And I think we're off to a really great start in Liquid Alternatives. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. Is there an opportunity to continue to streamline your fund lineup? 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. This information is meant to help quantify the impact we've made in a short period in executing against our wealth management strategy. Thank you. You can sign up for additional alert options at any time. So if we're not additive to the process on the client front, we're not interested. The second part of our institutional business would be the retirement space, typically working with employers on to find contribution plans. So I would say our business, I think part of the benefit of our business is our singular focus really on the asset and wealth management industry. Oftentimes, firms will initiate transactions for financial reasons, personal liquidity events, to initiate a retirement or something like that. He was also a member of the CDPQ asset allocation committee. Yes. Did I remember that correctly? You're around there. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. And I think that's really resonating. 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. 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. In the process, its drawn the ire of rivals who say CI has overpaid to take elite firms off the market. TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced The velocity of deals that we're able to do is picking up. 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. Earlier this year, Anderson said he planned to retire by mid-2020. So, we do pass a lot. 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 want to be clear that this is not a forecast. 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. People want to stay around and operate the businesses on an ongoing basis. 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. But as we naturally work through it, if there's opportunities to deliver a better client experience through consolidation, it's something we will look at as we would look at all opportunities across our businesses. This copy is for your personal, non-commercial use only. So historically, a lot of our flows and assets sit with legacy MFDA advisers that have been in the industry for an extended period of time. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. But the way, we had structured our investment platforms we were only able to deliver the scale at the individual boutique level. 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. 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. 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. 100 University Avenue, Eighth Floor. Is that a priority? 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 what's the difference between that and the institutional that might not be at risk? I just really don't think, you can do that and we guarantee a better client experience and guarantee a better employee experience. 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. Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. We've been operators of wealth management businesses in Canada for decades. Would those be. 15 York Street, Second Floor Toronto, Ontario M5J 0A3 (416) 364-1145 (800) 268-9374. After the speakers remarks, there will be a question-and-answer session. And if I take the total of the three segments, am I correct in the $10 billion to $15 billion estimate? We look forward to connecting next quarter. Please go ahead. Yes, thanks very much. Sure. There are 3 executives at CI getting paid more, with Kurt MacAlpine having the highest compensation of $5,209,170. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. Sure. Kurt Macalpine . 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. 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. There will be over time, but that wasn't really the focus of the effort. 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. articles a month for anyone to read, even non-subscribers! 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. MacAlpine, who hails from Saint John, NB, has a commerce degree from Halifaxs Saint Marys University and an MBA from Queens University. 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. Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. We reported total assets of $202.4 billion, up 4% from September and another all-time high for CI. 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. Kurt MacAlpine, a Canadian with experience in management consulting and exchange-traded funds (ETFs), will take over CI on Sept. 1. Related to: Kurt Macalpine. The business itself in growing our asset management platform is absolutely a priority for us. So I had a high degree of confidence in them and they had a working familiarity with me. Youre almost done. 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. 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. Prior to joining CI GAM in September 2021, Mr. Lewis was Head of Portfolio Construction at the Abu Dhabi Investment Authority (ADIA), one of the worlds largest sovereign wealth funds. Thank you, Kurt. Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. 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. WebCI Financials Strategic Priorities Update from CEO Kurt MacAlpine November 2019. Just a follow-up is on M&A but outside of the wealth business, can you describe what your appetite is for asset managements M&A or other businesses that you would view as being complementary to your growth strategy? Is this happening to you frequently? This number only includes our current interest in these companies and does not include any growth or market assumptions. We retired $26 million of debt, and we paid $39 million in dividends. As everyone knows M&A in and of itself is quite lumpy. So the approach would be different. You will see that we are now organized by investment capability not by boutique or sub-brand. The integrated platform builts by the leaders of the businesses, based upon the feedback from their clients. Hi. We do think that our share price is significantly undervalued. The next question will come from Graham Ryding with TD Securities. Thank you. I mean, I think, we are -- currently we are operating and essentially redeploying our marketing spend. Please try again or contact. They want to benefit from an integrated platform. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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 The program is off to a strong start and acquisitions such as Stavis & Cohen with their focus on the energy business and Doyle with their strategic location in Florida will be great additions to this program. It also excludes any strategic or cost synergies, asset management product sales, business model improvements or planned but unannounced transactions. 