Did I remember that correctly? As for its expansion, it appears CI has no plans to slow down. There is a scenario where none of that redeems. SG&A in the wealth segment moved up slightly to $30.4 million even though incremental SG&A from RIAs acquired this year was more than $2.9 million in the quarter. Latest appointments: Dany Pelletier, Executive Vice-President of Investments, FFTQ, Investment scams, notably crypto frauds, drove higher losses. (Podcast). It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. articles a month for anyone to read, even non-subscribers! Okay. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. Yes. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. All of our corporate logos have been updated to the new ones shown on this page. 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. Congratulations! Or are there pieces that I'm missing in those two numbers? By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. If you have an ad-blocker enabled you may be blocked from proceeding. document.write(CurrentYear) 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. 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. It also excludes any strategic or cost synergies, asset management product sales, business model improvements or planned but unannounced transactions. So I remain very optimistic. 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. 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. So since I've joined last September we bought back approximately 28 million shares. WebPURE Bioscience COO Tom Myers' 2022 pay slips 13% to $200K. MacAlpine moved over from WidomTree Asset Management Canada and initiated the acquisition of his former company, which has now been folded into the rebranded CI Global Asset Management. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. 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. I would anticipate over time, when you think about the SG&A reductions that we've made overall, what we're trying to do is to rightsize the businesses that are -- have declined or are experiencing some declines and redeploying that SG&A to growth areas and growth initiatives of our business. 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. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. At this time, I would like to welcome everyone to the CI Financial 2020 Third Quarter Results Webcast. After submitting your request, you will receive an activation email to the requested email address. Is that something that is -- well how does that prioritize for you? Wallmine is a radically better financial terminal. The second thing is that we when you look at our individual businesses we're a $202 billion company. After the speakers remarks, there will be a question-and-answer session. 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. 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. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. During the call, we will cover these topics. Last week, we announced our application to cross-list our common shares on the New York Stock Exchange. 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. 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. Yes. He succeeds current CEO And this is CI's third best quarterly earnings per share number, since converting back to a corporation a decade ago. 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 we want to make sure that the individuals are excited about joining our platform, share our collective vision for creating something integrated differentiated unique and really working ourselves towards the path of being the most integrated platform out there. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. But it is something that we're monitoring. The next question will come from Geoff Kwan with RBC Capital Markets. 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 He was also a member of the CDPQ asset allocation committee. We have no further questions at this time. Can you do this without issuing equity? We are excited to welcome Jason to CI. 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. Kurt MacAlpine, a Canadian with experience in management consulting and exchange-traded funds (ETFs), will take over CI on Sept. 1. The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. 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. 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. But it is a different approach and I want to make sure that's coming through than the methodical approach we're taking to the wealth management space. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. We've been operators of wealth management businesses in Canada for decades. 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. 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. The ability for any boutique to deliver scale benefits was driven by the scale they had generated independently. 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 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. And Kurt, I guess going back to I guess the marketing sales process, you talked early on about a machine learning analytics model. NEI Clean Infrastructure Fund expands NEIs suite of impact investment funds and helps investors ride the massive secular shift towards clean electricity infrastructure. 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. The size of that pool of assets, as I mentioned, is a lot smaller today than what it was before. Is there an opportunity to continue to streamline your fund lineup? I had a good understanding of their particular businesses, their capabilities, their teams and their growth rate. 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. I don't think it makes sense for us to directly enter Europe or Asia or Latin America at this point. [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. They want to benefit from an integrated platform. 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. Thanks and good morning. It also just to continue to reiterate wasn't planned redemptions. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. in theoretical physics and a B.Sc. We are not changing portfolio managers on funds, the investment management processes they follow or our fund lineup. 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. So I feel fantastic about the progress we've made. And those are all fine reasons to do it. And then the second piece is as it relates to the employees. So any M&A that you would see us doing would be in one of those two areas aligned against the three strategic priorities that we had outlined. These instruments preserve capital, offer stable income and protect against volatility. December 23, 2022 To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy. I would now like to open up the call for questions. Copyright 1996-2023 KM Business Information Canada Ltd. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. This copy is for your personal, non-commercial use only. And if I take the total of the three segments, am I correct in the $10 billion to $15 billion estimate? We appreciate the interest in CI Financial. There are very few -- I think our integrated platform is one of the five largest RIA platforms in the U.S. currently. So think about the spectrum of competitors that exist. Okay, great. And it really depends upon the quality of platforms that are coming to market, and then how fast or slow those processes ultimately move. 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. And so that's been helpful. Thank you for the question. If not, we're pretty close. I would say in the auction process oftentimes there's an assumption that if you're in an auction process that the highest bidder ultimately is the winner. WebKurt Macalpine was born in 1960 and is currently 63 years old. The integrated platform builts by the leaders of the businesses, based upon the feedback from their clients. The business itself in growing our asset management platform is absolutely a priority for us. 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So growing and building and improving the business is critically important to our strategy. The next question will come from Scott Chan with Canaccord. I think the vulnerabilities, so I'd say that's what I'm most excited about the pivot to IIROC in those particular categories. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U. So, we do pass a lot. I'll turn the conference back over to our speakers. In his role as a Partner, he managed global consulting teams working with some of the largest asset and wealth managers in the world on topics related to strategy, distribution, marketing, international expansion, mergers and acquisitions, and product development. 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. And then from there you'd have to determine, obviously, what percentage do you think ultimately will move. Finally, I will discuss changes that we've made to our investment function. I think our momentum continues to pick up on a month-by-month basis. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. 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. 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. Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through a period of rapid acquisition and growth. 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. Thanks. Thank you for the question. After submitting your request, you will receive an activation email to the requested email address. 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. Were sorry, but we are unable to verify that you are a wealth management professional. 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. So, they may not be growing their businesses, they may be transitioning to more lifestyle practices or transitioning out of the business. Just one follow-up. 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. 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 how does that landscape look for you? So it depends, Gary on when you're having a conversation. You will note that our business was aligned by boutique brands with many of the brands offering competing mandates and capabilities. 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. And that's a major nuance for a lot of firms that are selling and looking to stay in the business. This slide provides a recap of our 3 corporate strategic priorities. 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. Please disable your ad-blocker and refresh. Sure. The infrastructure of a bank, but with a boutique feel, NBFWM offers broad services and security for clients. We reported total assets of $202.4 billion, up 4% from September and another all-time high for CI. 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. 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. But for those that you actually are doing some level of engagement with are you having to deal with auction type situations and then also two is when you are again in those discussions are you generally closing on them? The ability for any boutique to deliver scale benefits was driven by scale! Your fund lineup as it relates to the new ones shown on this page the five RIA..., as I mentioned, is a lot of firms that are selling and looking to stay in business. 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