So when you look at holistically the combination of the pivots we've made on the sales front, the enhancements we've made to the product lineup through the Liquid Alternatives and DoubleLine plus the re-platforming of our investment organization to really make it more modern and integrated. And I think that's really resonating. Our content is free but available only to wealth management professionals. This approach limits or eliminates the client disruption typically associated with investment platform changes. We've detected you are on Internet Explorer. https://www.barrons.com/advisor/articles/ci-financials-kurt-macalpine-were-just-getting-started-51641580578. 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. 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 Oftentimes, firms will initiate transactions for financial reasons, personal liquidity events, to initiate a retirement or something like that. I think the biggest opportunity for us is really two-fold. in theoretical physics and a B.Sc. And is there a portion of that AUM that you think would be unlikely to be brought in-house in the future? I just really don't think, you can do that and we guarantee a better client experience and guarantee a better employee experience. 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. 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. You can sign up for additional alert options at any time. Next, I will update you on our corporate rebranding initiative. 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. CI 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. View Reputation Profile. The next question will come from Geoff Kwan with RBC Capital Markets. Wealth management assets jumped to $66.1 billion on market performance and with the addition of BDF and Congress in the third quarter. We rolled out the initial model in March and it has started to build essentially from there. Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through a period of rapid acquisition and growth. You can sign up for additional alert options at any time. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. 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. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. It also excludes any strategic or cost synergies, asset management product sales, business model improvements or planned but unannounced transactions. We rolled out what we believe is Canada's first machine learning model or predictive algorithm for sales and marketing process in Canadian asset and wealth management. 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 And on day one everything is -- everything that you do is what we do. 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. He was also a member of the CDPQ asset allocation committee. And it really depends upon the quality of platforms that are coming to market, and then how fast or slow those processes ultimately move. Maybe you can just share with us, what the margins would be on that business. 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 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. Kurt MacAlpine has been facing his share of headwinds with CI Financials recent business decisions, but hes convinced hes charted the right course for the company, and he plans to stick with it. 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. 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. It's a smaller portion of the line, Scott. The $2.5 billion to $3 billion as I mentioned is what we determined could potentially be at risk. This copy is for your personal, non-commercial use only. He succeeds current CEO The asset management we do look at things opportunistically, but it really has to fit what we're building on the integrated asset and wealth management side. I'd say, it's directionally in the right direction, Gary. Please. 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 don't break out the specific numbers. So it depends, Gary on when you're having a conversation. 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. 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. 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. 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. I did share some additional guidance on the institutional business in that breakdown. Addresses View Full Report. 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. Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. They have a phenomenal focus on serving corporate executives in the oil and gas industry, which creates a very interesting energy corridor opportunity for us partnering with Assante. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. So I remain very optimistic. CI Financial, Corp. (CIXX) Q2 2021 Earnings Conference Call August 10, 2021 10:00 AM ETCompany ParticipantsKurt MacAlpine Chief Executive OfficerAmit India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Musk donated around $1.95 billion in Tesla shares last year, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk recruits team to develop OpenAI rival - The Information, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, French tycoon Niel hikes stake in Millicom to 19.6%, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon. There's a scenario where all of it redeems and every scenario in between. For the best Barrons.com experience, please update to a modern browser. So we're doing things more digital. So I feel fantastic about the progress we've made. 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. CI noted that Anderson will remain with the firm in the short term to assist with the transition of responsibilities.. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy. Thank you for the question. 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. Okay. We are confident that meaningful synergy opportunities exist, but we prefer not to give guidance. 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. 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. I think our momentum continues to pick up on a month-by-month basis. Think you ought to have access? 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. 100 University Avenue, Eighth Floor. However, our institutional business struggled as banks and insurance companies move mandates to their in-house teams. But yes, the margins on the institutional business are lower than what we would see on retail. We remain focused on controlling costs even as we continue to execute on our strategic priorities. 