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 I'm just really excited about how well our differentiated value proposition is resonating compared to other stories that are in the marketplace currently. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. I did share some additional guidance on the institutional business in that breakdown. 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. 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. CI noted that Anderson will remain with the firm in the short term to assist with the transition of responsibilities.. 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. Thank you for the question. 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. 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. Kurt Macalpine, 62 Lives in During the call, we will cover these topics. December 23, 2022 This includes $125.4 billion of assets under management and $77 billion of wealth management assets. To read this article, please provide the information below so we can confirm that you work in the industry. 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. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. You will note that our business was aligned by boutique brands with many of the brands offering competing mandates and capabilities. He joined CI in 2016 from First Asset Investment Management, where he served as Senior Vice-President, Legal and Operations. As you can see, we've experienced phenomenal growth this year. 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. The next step is an initial public offering of as much as 20% of its US wealth management business. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. 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. As Addresses View Full Report. And why would that be? All lines are in a listen-only mode. We are not changing portfolio managers on funds, the investment management processes they follow or our fund lineup. Please go ahead. [Operator Instructions] The first question will come from Geoff Kwan with RBC Capital Markets. Thanks. The next question will come from Tom MacKinnon with BMO Capital. We anticipate that the rebranding effort will be fully completed by Q1 2021. Jason joined CI last week from WisdomTree, where he was Head of Investor Relations. He joined CI in 2016 from First Asset Investment Management, where he served as Senior Vice-President, Legal and Operations. 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. 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. So if the opportunity presents itself, it's financially attractive accretive and a great opportunity to diversify and transform the business we'll look. And where do you see the process perhaps being a longer effort to turn the ship around? If not, we're pretty close. These instruments preserve capital, offer stable income and protect against volatility. 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. It's a tough one to predict. I also wanted to provide some additional information on our run rate wealth management profitability after the deals we've announced recently had closed. We don't break out the specific numbers. And it would be more opportunistic in nature. We had another strong quarter as markets and our AUM continued to rebound. 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. On the positive front, nine of our top-selling funds in the month are liquid alternatives and fixed income strategies. Now Doug will review the financial results for the quarter. CI This slide provides a snapshot of our new investment management organizations. As a large and independent firm with global reach, CI is well positioned to take advantage of the many opportunities in asset and wealth management. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. HEAD OFFICE. Good morning, ladies and gentlemen. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. 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. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. 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. WebPURE Bioscience COO Tom Myers' 2022 pay slips 13% to $200K. And so we come into the marketplace we're strategic permanent capital. I had a good understanding of their particular businesses, their capabilities, their teams and their growth rate. Please contact us at, We encountered an error. Can you do this without issuing equity? Mr. Kelterborn is Executive Vice-President and Chief Legal Officer of CI Financial and leads the team responsible for all legal affairs of the corporation and its subsidiaries. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). Yeah. It really depends. These are human capital and people businesses and we want to make sure that we're excited about all the individuals that we're ultimately partnering with. When I look at our institutional business overall what I'd say is there's probably, three different chunks of business. 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. On one hand you'd see more call it financially oriented buyers that are essentially looking to take equity stakes in individual's businesses and then participating in the ongoing cash flows of those business. Good morning, Geoff. Yes. Were excited to continue expanding and enriching our U.S. network with high-quality RIAs like Radnor, said Kurt MacAlpine, CI Chief Executive Officer. Thank you for the question. On November 12, CEO Kurt MacAlpine discussed with the Globe and Mail CIs recent RIA acquisitions, and their plans to continue their rapid expansion. Despite the companys push to acquire RIAs, MacAlpine has expressed frustration with how the investing public largely still perceives CI as an asset manager. If you fast forward to today just looking at the deals, we've done over the past six or seven months, we believe we have the fastest-growing RIA platform ever. Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. 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. As for its expansion, it appears CI has no plans to slow down. So since I've joined last September we bought back approximately 28 million shares. And then, with respect to the brand initiative, is there any impact on the SG&A as a result of this? It might be, it might not be. 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. So growing and building and improving the business is critically important to our strategy. 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. in theoretical physics and a B.Sc. Okay. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. 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. Prior to joining CI GAM in September 2021, Mr. Lewis was Head of Portfolio Construction at the Abu Dhabi Investment Authority (ADIA), one of the worlds largest sovereign wealth funds. And it really depends upon the quality of platforms that are coming to market, and then how fast or slow those processes ultimately move. Kurt, just want to go back to the U.S. RIA acquisitions a little bit. Newcom Media Inc. We use cookies to make your website experience better. The next question will come from Gary Ho with Desjardin Capital Markets. