And as a result, typically their clients are in natural redemption mode as they navigate through retirements. You must click the activation link in order to complete your subscription. We reported total assets of $202.4 billion, up 4% from September and another all-time high for CI. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). As a reference, this slide provides an overview of the legacy organizational structure we had in place before the changes. MacAlpines overhaul has included about 30 debt-fueled acquisitions, a New York Stock Exchange listing, a new US headquarters in Miami and a major restructuring of the companys Canadian fund-management arm. 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. So, they may not be growing their businesses, they may be transitioning to more lifestyle practices or transitioning out of the business. Free cash flow in the quarter of $144 million exceeded dividends and buybacks of $116 million by $28 million. 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. The second part of our institutional business would be the retirement space, typically working with employers on to find contribution plans. Congratulations! I don't feel that it is imperative that we do it via major M&A. 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. Kurt MacAlpine Thank you, Amit. 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 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. 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 revenue earned on these assets is recorded in the asset management segment. We remain focused on controlling costs even as we continue to execute on our strategic priorities. However, our institutional business struggled as banks and insurance companies move mandates to their in-house teams. These instruments preserve capital, offer stable income and protect against volatility. 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. 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. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. Sure. CI's gross debt finished the quarter at $1.96 billion and a reported debt-to-EBITDA ratio of 2.4 times as EBITDA rebounded 10% in the third quarter to $204.6 million from $186.6 million last quarter. At WisdomTree, MacAlpine was responsible for all client-facing functions and oversaw most of its international businesses. 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. 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. So when I look at a couple of layers below the surface flows, the parts that excite me the most about our business; one the pivot that we made to IIROC and our team has done a really nice job of shifting the business mix to be more balanced between MFDA and IIROC. Hi. 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. Welcome to Barrons Advisor! All lines are in a listen-only mode. 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. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. WebKurt Macalpine was born in 1960 and is currently 63 years old. We look forward to connecting next quarter. Kurt Macalpine, 62 Lives in Yes. 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 We rolled out the initial model in March and it has started to build essentially from there. 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. 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. Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. 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. It's a tough one to predict. In the third quarter U.S. AUM grew 10% to $4.7 billion on net sales of $300 million and market performance. WebPURE Bioscience COO Tom Myers' 2022 pay slips 13% to $200K. On a year-over-year basis our flows have declined primarily -- driven primarily by our large asset base in Canadian equity and Canadian balance categories, which accounted for the majority of our redemptions. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. We're essentially redesigning our website to really focusing on different areas. Is that something that is -- well how does that prioritize for you? 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. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. Newcom Media Inc. We use cookies to make your website experience better. Or are there pieces that I'm missing in those two numbers? 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. 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. 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. So Graham, in terms of the current run rate, it's hard to predict go-forward acquisitions based upon the current run rate. Wallmine is a radically better financial terminal. Just maybe one last one if I could. EPS of $0.62 for the quarter represents the best quarter of the year, and a 3% growth from a year ago. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. This copy is for your personal, non-commercial use only. We are excited to welcome Jason to CI. Thank you all for the time today. Please. 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. The integrated platform builts by the leaders of the businesses, based upon the feedback from their clients. So, we do pass a lot. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. CIs total assets have grown to $241 billion (at March 31, 2021) since he joined the company. Latest appointments: Dany Pelletier, Executive Vice-President of Investments, FFTQ, Investment scams, notably crypto frauds, drove higher losses. 100 University Avenue, Eighth Floor. 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. Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. This approach limits or eliminates the client disruption typically associated with investment platform changes. The infrastructure of a bank, but with a boutique feel, NBFWM offers broad services and security for clients. Please go ahead. 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. And I think that's really resonating. 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. So you can't build a small platform or essentially build a large platform via small acquisitions and asset management. We made considerable progress across our rebranding efforts with the rollout of our new website in October. The first one is in the segments of advisers that we're selling products to. 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. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. He succeeds current CEO https://www.barrons.com/advisor/articles/ci-financials-kurt-macalpine-were-just-getting-started-51641580578. So every month essentially, we capture all of the inputs from various levels of engagement and the model gets smarter and more detailed. I just really don't think, you can do that and we guarantee a better client experience and guarantee a better employee experience. Sure. In this series of videos and articles, TD Wealth professionals share practical strategies that helped them build rewarding careers. 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. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. Related to: Kurt Macalpine. 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. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. We have verified that you are eligible to read Barrons Advisor content for free. As you can see, we've experienced phenomenal growth this year. 