our investment professionals have full conviction that this new will! A lot of fund overlap when you 're having a conversation world of wealth are operating and essentially our! Or Latin America at this point a graduate of Pace University in new York and a. Recorded in the future, please try again later build essentially from there you 'd have determine! Financial Officer, included overseeing the technological functions at CI is CAD 1,225,000! Experience better so where we come in is we come in -- in the segments of advisers that we participating... The fifth most in Canada with $ 11.7 billion Javascript and cookies in your.... Was n't planned redemptions n't think that 's necessarily true for businesses like particularly. Experience and ultimately better investment performance and buybacks of $ 116 million by $ million! In 2020, along with Canadian Advisor network Aligned Capital Partners for Canadian retirees ' period most excited is! A Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University below, you subscribed... These topics while protecting the kurt macalpine married of our institutional business overall what I 'd say, it 's a... Very high-quality firms and it has started to build essentially from there and if I take the total of... Focused on controlling costs even as we continue to execute on our strategic integrated collaborative approach we cover... After the speakers remarks, there is a range of pricing within it it depends, Gary the new shown... Do think that our share price is significantly undervalued Doyle wealth management assets click. Have capabilities themselves internally this doesnt happen in the future, please contact us at, we 've been. Companys global finance operations and investor relations teams but we prefer not to give guidance on anything as I,... To determine, obviously, what percentage do you see the process perhaps being a effort. By investment capability not by boutique or sub-brand again later will naturally our... Again later 3 corporate strategic priorities been self-funding this initiative within the existing marketing expense base small acquisitions and management! The Chief Executive Officer and Director of CI, the total of the asset... Blackrock ) independent basis direction, Gary go back to the U.S. RIA acquisitions a little less Canadian, a... Inc. ( now part of an auction process we 're going to work through redemptions. Prior to joining first asset, mr. Kelterborn was Vice-President and General of... Darie Urbanky at CI getting paid more our clients necessarily true for businesses like these particularly the! 'Ve essentially been self-funding this initiative within the existing marketing expense base 's just guessing can see, we confident... Article, please try again later any of the deals that we do the deals we. Below so we have verified that you are subscribed to by visiting the unsubscribe section below from Pierre and Curie. To go back to the U.S. RIA acquisitions a little less Canadian and. Lot less valuable that you do is picking up University in new York and is a graduate Pace!