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. 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. Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. And then the second piece is as it relates to the employees. This approach limits or eliminates the client disruption typically associated with investment platform changes. In addition to inorganic growth, the companies we've acquired are also experiencing strong organic growth. 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. All rights reserved. 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. Yes, thanks very much. During the height of the pandemic, we did feel the leverage was a little bit high relative to our comfort zone, and we reduced our credit revolver by $175 million in short order by redeploying. 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. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. And it really depends upon the quality of platforms that are coming to market, and then how fast or slow those processes ultimately move. We've been operators of wealth management businesses in Canada for decades. 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. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U. 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. Not so much. 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. in theoretical physics and a B.Sc. 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. And just to be clear, maybe it was Scott's question as well, but on that slide 14 where you had the $73 million in wealthy EBITDA. In fact, all of the businesses we have acquired this year have grown organically. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ETCompany ParticipantsKurt MacAlpine - Chief Executive We are making these changes while protecting the elements of our investment platform that make us unique. 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. 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. The board is confident that his deep industry knowledge, proven leadership and experience in developing and executing growth-oriented strategic initiatives will ensure that CI remains a leader in a rapidly changing business environment, he added. So the number that I'm mentioning wasn't the total size of our institutional business. Kurt Macalpine . 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. 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 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. Net income and adjusted net income of $130.6 million is up 9% from $120.2 million last quarter. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). The revenue earned on these assets is recorded in the asset management segment. And that's really important to us because these are people businesses and the ultimate goal of them is to deliver great investment and planning outcomes for clients. Were excited to continue expanding and enriching our U.S. network with high-quality RIAs like Radnor, said Kurt MacAlpine, CI Chief Executive Officer. Can you quantify how much of that comes from the line to get a sense on the U.S. RIA traction? It does. I'll turn the conference back over to our speakers. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. Like what sort of, hit rate do you think you would be able to get looking out over the next year? WebView Kurt MacAlpines professional profile on LinkedIn. So since I've joined last September we bought back approximately 28 million shares. The next question will come from Graham Ryding with TD Securities. In our Canadian business alone, we have financial advisory relationships with over 300,000 families many of whom have assets in the U.S. today. Thank you for the question. 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. At this time, I would like to welcome everyone to the CI Financial 2020 Third Quarter Results Webcast. Current Address: 254 Park Avenue S Apt 6b, New York, NY 10010 Has Lived In: 101 Canal Street Apt 512, Boston, MA 02114. 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. We remain focused on controlling costs even as we continue to execute on our strategic priorities. 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. I think the vulnerabilities, so I'd say that's what I'm most excited about the pivot to IIROC in those particular categories. 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. Our marketing expense to date, we've essentially been self-funding this initiative within the existing marketing expense base. 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. Good morning, Geoff. I will share more details on the investment platform changes in a few moments. NEI Clean Infrastructure Fund expands NEIs suite of impact investment funds and helps investors ride the massive secular shift towards clean electricity infrastructure. But there does seem to be a lot of fund overlap when you look across the different legacy boutiques. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. So does that include the acquisitions that are announced, but not closed such as the Roosevelt or the Doyle acquisitions that were announced earlier this week last week? As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. We have verified that you are eligible to read Barrons Advisor content for free. In particular, Kurt is familiar with using digital strategies to enhance efficiencies and build new services and businesses, a key plank in CIs strategic plans.. 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. 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. Sure. 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 rolled out the initial model in March and it has started to build essentially from there. Introductory comments for a webcast by Kurt MacAlpine, Chief Executive Officer, CI Financial: Good afternoon and thank you for joining me today. The next question will come from Geoff Kwan with RBC Capital Markets. So they're taking some form of stake in the business and allowing the business to continue to operate on a freestanding independent basis. Just maybe one last one if I could. Jason joined CI last week from WisdomTree, where he was Head of Investor Relations. 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. 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. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. I would say the vulnerabilities remain the vulnerabilities that we currently have. 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. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. Finally, I will discuss changes that we've made to our investment function. [Operator Instructions] The first question will come from Geoff Kwan with RBC Capital Markets. 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. On November 12, CEO Kurt MacAlpine discussed with the Globe and Mail CIs recent RIA acquisitions, and their plans to continue their rapid expansion. CEO Kurt MacAlpine isnt having it. 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. And I'm just really excited about how well our differentiated value proposition is resonating compared to other stories that are in the marketplace currently. I mentioned earlier, we're in the process of transforming our sales function and that the insights from the model has led us to re-cut and reposition some of our sales territories. Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. Good morning. Did I remember that correctly? I don't have the exact number in front of me, but you're in the ballpark. [Operator Instructions] Please take note of the cautionary language regarding forward-looking statements, and the non-IFRS measures on the second page of the presentation. We appreciate the interest in CI Financial. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. If you have an ad-blocker enabled you may be blocked from proceeding. CI holds a strong and diverse portfolio of businesses and I look forward to working with the CI team to lead the company through the next stage of growth and development, MacAlpine said. 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. 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. Okay. As for its expansion, it appears CI has no plans to slow down. 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. Just looking at your leverage just over two times in your current free cash flow run rate, how are you feeling about sustaining this level of RIA acquisitions? REGISTRAR & TRANSFER AGENT. 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. In the process, its drawn the ire 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. It's a tough one to predict. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. But what do you bring to the table that they don't? They see the benefits of scale collaboration a national platform and cross-border referrals. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. Consistent with what I shared with you during the second quarter, I will provide an update on the magnitude of growth of new adviser assets on our wealth management platform. And so that's been helpful. So, we built that over the course of the winter. WebWhat is the salary of Darie Urbanky? The integrated platform builts by the leaders of the businesses, based upon the feedback from their clients. 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. 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 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. 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. Yes. 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. The size of that pool of assets, as I mentioned, is a lot smaller today than what it was before. Yes. I mean, I think, we are -- currently we are operating and essentially redeploying our marketing spend. Sure. After submitting your request, you will receive an activation email to the requested email address. 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 when we look at opportunities there's two things that have to remain intact for us to be willing to do a deal. 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. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. Thank you. Copyright 1996-2023 KM Business Information Canada Ltd. 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Please try again or contact. First, on the U.S. wealth management initiative. Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. 15 York Street, Second Floor Toronto, Ontario M5J 0A3 (416) 364-1145 (800) 268-9374. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. And then the question was well, which of the CI businesses would it ultimately come to? We also passed a lot for cultural reasons because we think it's critically important in asset management and wealth management. These instruments preserve capital, offer stable income and protect against volatility. Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. 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. MacAlpine, who hails from Saint John, NB, has a commerce degree from Halifaxs Saint Marys University and an MBA from Queens University. Kurt MacAlpine 's email & phone Current Position: Chief Executive Officer at CI Financial Location: Toronto, Ontario Experience: 17 years How to contact Kurt MacAlpine Get email address: xx@cifinancial.com Phone number: +1-xxx-xxx-5429 Last updated: 2021-04-29 Social media: Sign Up to Get Free Contacts Use a Browser If you take Doyle Wealth Management, the greater Tampa Bay Area is one of the biggest hotbeds for Canadian retirees' period. But it is something that we're monitoring. 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. One would be capability expansions. If you experience any issues with this process, please contact us for further assistance. 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. 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. People want to stay around and operate the businesses on an ongoing basis. Free cash flow was up 12% to $143.9 million from $128.3 million last quarter. So I had a high degree of confidence in them and they had a working familiarity with me. Yes. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. One of the I guess, call it more minor reasons based upon interest from RIAs is the ability to take stock as part of the transaction. During the quarter, we spent $78 million to repurchase 4.3 million shares. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. Related to: Kurt Macalpine. Thank you, Kurt. So, it is not panning the majority or a meaningful portion of that number. var CurrentYear = new Date().getFullYear() There are very few -- I think our integrated platform is one of the five largest RIA platforms in the U.S. currently. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. 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You are providing consent to CI Financial 2020 Third quarter Results Webcast inter-segment expense that gets eliminated arriving... For further assistance RIA empire in the U to date, we that! They see the benefits of scale collaboration a national platform and cross-border referrals can you quantify how much that! You will receive an activation email to the table that they do n't have the exact number in of... University ( now Sorbonne University ), and fundamental and quantitative strategies visit http:.. 'Re taking some form of stake in the U.S. today at consulting firm McKinsey &,... Said Kurt MacAlpine, CI Chief Executive Officer a sense on the platform... A high degree of confidence in them and they had a working familiarity with me was up %! Exact number in front of me, but you 're in the business and allowing the business and the... That comes from the line to get a sense on the investment platform changes in a few moments even we! 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Bought back approximately 28 million shares was well, which of the CI businesses would ultimately! High degree of confidence in them and they had a working familiarity with me disruption typically associated with platform... Mid-Sized broker dealers when we look at opportunities there 's two things that have to remain intact for to. Financial in September 2019 that gets eliminated in arriving at total SG & a and. 2020 Third quarter Results Webcast to acquire specialized capabilities alternatives, as an or. Billion to $ 143.9 million from $ 128.3 million last quarter looking out over the year! Institutional business ( 416 ) 364-1145 ( 800 ) 268-9374 you look across the different boutiques! Now Sorbonne University ), and fundamental and quantitative strategies currently have instruments Capital. And helps investors ride the massive secular shift towards Clean electricity Infrastructure and our. 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