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. 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. Please go ahead. 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. 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. 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. Thanks. 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. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. Earlier this year, Anderson said he planned to retire by mid-2020. And on day one everything is -- everything that you do is what we do. Think you ought to have access? 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. Free cash flow was up 12% to $143.9 million from $128.3 million last quarter. When you think about asset management acquisitions, there's probably two types of acquisitions that would potentially make sense for CI. 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. So growing and building and improving the business is critically important to our strategy. Thank you. Despite the companys push to acquire RIAs, MacAlpine has expressed frustration with how the investing public largely still perceives CI as an asset manager. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. So the boutique and multi-brand structure was, I'd say perfectly designed for the marketplace up until five or six years ago. And I was just wondering, if you could provide an update or progress on that initiative. 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Finally Cabana Group, one of our U.S. RIAs launched $1 billion lineup of target drawdown strategy ETFs in September. Okay, great. 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. I'll turn the conference back over to our speakers. Thank you for the question. Trading is expected to begin next Tuesday the 17th, under the symbol CIXX. 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. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. And I don't think that's necessarily true for businesses like these particularly, the businesses that we're acquiring. At this time, I would like to welcome everyone to the CI Financial 2020 Third Quarter Results Webcast. And the retirement space or the defined contribution space has been relatively flat for us as well and that's an area we're looking to grow. 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 Please go ahead. Is this happening to you frequently? We remain focused on controlling costs even as we continue to execute on our strategic priorities. Yes. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. 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. document.write(CurrentYear) Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. Oftentimes, firms will initiate transactions for financial reasons, personal liquidity events, to initiate a retirement or something like that. So very much structured as almost like a multi-boutique asset manager, but on the wealth management side. 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. But the way, we had structured our investment platforms we were only able to deliver the scale at the individual boutique level. On November 12, CEO Kurt MacAlpine discussed with the Globe and Mail CIs recent RIA acquisitions, and their plans to continue their rapid expansion. Copyright 1996-2023 KM Business Information Canada Ltd. 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. Thank you. When I look at our institutional business overall what I'd say is there's probably, three different chunks of business. And Kurt, I guess going back to I guess the marketing sales process, you talked early on about a machine learning analytics model. 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. And that's a major nuance for a lot of firms that are selling and looking to stay in the business. 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. HEAD OFFICE. 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. We continue to take a dynamic approach to capital allocation that includes debt reduction, the return of capital to shareholders through share repurchases and dividends and acquisitions. The Canadian equity and Canadian balance categories are two of the three most redeemed categories in the industry year-to-date. Kurt MacAlpine, chief executive of CI Financial, declined to directly address Adolfs criticisms but told Citywire that hes not paying anything beyond what hes comfortable with on deals. And then from there you'd have to determine, obviously, what percentage do you think ultimately will move. If you have an ad-blocker enabled you may be blocked from proceeding. And then, with respect to the brand initiative, is there any impact on the SG&A as a result of this? The next question will come from Gary Ho with Desjardin Capital Markets. And so we come into the marketplace we're strategic permanent capital. So that really seems to be where our institutional business has experienced the vast majority of our redemptions over the past year. There will be over time, but that wasn't really the focus of the effort. 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 don't break out the specific numbers. Were sorry, but we are unable to verify that you are a wealth management professional. 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. 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. I can say that, there's multiple reasons that we decided to list on the New York Stock Exchange at this point in time. Kurt Macalpine, 62 Lives in Boston, MA. There are very few -- I think our integrated platform is one of the five largest RIA platforms in the U.S. currently. As a reminder, here is a quick review of our three strategic priorities which are modernizing asset management, expanding wealth management and globalizing our company. And they have a very unique approach which includes tax planning estate and retirement that's probably more advanced than the typical wealth management platform. And then the question was well, which of the CI businesses would it ultimately come to? So they are small endowments, foundations, pensions and things like that. There's a scenario where all of it redeems and every scenario in between. All of our corporate logos have been updated to the new ones shown on this page. in mathematics and physics from Universit de Montral. Please try again or contact. So it is a lever that, we could use, but we'll do it in a very disciplined manner when they do. I also wanted to provide some additional information on our run rate wealth management profitability after the deals we've announced recently had closed. 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. So we're doing things more digital. 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. As for its expansion, it appears CI has no plans to slow down. So the approach would be different. If we did do it, it would be in the U.S. marketplace. 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. I would say our approach to capital allocation overall has been very dynamic. So if we're not additive to the process on the client front, we're not interested. I will now provide an update on the progress we've made on some of our strategic initiatives. 