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. As the President and Chief Operating Officer of CI, the total compensation of Darie Urbanky at CI is CAD$1,225,000. The next question will come from Gary Ho with Desjardins Capital Market. 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. Sure. Yes. Good morning. When you think about asset management acquisitions, there's probably two types of acquisitions that would potentially make sense for CI. Net income and adjusted net income of $130.6 million is up 9% from $120.2 million last quarter. 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. So the boutique and multi-brand structure was, I'd say perfectly designed for the marketplace up until five or six years ago. Not so much. And I would call this a close second or 1A and it's a human capital business and the primary relationship in any wealth managers between the adviser team and the client in particular. We look forward to connecting next quarter. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. Please go ahead. Thank you. WebPURE Bioscience COO Tom Myers' 2022 pay slips 13% to $200K. The ability for any boutique to deliver scale benefits was driven by the scale they had generated independently. CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. So, it is not panning the majority or a meaningful portion of that number. Kurt Macalpine, 62 Lives in So we are fortunate enough to be winning the vast majority of auctions that we are in. 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. 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The revenue earned on these assets is recorded in the asset management segment. So the approach would be different. You're around there. 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. 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 don't think it makes sense for us to directly enter Europe or Asia or Latin America at this point. Please go ahead. 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. You must click the activation link in order to complete your subscription. I would say our approach to capital allocation overall has been very dynamic. And how does that landscape look for you? 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. So I think the main difference between us and our competitors and we thought a lot about this in advance of entering the RIA space which was we recognized that others have been in this space earlier. We appreciate the interest in CI Financial. 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. Congratulations! Two increasingly important categories where we are growing our market share. I don't feel that it is imperative that we do it via major M&A. 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. Net debt increased $1.669 billion as cash was deployed to close the acquisitions of BDF and Congress and the net debt-to-EBITDA ratio rose to 2.1 times. 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. Can you quantify how much of that comes from the line to get a sense on the U.S. RIA traction? Thank you all for the time today. Trading is expected to begin next Tuesday the 17th, under the symbol CIXX. I mean, I think, we are -- currently we are operating and essentially redeploying our marketing spend. I had a good understanding of their particular businesses, their capabilities, their teams and their growth rate. In this series of videos and articles, TD Wealth professionals share practical strategies that helped them build rewarding careers. And there is a few firms that fit this mold and may be called serial aggregators or something like that. The next step is an initial public offering of as much as 20% of its US wealth management business. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced I will now provide an update on the progress we've made on some of our strategic initiatives. And we're only $16.5 billion so far. Yes. So if the opportunity presents itself, it's financially attractive accretive and a great opportunity to diversify and transform the business we'll look. Sure. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. So our ability to get to much larger asset levels will be a function of a series of consistent transactions. Good morning, Geoff. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. I think there's probably a little bit more there than that plus everything that we've shared, and we'll continue to share will be pre-synergies just given my preference not to provide go-forward guidance or projections. And that was really the next tranche of deals. The velocity of deals that we're able to do is picking up. We are also taking this opportunity to better structure our investment platform to foster improved communication and collaboration across the organization, positioning us to deliver the full-scale and capabilities of CI to our clients not just the capabilities of our legacy investment boutiques. Please go ahead. And now we're at a fascinating place where I probably get a couple of firms reaching out every week directly bypassing a bank or a process just looking to do a deal with CI specifically. At WisdomTree, a global asset manager and exchange-traded fund sponsor based in New York, Mr. MacAlpine was responsible for all client-facing functions globally, including distribution, marketing, data intelligence and strategy, business development and client solutions. I assume this is low margin. Sure. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. Obviously, you're very active on the wealth side, but on the asset management side. 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. [Operator Instructions] The first question will come from Geoff Kwan with RBC Capital Markets. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. At WisdomTree, MacAlpine was responsible for all client-facing functions and oversaw most of its international businesses. So every month essentially, we capture all of the inputs from various levels of engagement and the model gets smarter and more detailed. LinkedIn is the worlds largest business network, helping professionals like Kurt MacAlpine discover inside connections And why would that be? 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