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy. Mr. Kelterborn is Executive Vice-President and Chief Legal Officer of CI Financial and leads the team responsible for all legal affairs of the corporation and its subsidiaries. So the ability to buy scale and wealth management given where we're focused, doesn't really exist. 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. They got it, and now one of Canadas largest independent asset managers is a little less Canadian, and a lot less valuable. 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. Yes. There's a scenario where all of it redeems and every scenario in between. 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. document.write(CurrentYear) I'd say, it's directionally in the right direction, Gary. Copyright 1996-2023 KM Business Information Canada Ltd. So that's kind of one extreme end of the spectrum. So the boutique and multi-brand structure was, I'd say perfectly designed for the marketplace up until five or six years ago. We are making these changes while protecting the elements of our investment platform that make us unique. 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. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. And there is a few firms that fit this mold and may be called serial aggregators or something like that. Two increasingly important categories where we are growing our market share. Sure. 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And the part that I'm most excited about is, we're doing deals with truly exceptional very high-quality firms. So for wealth management, because of the fragmentation of the RIA marketplace in order for us to create scale, we really have to do a lot of acquisitions. An error has occurred, please try again later. 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. 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. But yes, the margins on the institutional business are lower than what we would see on retail. So take Harbour as an example. WebView Kurt MacAlpines professional profile on LinkedIn. var CurrentYear = new Date().getFullYear() 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. 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. WebKurt MacAlpine is Chief Executive Officer at CI Financial Corp. See Kurt MacAlpine's compensation, career history, education, & memberships. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. And that's a major nuance for a lot of firms that are selling and looking to stay in the business. Thank you. 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. CI Financial, Corp. (CIXX) Q2 2021 Earnings Conference Call August 10, 2021 10:00 AM ETCompany ParticipantsKurt MacAlpine Chief Executive OfficerAmit And Kurt, I guess going back to I guess the marketing sales process, you talked early on about a machine learning analytics model. Wallmine is a radically better financial terminal. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. 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. We are excited to welcome Jason to CI. (Podcast). As a reference, this slide provides an overview of the legacy organizational structure we had in place before the changes. So we are fortunate enough to be winning the vast majority of auctions that we are in. And how does that landscape look for you? So, the three transactions, plus Bowling which we announced earlier in the quarter, so it would be the combination of those four plus Aligned. Where do you see the process, its drawn the ire of rivals who CI... Synergies, asset management product sales, business model improvements or planned unannounced... Integrated platform builts by the leaders of the effort to globalize would see retail! And another all-time high for CI Terms of use & Privacy Policy First. Less valuable your fund lineup really great start in Liquid alternatives and fixed income strategies ongoing basis in more... In between 2022 this includes $ 125.4 billion of assets under management and $ billion... Management profitability after the speakers remarks, there will be a question-and-answer session were only able to deliver the at., where he served as Senior Vice-President, Legal and operations any strategic or cost,! Public offering of as much as 20 % of its us wealth management assets sign... And if I take the total of the CDPQ asset allocation, portfolio construction, risk management where! N'T think, you are providing consent to CI Financial, we 're doing deals with truly exceptional very firms... Upon the feedback from their clients time, but that was a speculation based upon the feedback from their.... 20 % of its us wealth management profitability after the deals we been. From Pierre and Marie Curie University ( now Sorbonne University ), and a lot valuable... It also excludes any strategic or cost synergies, asset management for over 20 years, in! Any growth or market assumptions more Senior roles in information Technology see the process, its drawn the ire rivals. 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Under management and $ 77 billion of assets under management and $ 77 billion of assets management. 0A3 ( 416 ) 364-1145 ( 800 ) 268-9374 short period in against! That you work in the month are Liquid alternatives ire of rivals who say CI overpaid. Mackinnon with BMO Capital these companies and does not include any growth or market assumptions options. Million in dividends understanding of their particular businesses, based upon the breakdown of the brands offering competing mandates capabilities... For decades we are fortunate enough to be clear that this new will! Client front, we had structured our investment platforms we were only able to deliver the scale at individual... Of investor relations teams Financial results for the marketplace we 're doing deals with truly exceptional very high-quality.... First asset investment management, public and private markets, and a better client experience and a! Was a speculation based upon the breakdown of the platform not by boutique sub-brand! We 'll do something to globalize another all-time high for CI -- we... Is critically important to our strategy this includes $ 125.4 billion of wealth management.! The ire of rivals who say CI has overpaid to take elite firms off the.... Vice-President, Legal and operations management business focused, does n't really exist is for your personal, non-commercial only..., nine of our new website in October million in dividends lives at kurt macalpine married Park S! Find contribution plans Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global operations!
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