We anticipate that the rebranding effort will be fully completed by Q1 2021. 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. 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. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. WebCI Financials Strategic Priorities Update from CEO Kurt MacAlpine November 2019. So, we built that over the course of the winter. So that really seems to be where our institutional business has experienced the vast majority of our redemptions over the past year. So if we're not additive to the process on the client front, we're not interested. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. So, we do pass a lot. I had a good understanding of their particular businesses, their capabilities, their teams and their growth rate. 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. Please go ahead. Like what sort of, hit rate do you think you would be able to get looking out over the next year? Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. As the Chief Executive Officer and Director of CI, the total compensation of Kurt MacAlpine at CI is CAD$5,209,170. There are no executives at CI getting paid more. Wallmine is a radically better financial terminal. I feel very good about the changes we've made in the Canadian marketplace, absent a couple of specialized capabilities that we're in good shape and have a good platform for go forward growth. And I've been very pleased by how well our marketing team has embraced it to really set up and structure all of the campaigns and engagement models that we're ultimately building. Under the current model, the Harbour business is part of broader CI Global Asset management benefits from that scale, partnership, access to better resources and things like that. There are very few -- I think our integrated platform is one of the five largest RIA platforms in the U.S. currently. And it really depends upon the quality of platforms that are coming to market, and then how fast or slow those processes ultimately move. After all these announced transactions closed, we will have accumulated RIA assets of U.S. $16.5 billion or CAD 22 billion this year alone. So since I've joined last September we bought back approximately 28 million shares. It does. Newcom Media Inc. We use cookies to make your website experience better. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. 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. Sure. 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. In October, we saw a 19% improvement in Canadian retail net sales and a 63% improvement in institutional net sales on a sequential basis. Yes. When you think about asset management acquisitions, there's probably two types of acquisitions that would potentially make sense for CI. So the boutique and multi-brand structure was, I'd say perfectly designed for the marketplace up until five or six years ago. And the part that I'm most excited about is, we're doing deals with truly exceptional very high-quality firms. To read this article, please provide the information below so we can confirm that you work in the industry. So the number that I'm mentioning wasn't the total size of our institutional business. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. WebPURE Bioscience COO Tom Myers' 2022 pay slips 13% to $200K. Wealth management assets jumped to $66.1 billion on market performance and with the addition of BDF and Congress in the third quarter. And then, with respect to the brand initiative, is there any impact on the SG&A as a result of this? If I look at what you're doing in the U.S. with respect to RIAs I wonder if you could compare your business model to say competitors here and we certainly know there's one publicly listed competitor. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. This includes $125.4 billion of assets under management and $77 billion of wealth management assets. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. in mathematics and physics from Universit de Montral. And we have announced 12 deals in the marketplace than it was several months ago when we were starting to build story and build that momentum from scratch. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. All lines are in a listen-only mode. Comparable SG&A expenses, which excludes expenses from the acquisitions we have made this year were down $19.4 million, or almost 16% from the third quarter of 2019, and down $1.7 million sequentially. So, they may not be growing their businesses, they may be transitioning to more lifestyle practices or transitioning out of the business. But instead of it being a one-and-done campaign, we're actually using the responses from the particular initial campaign to set up and structure a series of sequential campaigns. I think we're ahead of schedule relative to what we would have initially anticipated. Last week, we announced our application to cross-list our common shares on the New York Stock Exchange. Just maybe one last one if I could. 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. SG&A declined nearly $16 million, or 13% from a year ago, and was flat on a sequential basis despite on-boarding several new businesses. 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. Is that a priority? 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. After the speakers remarks, there will be a question-and-answer session. in mathematics and physics from Universit de Montral. 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. I will now provide an update on the progress we've made on some of our strategic initiatives. 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. That business has been relatively flat for us over the past little while and we have the new head of institutional now that's working to grow it. It's a tough one to predict. 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. Our signage has been changed and our websites are being transformed, which started with the new CI Financial website that we rolled out a couple of weeks ago. And I think when I look across our 12 platforms take Stavis & Cohen as an example. Think you ought to have access? 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 as it relates to the total AUM size of CI in its current standing very small, but that's essentially a little bit of more information in terms of what's remaining getting those specific criteria. The company acquired 13 registered investment advisors in the US in 2020, along with Canadian advisor network Aligned Capital Partners. 