Thanks and good morning. An error has occurred, please try again later. 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. Is that something that is -- well how does that prioritize for you? The next question will come from Gary Ho with Desjardins Capital Market. If you experience any issues with this process, please contact us for further assistance. Good morning, everyone, and welcome to CI Financial's third quarter earnings call. 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. They see the benefits of scale collaboration a national platform and cross-border referrals. Kurt Macalpine, 62 Lives in Computershare Investor Services. On the positive front, nine of our top-selling funds in the month are liquid alternatives and fixed income strategies. Please contact us at, We encountered an error. Kurt MacAlpine Thank you, Amit. And CI bought back 4.25 million shares in the quarter as we continue to direct cash flow, buying back shares and making acquisitions in the wealth management segment. 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. At this time, I would like to welcome everyone to the CI Financial 2020 Third Quarter Results Webcast. If you fast forward to today just looking at the deals, we've done over the past six or seven months, we believe we have the fastest-growing RIA platform ever. Please complete the form below and click on subscribe for daily newsletters from Wealth Professional. But it is a different approach and I want to make sure that's coming through than the methodical approach we're taking to the wealth management space. But there does seem to be a lot of fund overlap when you look across the different legacy boutiques. Fast forwarding to today, our rebranding effort is well underway. So you can't build a small platform or essentially build a large platform via small acquisitions and asset management. Sure. If you experience any issues with this process, please contact us for further assistance. CONTACT US. 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. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. https://www.barrons.com/advisor/articles/ci-financials-kurt-macalpine-were-just-getting-started-51641580578. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Wealth management assets jumped to $66.1 billion on market performance and with the addition of BDF and Congress in the third quarter. So what I would say is, we're listing ourselves on the New York Stock Exchange effective next week. Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. There is a scenario where none of that redeems. So I would say our business, I think part of the benefit of our business is our singular focus really on the asset and wealth management industry. 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. 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 did share some additional guidance on the institutional business in that breakdown. The Canadian equity and Canadian balance categories are two of the three most redeemed categories in the industry year-to-date. And then just on the RIA acquisition pipeline like how would you describe the size of it today? Can you quantify how much of that comes from the line to get a sense on the U.S. RIA traction? 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. You will see that we are now organized by investment capability not by boutique or sub-brand. 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. 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. 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. 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. On that wealth management slide, the -- I guess the EBITDA progression year-to-date from $15 million to $73 million. 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. 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. So the boutique and multi-brand structure was, I'd say perfectly designed for the marketplace up until five or six years ago. So some of the deals that we are doing are part of an auction process we're participating. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. So you will it is our intent to continue to show these two slides on an ongoing basis and you can really chart the journey that we're on. 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 don't like to give guidance on anything as I think oftentimes it's just guessing. Maybe you can just share with us, what the margins would be on that business. And that was really the next tranche of deals. You can sign up for additional alert options at any time. The revenue earned on these assets is recorded in the asset management segment. So, I would say Scott, it's still very early days. Did I remember that correctly? I will now provide an update on the progress we've made on some of our strategic initiatives. The second part of our institutional business would be the retirement space, typically working with employers on to find contribution plans. So when we look at opportunities there's two things that have to remain intact for us to be willing to do a deal. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. It also shows the magnitude of the opportunity for growth and profitability going forward. So we had a working relationship. View Reputation Profile. And those are all fine reasons to do it. 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. 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. Congratulations! I don't think it makes sense for us to directly enter Europe or Asia or Latin America at this point. They recognize the need to get bigger. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. I'd say, it's directionally in the right direction, Gary. If you rewind to January this isn't even a segment or a market that we were in. They want to benefit from an integrated platform. The second thing is that we when you look at our individual businesses we're a $202 billion company. 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. After submitting your request, you will receive an activation email to the requested email address. 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. And so we come into the marketplace we're strategic permanent capital. If you take Doyle Wealth Management, the greater Tampa Bay Area is one of the biggest hotbeds for Canadian retirees' period. Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. I know it sounds like a minor distinction, but that is very different from us, doing an acquisition and saying, we're going to buy your business. 