WebKurt MacAlpine Chief Executive Officer and Director, CI Financial Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. This new approach allows us to deliver CI's full-scale to our clients, organize ourselves by investment capability, share information more freely throughout the organization, ideally leading to better problem-solving and investment outcomes, reduce complexity in our investment organization, creating a more client-friendly platform, create consistency in our objectives address gaps in our platform holistically and align the compensation model across teams. 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. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. Last week, we announced our application to cross-list our common shares on the New York Stock Exchange. 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. All of our initiatives will support one or more of these strategic priorities. So you've had some redemptions in recent quarters just from some companies that are bringing in-house mandates that you were sub-advising on. There's a scenario where all of it redeems and every scenario in between. Thanks very much. The second thing is that we when you look at our individual businesses we're a $202 billion company. They got it, and now one of Canadas largest independent asset managers is a little less Canadian, and a lot less valuable. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. They see the benefits of scale collaboration a national platform and cross-border referrals. Or are there pieces that I'm missing in those two numbers? https://www.barrons.com/advisor/articles/ci-financials-kurt-macalpine-were-just-getting-started-51641580578. So take Harbour as an example. Yes. We're essentially redesigning our website to really focusing on different areas. 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. 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. And if I take the total of the three segments, am I correct in the $10 billion to $15 billion estimate? It does. Just one follow-up. And on day one everything is -- everything that you do is what we do. You must click the activation link in order to complete your subscription. 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. In this series of videos and articles, TD Wealth professionals share practical strategies that helped them build rewarding careers. Good morning, ladies and gentlemen. I'd say, it's directionally in the right direction, Gary. As the President and Chief Operating Officer of CI, the total compensation of Darie Urbanky at CI is CAD$1,225,000. 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.. 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. NEI Clean Infrastructure Fund expands NEIs suite of impact investment funds and helps investors ride the massive secular shift towards clean electricity infrastructure. Hi. 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. And if you're not like what would be the reasons why you're not completing them? Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. Is that something that is -- well how does that prioritize for you? Can you do this without issuing equity? And so that's been helpful. The revenue earned on these assets is recorded in the asset management segment. But what do you bring to the table that they don't? 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. Sure. The integrated platform builts by the leaders of the businesses, based upon the feedback from their clients. 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. I just really don't think, you can do that and we guarantee a better client experience and guarantee a better employee experience. 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. Please go ahead. The next question will come from Geoff Kwan with RBC Capital Markets. in mathematics and physics from Universit de Montral. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. After the speakers remarks, there will be a question-and-answer session. 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. It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced Despite the companys push to acquire RIAs, MacAlpine has expressed frustration with how the investing public largely still perceives CI as an asset manager. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. 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. CI Financial, Corp. (CIXX) Q2 2021 Earnings Conference Call August 10, 2021 10:00 AM ETCompany ParticipantsKurt MacAlpine Chief Executive OfficerAmit 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. How can we help you? EPS of $0.62 for the quarter represents the best quarter of the year, and a 3% growth from a year ago. And I think we're off to a really great start in Liquid Alternatives. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. All of our corporate logos have been updated to the new ones shown on this page. 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. And where do you see the process perhaps being a longer effort to turn the ship around? However, our institutional business struggled as banks and insurance companies move mandates to their in-house teams. 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. The next step is an initial public offering of as much as 20% of its US wealth management business. Please try again or contact. So our ability to get to much larger asset levels will be a function of a series of consistent transactions. WebKurt MacAlpine is Chief Executive Officer at CI Financial Corp. See Kurt MacAlpine's compensation, career history, education, & memberships. Thanks. 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. We are in the early stages of the strategic transformation of our sales function and our investment platform and we are confident that these actions will lead to better flows. 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. We are not changing portfolio managers on funds, the investment management processes they follow or our fund lineup. When it comes to alternatives, investors should capitalize with caution, Fraud losses in Canada hit new all-time high, Location matters when it comes to family business tax. 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. 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. Our marketing expense to date, we've essentially been self-funding this initiative within the existing marketing expense base. But the way, we had structured our investment platforms we were only able to deliver the scale at the individual boutique level. Okay, great. So where we come in is we come in -- in the middle. 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. Now Doug will review the financial results for the quarter. The second part of our institutional business would be the retirement space, typically working with employers on to find contribution plans. Yes. So I remain very optimistic. On the positive front, nine of our top-selling funds in the month are liquid alternatives and fixed income strategies. And then the second piece is as it relates to the employees. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. It also shows the magnitude of the opportunity for growth and profitability going forward. So if we're not additive to the process on the client front, we're not interested. This slide provides a snapshot of our new investment management organizations. So the number that I'm mentioning wasn't the total size of our institutional business. 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. We are excited to welcome Jason to CI. The next question will come from Gary Ho with Desjardins Capital Market. WebCI Financials Strategic Priorities Update from CEO Kurt MacAlpine November 2019. Thank you for the question. The next question will come from Scott Chan with Canaccord. This information is meant to help quantify the impact we've made in a short period in executing against our wealth management strategy. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. Kurt MacAlpine has been on an eye-opening run of RIA deals -- $16 billion in managed assets-- in less than ten months, but some industry watchers say he's flying too high in an overvalued market. Would those be. Sure. On November 12, CEO Kurt MacAlpine discussed with the Globe and Mail CIs recent RIA acquisitions, and their plans to continue their rapid expansion. Thank you. 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. Yes. I would say the vulnerabilities remain the vulnerabilities that we currently have. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. 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. Earlier this year, Anderson said he planned to retire by mid-2020. 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. Good morning, Geoff. To the extent that, we can use our stock accretively to do these types of transactions, it is something we would consider using as part of the purchase price which would reduce our free cash flow obligations. 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. So if you think about, the nature of distribution at that point in time, the corporate class that we had some of the exclusive distribution partnerships business was coming to CI. , based upon the feedback from their clients are in natural redemption as! 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