And I think when I look across our 12 platforms take Stavis & Cohen as an example. Thanks, Doug. There will be over time, but that wasn't really the focus of the effort. 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. In fact, all of the businesses we have acquired this year have grown organically. 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. You're around there. But that's not to say depending on how the business evolves over time that we may spend a little bit more on a go-forward basis but it's not something we've done today. CI Financial Corp.s CIX-T chief executive Kurt MacAlpine saw one of the largest jumps in total compensation, to $10.60-million, up more than 75 per cent from Did I remember that correctly? And where do you see the process perhaps being a longer effort to turn the ship around? 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. After submitting your request, you will receive an activation email to the requested email address. There's a scenario where all of it redeems and every scenario in between. 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. 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. CI Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. Sure. 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. Please disable your ad-blocker and refresh. This slide provides a recap of our 3 corporate strategic priorities. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. 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. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. 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. 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. But the way, we had structured our investment platforms we were only able to deliver the scale at the individual boutique level. Thank you for the question. And the part that I'm most excited about is, we're doing deals with truly exceptional very high-quality firms. 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. Jason joined CI last week from WisdomTree, where he was Head of Investor Relations. All of our corporate logos have been updated to the new ones shown on this page. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. 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. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ET. Thank you all for the time today. Kurt Macalpine . If not, we're pretty close. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Yes. Sure. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. 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. 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. HEAD OFFICE. [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. I mean, if a considerable improvements on a year-over-year basis, right. Or are there pieces that I'm missing in those two numbers? Thank you. This approach limits or eliminates the client disruption typically associated with investment platform changes. 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 appointment of Kurt MacAlpine as Chief Executive Officer and a Director of the corporation, effective September 1, 2019. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. I would say the vulnerabilities remain the vulnerabilities that we currently have. Because every -- the one thing is we see a lot of businesses as you could imagine given the number of transactions we've done, every single firm that we come across, I guarantee does something better than every other firm. 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. It is a profitable business on a stand-alone basis. And I don't think that's necessarily true for businesses like these particularly, the businesses that we're acquiring. 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. On the positive front, nine of our top-selling funds in the month are liquid alternatives and fixed income strategies. On that wealth management slide, the -- I guess the EBITDA progression year-to-date from $15 million to $73 million. 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. Thank you for the question. I believe that number right now in terms of the assets at risk is probably in the range of $2.50 billion to $3 billion total. We anticipate that the rebranding effort will be fully completed by Q1 2021. And we're only $16.5 billion so far. I will share more details on the investment platform changes in a few moments. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. So the approach would be different. The revenue earned on these assets is recorded in the asset management segment. Kurt Macalpine, 62 Lives in Boston, MA. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. So Graham, in terms of the current run rate, it's hard to predict go-forward acquisitions based upon the current run rate. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Joining me on today's call is our CFO, Doug Jamieson; and our new Vice President of Investor Relations and Strategy, Jason Weyeneth. Is this happening to you frequently? Good morning, Geoff. So think about the spectrum of competitors that exist. CIs total assets have grown to $241 billion (at March 31, 2021) since he joined the company. Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. Youre almost done. Is there an opportunity to continue to streamline your fund lineup? 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 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. 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. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. Please go ahead. Congratulations! 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. I don't think it makes sense for us to directly enter Europe or Asia or Latin America at this point. The next question will come from Tom MacKinnon with BMO Capital. This slide provides a snapshot of our new investment management organizations. Last week, we announced our application to cross-list our common shares on the New York Stock Exchange. 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. Introductory comments for a webcast by Kurt MacAlpine, Chief Executive Officer, CI Financial: Good afternoon and thank you for joining me today. 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. We are making these changes while protecting the elements of our investment platform that make us unique. Finally Cabana Group, one of our U.S. RIAs launched $1 billion lineup of target drawdown strategy ETFs in September. LinkedIn is the worlds largest business network, helping professionals like Kurt MacAlpine discover inside connections Mr. MacAlpine you may begin. And I think we're off to a really great start in Liquid Alternatives. It also excludes any strategic or cost synergies, asset management product sales, business model improvements or planned but unannounced transactions. So we are fortunate enough to be winning the vast majority of auctions that we are in. On the sales front, although the company continues to be in redemptions, we generated strong gross sales results, which increased 23% from a year ago and 8% sequentially. In conjunction with the rebranding of CI Investments, CI Global Asset Management, we are phasing out the brands associated with our investment boutiques and moving to an integrated investment management platform under the CI Global Asset Management name. CI noted that Anderson will remain with the firm in the short term to assist with the transition of responsibilities.. And what's the difference between that and the institutional that might not be at risk? By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). Despite the companys push to acquire RIAs, MacAlpine has expressed frustration with how the investing public largely still perceives CI as an asset manager. I am optimistic that we're going to work through the redemptions and put ourselves on a better path forward. I think the biggest opportunity for us is really two-fold. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). I don't have the exact number in front of me, but you're in the ballpark. So, it is not panning the majority or a meaningful portion of that number. 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 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. Thank you for the question. What differentiates you as you embark on this strategy? Copyright 1996-2023 KM Business Information Canada Ltd. So if the opportunity presents itself, it's financially attractive accretive and a great opportunity to diversify and transform the business we'll look. So we're doing things more digital. 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. I'll turn the conference back over to our speakers. CONTACT US. Net income and adjusted net income of $130.6 million is up 9% from $120.2 million last quarter. Not so much. 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. 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. Our content is free but available only to wealth management professionals. 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. Computershare Investor Services. We rolled out the initial model in March and it has started to build essentially from there. Sure. The next question will come from Tom MacKinnon with BMO Capital. Is that a priority? He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. Sure. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy. 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. Bloomberg Markets Americas. REGISTRAR & TRANSFER AGENT. We retired $26 million of debt, and we paid $39 million in dividends. EPS of $0.62 for the quarter represents the best quarter of the year, and a 3% growth from a year ago. Or at some point, if you're going to keep this run rate going of acquisitions do you need to start using equity a bit? 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. Please go ahead. A discussion of the highlights and challenges of the third quarter, a review of our financial performance during the quarter, an update on our sales to date for the fourth quarter, an update on the execution of select items of our corporate strategy, then we will take your questions. So through our strategic integrated collaborative approach we will naturally work our way to an integrated platform. And the three transactions you announced in the last 10 days, would that be included in that number? 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. So I remain very optimistic. 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. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. Good morning. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ETCompany ParticipantsKurt MacAlpine - Chief Executive We are not changing portfolio managers on funds, the investment management processes they follow or our fund lineup. So what I would say is, we're listing ourselves on the New York Stock Exchange effective next week. So does that include the acquisitions that are announced, but not closed such as the Roosevelt or the Doyle acquisitions that were announced earlier this week last week? 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. 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. 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. And this is CI's third best quarterly earnings per share number, since converting back to a corporation a decade ago. 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 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. In the process, its drawn the ire 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. 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. 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. 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