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. 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. 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. I would say if you think about the journey we've been on the first few deals that we had started with or prioritized were firms that I had professional relationships with in prior lives. Kurt Macalpine, 62 Lives in Boston, MA. WebView Kurt MacAlpines professional profile on LinkedIn. And how does that landscape look for you? 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 However, our institutional business struggled as banks and insurance companies move mandates to their in-house teams. So, there is a range of pricing within it. Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. It's a tough one to predict. It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. 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. Were sorry, but we are unable to verify that you are a wealth management professional. Thank you. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. And then the second piece is as it relates to the employees. We just need a little more information to create your account. But that's not to say depending on how the business evolves over time that we may spend a little bit more on a go-forward basis but it's not something we've done today. Thank you for the question. On November 12, CEO Kurt MacAlpine discussed with the Globe and Mail CIs recent RIA acquisitions, and their plans to continue their rapid expansion. Good morning, Geoff. So take Harbour as an example. You can sign up for additional alert options at any time. 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. He has extensive experience in the global asset and wealth management industry, having previously served as Executive Vice-President and Head of Global Distribution for WisdomTree Asset Management and as a Partner and Leader of the North American Asset Management Practice at McKinsey & Company. Now Doug will review the financial results for the quarter. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. WebWhat is the salary of Darie Urbanky? 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. So if the opportunity presents itself, it's financially attractive accretive and a great opportunity to diversify and transform the business we'll look. 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. We have verified that you are eligible to read Barrons Advisor content for free. 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. We continue to make great strides executing our corporate strategy. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ET. We are confident that meaningful synergy opportunities exist, but we prefer not to give guidance. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. They got it, and now one of Canadas largest independent asset managers is a little less Canadian, and a lot less valuable. I had a good understanding of their particular businesses, their capabilities, their teams and their growth rate. And then from there you'd have to determine, obviously, what percentage do you think ultimately will move. Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. So the ability to buy scale and wealth management given where we're focused, doesn't really exist. If we did do it, it would be in the U.S. marketplace. And the part that I'm most excited about is, we're doing deals with truly exceptional very high-quality firms. You must click the activation link in order to complete your subscription. So I remain very optimistic. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. Please. Yes. Please go ahead. First, on the U.S. wealth management initiative. As you can see, we've experienced phenomenal growth this year. Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through a period of rapid acquisition and growth. 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. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. 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. The next question will come from Graham Ryding with TD Securities. 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. Just maybe one last one if I could. I think the vulnerabilities, so I'd say that's what I'm most excited about the pivot to IIROC in those particular categories. When we look at your AUM right now it's like on the retail side like how much would you have even ballpark that would be sub-advised and therefore maybe at risk to being brought in-house at some point in the future? For the best Barrons.com experience, please update to a modern browser. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. 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. Please go ahead. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. 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. 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. 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. This slide provides a snapshot of our new investment management organizations. 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. 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. Welcome to Barrons Advisor! Good morning, ladies and gentlemen. Please try again or contact. Kurt, just want to go back to the U.S. RIA acquisitions a little bit. 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. 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. 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. in theoretical physics and a B.Sc. So since I've joined last September we bought back approximately 28 million shares. 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. EPS of $0.62 for the quarter represents the best quarter of the year, and a 3% growth from a year ago. As for its expansion, it appears CI has no plans to slow down. 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. That is helpful. Earlier this year, Anderson said he planned to retire by mid-2020. 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 Our content is free but available only to wealth management professionals. As Please go ahead. 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 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. , kurt MacAlpine, 62 Lives in Computershare Investor Services their particular businesses, their capabilities, teams. Marys University and an MBA from Queens University appears CI has no to! Commerce degree from Saint Marys University and an MBA from Queens University can you quantify how much of that.. 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