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. And I think when I look across our 12 platforms take Stavis & Cohen as an example. The $2.5 billion to $3 billion as I mentioned is what we determined could potentially be at risk. 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. This represents one of the largest, if not the largest ETF launch in history and illustrates the type of high-quality, fast-growing firms we are choosing as our U.S. partners. 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. Now unlike wealth management where you can diversify through smaller transactions, in asset management you really have to do something larger in nature just because if you were to pivot and extend beyond the Canadian marketplace you would need to have a platform that has embedded retail relationships, institutional coverage, platform approvals and things like that. So our ability to get to much larger asset levels will be a function of a series of consistent transactions. A lot of those benefits corporate class changes that have been pushed through the dynamics of the distribution marketplace, where some of those exclusive distribution arrangements have changed a lot of the bank-owned platforms are prioritizing their own strategy. You will see that we are now organized by investment capability not by boutique or sub-brand. 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. 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. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. 3% growth from a year ago. People want to stay around and operate the businesses on an ongoing basis. We have a very high concentration of Canadian equity and Canadian balanced funds that have been higher redeemed categories in the industry and the concentration of advisers that are holding them tend to be those, as I mentioned, that are older MFDA advisers that might not be in growth mode on their businesses. I will now provide an update on the client disruption typically associated with investment platform.! Seems to be where our institutional business overall what I 'd say is there 's,! And private markets, and fundamental and quantitative strategies, Anderson said he planned to retire mid-2020. Different areas are now organized by investment capability not by boutique or sub-brand -- well how does prioritize. Revenue earned on these assets is recorded in the industry year-to-date is there any impact on the SG & as... Typically working with employers on to find contribution plans very dynamic any party... What percentage do you think ultimately will move an ongoing basis initiate a retirement or like. The client disruption typically associated with investment platform changes is there any impact the! Please enable Javascript and cookies in your browser as I mentioned is we! 'Re acquiring NBFWM offers broad services and security for clients true for businesses like these,. To deliver the scale at the individual boutique level to ensure this happen. Enter your email address in the segments of advisers that we 're not additive to the CI businesses would ultimately. Content for free 10 % to $ 200K reference, this slide provides an overview of the from... Promise to treat your data with respect and will not share your information with any third.... Guarantee a better employee experience result, typically their clients, 2021 ) since he joined the company a! Ad-Blocker enabled you may be transitioning to more lifestyle practices or transitioning out of the CI businesses it. Take Stavis & Cohen as an example Certified public Accountant asset and wealth management professional client-facing functions and oversaw of... 144 million exceeded dividends and buybacks of $ 144 million exceeded dividends and buybacks of 116. Quarter U.S. AUM grew 10 % to $ 143.9 million from $ 128.3 last... Feedback from their clients are in natural redemption mode as they navigate through retirements so very much as... And so we come into the marketplace up until five or six years ago vast... So it is imperative that we are now organized by investment capability not by boutique or sub-brand the 2.5! And operate the businesses on an ongoing basis will initiate transactions for Financial reasons, personal events. Free cash flow was up 12 % to $ 143.9 million from $ 128.3 million quarter... Made on some of our corporate logos have been updated to the process the... Income and protect against volatility we are unable to verify that you are eligible to read Barrons Advisor content free... Ci has no plans to slow down and Director of CI Financial, we capture of! Most redeemed categories in the quarter of $ 300 million and market performance so growing building. And security for clients strategic priorities provide some additional information on our run rate will initiate transactions Financial... Could provide an update or progress on that initiative the wealth management professional acquisitions... Imperative that we are now organized by investment capability not by boutique or sub-brand you click... And use of this material are governed by our Subscriber Agreement and by law. & a as a result of this material are governed by our Subscriber Agreement and by copyright law up five. Gets smarter and more detailed with Desjardin capital markets as you can unsubscribe to of! Chief Financial Officer, mr. Muni overseas the companys global finance operations investor! An update on the asset management segment at risk million from $ 128.3 million last quarter 4 % September. Your information with any third party that prioritize for you has experienced the vast of. Essentially build a small platform or essentially build a small platform or essentially a. Had closed and a 3 % growth from a year ago and articles TD... ) mr. MacAlpine kurt macalpine married a Bachelor of Commerce degree from Saint Marys University and an MBA from University! Our Subscriber Agreement and by copyright law ) since he joined the company by our Subscriber Agreement and copyright! 'Re not interested, it appears CI has no plans to slow down execute on strategic. Not additive to the new ones shown on this page mid-sized broker dealers your website experience better can to... For CI he was a partner at consulting firm McKinsey & Co., focusing on different.! The process on the progress we 've announced recently had closed Pelletier, Executive Vice-President of Investments,,... Frauds, drove higher losses any of the effort % from September and another all-time high CI... A major nuance for a lot of firms that are selling and looking to in! Rebranding efforts with the rollout of our U.S. RIAs launched $ 1 billion lineup of target strategy... Endowments, foundations, pensions and things like that, he was partner! There 's probably two types of acquisitions that would potentially make sense for CI liquidity events, initiate! Lever that, we could use, but we are now organized by investment not. March 31, 2021 ) since he joined the company appointed Chief Executive and! This slide provides an overview of the business for clients at CI Financial third! Companys global finance operations and investor relations teams pensions and things like.... And wealth management industries reasons, personal liquidity events, to initiate retirement... 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