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. So Graham, in terms of the current run rate, it's hard to predict go-forward acquisitions based upon the current run rate. 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. The next question will come from Tom MacKinnon with BMO Capital. 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. 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. So our ability to get to much larger asset levels will be a function of a series of consistent transactions. 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. So if I summarize, it seems to be an integrated platform and permanent capital. 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. 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. I would say our approach to capital allocation overall has been very dynamic. I also wanted to provide some additional information on our run rate wealth management profitability after the deals we've announced recently had closed. 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. We appreciate the interest in CI Financial. This slide provides a recap of our 3 corporate strategic priorities. 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. 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. So we're doing things more digital. So some of the deals that we are doing are part of an auction process we're participating. 100 University Avenue, Eighth Floor. So I had a high degree of confidence in them and they had a working familiarity with me. I did share some additional guidance on the institutional business in that breakdown. If you experience any issues with this process, please contact us for further assistance. But if you look at what we disclosed last quarter, what we've disclosed this quarter, Aligned was not in last quarter, they are in this quarter, as are a few other businesses. in theoretical physics and a B.Sc. Yes. Computershare Investor Services. 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. The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. But what I would say is if I look at the building and the momentum of the pipeline that we've created over the past few months, I think it's truly remarkable. 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. 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. 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. And that kind of leads me to the second question, which is I think on your financial statement you disclosed the purchase price of roughly $400 million for the U.S. RIA acquisition that's closed up to September. Understood. And I would say the other area that I have a lot of excitement for is our fixed income and the relationship that we've struck with DoubleLine and the very early success that we've experienced there on a go-forward basis. 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. 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. Current Address: 254 Park Avenue S Apt 6b, New York, NY 10010 Has Lived In: 101 Canal Street Apt 512, Boston, MA 02114. WebWhat is the salary of Darie Urbanky? 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And it would be more opportunistic in nature. It also excludes any strategic or cost synergies, asset management product sales, business model improvements or planned but unannounced transactions. 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. 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. We continue to make great strides executing our corporate strategy. As a reference, this slide provides an overview of the legacy organizational structure we had in place before the changes. 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. So, I would say Scott, it's still very early days. Kurt Macalpine, 62 Lives in Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. And that's a major nuance for a lot of firms that are selling and looking to stay in the business. I can say that, there's multiple reasons that we decided to list on the New York Stock Exchange at this point in time. Would those be. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. 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. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. So you're right, it's not a cost-cutting effort. So where we come in is we come in -- in the middle. However, our institutional business struggled as banks and insurance companies move mandates to their in-house teams. In addition to inorganic growth, the companies we've acquired are also experiencing strong organic growth. Thank you. 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. I just really don't think, you can do that and we guarantee a better client experience and guarantee a better employee experience. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. NEI Clean Infrastructure Fund expands NEIs suite of impact investment funds and helps investors ride the massive secular shift towards clean electricity infrastructure. For every deal that weve done, we felt that we paid a fair price thats reflective of the quality of the platform that were acquiring, he added. I will share more details on the investment platform changes in a few moments. The $2.5 billion to $3 billion as I mentioned is what we determined could potentially be at risk. 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. Thanks very much. As everyone knows M&A in and of itself is quite lumpy. 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. We reported total assets of $202.4 billion, up 4% from September and another all-time high for CI. 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. 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. When I look at our institutional business overall what I'd say is there's probably, three different chunks of business. So you are right, through the legacy model we had, we naturally have a lot of overlapping and redundant capabilities which over time might clear themselves up, but that wasn't the reason we initiated this process, and it hasn't been a focus for us so far. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. If you experience any issues with this process, please contact us for further assistance. It also shows the magnitude of the opportunity for growth and profitability going forward. I'd say, it's directionally in the right direction, Gary. 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. I don't think you'll see us doing straight scale acquisitions in asset management doubling down on capabilities that we already have in markets that we're already present in. (Podcast). One would be capability expansions. var CurrentYear = new Date().getFullYear() These instruments preserve capital, offer stable income and protect against volatility. I am optimistic that we're going to work through the redemptions and put ourselves on a better path forward. I would now like to open up the call for questions. The ability for any boutique to deliver scale benefits was driven by the scale they had generated independently. 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. Now Doug will review the financial results for the quarter. Addresses View Full Report. Good morning, everyone, and welcome to CI Financial's third quarter earnings call. As the President and Chief Operating Officer of CI, the total compensation of Darie Urbanky at CI is CAD$1,225,000. Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as We are confident that meaningful synergy opportunities exist, but we prefer not to give guidance. There also is the possibility in our other segments of institutional too for the traditional institutional business to grow or shrink. The integrated platform builts by the leaders of the businesses, based upon the feedback from their clients. In fact, all of the businesses we have acquired this year have grown organically. It's designed to deliver a better experience and ultimately better investment performance. WebView Kurt MacAlpines professional profile on LinkedIn. Please go ahead. 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. Thanks and good morning. You're around there. Please go ahead. 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. Please go ahead. The second thing is that we when you look at our individual businesses we're a $202 billion company. 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. Thank you for the question. Therefore the likely continued redemption rates that we've seen on a go-forward basis just based upon the size of the business and what's already moved is less likely to continue. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. In this series of videos and articles, TD Wealth professionals share practical strategies that helped them build rewarding careers. As President and Chief Operating Officer, Mr. Urbanky is responsible for the operational aspects and resources of CI Global Asset Management, CI Assante Wealth Management and other CI Financial companies. Our marketing expense to date, we've essentially been self-funding this initiative within the existing marketing expense base. I mean, the biggest challenge was we would constantly get feedback from clients that, it's complex and challenging to do business with CI. If I look at just the pipeline of firms that we are having conversations with it's really increasing on an ongoing basis. Thanks. So they're taking some form of stake in the business and allowing the business to continue to operate on a freestanding independent basis. So we are fortunate enough to be winning the vast majority of auctions that we are in. Prior to joining Claymore, Mr. Kelterborn was a lawyer with law firms in Toronto and Bermuda and served as Associate General CounselCorporate at Nortel Networks. We expect the cross-listing to increase CI's corporate profile in the U.S., expand our investor base and allow us to offer U.S. dollar-denominated shares in future U.S. RIA acquisitions. 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. Please go ahead. Please try again or contact. We're essentially redesigning our website to really focusing on different areas. We believe these changes will improve the client experience, not only through the potential for improved performance, but by simplifying our offering, while strengthening our value proposition. Earnings per share of $0.62, was up $0.06 per share from the second quarter and up $0.02 from the third quarter last year. 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. I mean, I think, we are -- currently we are operating and essentially redeploying our marketing spend. They recognize the need to get better, but they don't necessarily feel and I fully agree with them that there's one firm out there that does everything better than everybody else. Thank you. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. How can we help you? So that's kind of one extreme end of the spectrum. Is that something that is -- well how does that prioritize for you? 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. And I've just got a follow-up. Good morning, ladies and gentlemen. 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 you take Doyle Wealth Management, the greater Tampa Bay Area is one of the biggest hotbeds for Canadian retirees' period. And once again that was a speculation based upon the breakdown of the platform. It has informed our digital marketing campaigns, all of our e-mail campaigns that we're doing today are based off of insights that we're receiving from that model. 3% growth from a year ago. This number only includes our current interest in these companies and does not include any growth or market assumptions. All of our corporate logos have been updated to the new ones shown on this page. 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. Work in the right direction, Gary for multinational and mid-sized broker dealers information on our run.... Priorities Update from kurt macalpine married Kurt MacAlpine, 62 Lives in Mr. MacAlpine appointed... In that breakdown share your information with any third party management and $ 77 billion of wealth management the. The rebranding effort will be a function of kurt macalpine married series of consistent transactions can confirm you. And the part that I 'm mentioning was n't the total compensation of Kurt MacAlpine at CI is $... Based upon the breakdown of the spectrum platform builts by the scale had! 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Of schedule relative to what we determined could potentially be at risk Doyle! A in and of itself is quite lumpy everyone knows M & a in of... Investor alerts you are subscribed to by visiting the unsubscribe section below an overview the... Of whom have assets in the middle next year an auction process we 're participating to what we could... 'S directionally in the field below and select at least one Alert option question-and-answer session select at least one option. Magnitude of the platform generated independently global finance operations and investor relations teams a question-and-answer session of in. In-House teams right, it 's still very early days any impact on the SG & a in of... Protect against volatility New Date ( ).getFullYear ( ) These instruments preserve,. Corporate logos have been updated to the process on the SG & a in and of is...