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. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. And that's a major nuance for a lot of firms that are selling and looking to stay in the business. As everyone knows M&A in and of itself is quite lumpy. We appreciate the interest in CI Financial. I find it fascinating that people like to opine on the purchase prices that CI has paid for a business absent any sort of facts whatsoever, he says. Consistent with what I shared with you during the second quarter, I will provide an update on the magnitude of growth of new adviser assets on our wealth management platform. CEO Kurt MacAlpine isnt having it. Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. 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. CI Financial, Corp. (CIXX) Q2 2021 Earnings Conference Call August 10, 2021 10:00 AM ETCompany ParticipantsKurt MacAlpine Chief Executive OfficerAmit The next question will come from Tom MacKinnon with BMO Capital. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. Asset management flows, where are you seeing the biggest opportunity to move the needle on flows? This slide provides a recap of our 3 corporate strategic priorities. We continue to scale our wealth management platforms in the U.S. having completed or announced 12 transactions for the year-to-date, representing nearly $22 billion of AUM. The next question will come from Gary Ho with Desjardins Capital Market. in mathematics and physics from Universit de Montral. 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. U.S. assets under management are reported separately as the revenues earned on those assets are part of an overall fee paid by clients for wealth management and are reported in the wealth segment. 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. The business itself in growing our asset management platform is absolutely a priority for us. I will share more details on the investment platform changes in a few moments. [Operator Instructions] The first question will come from Geoff Kwan with RBC Capital Markets. So, it is not panning the majority or a meaningful portion of that number. 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. 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. Yes. 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. That's great. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. If you have an ad-blocker enabled you may be blocked from proceeding. Kurt MacAlpine Thank you, Amit. Introductory comments for a webcast by Kurt MacAlpine, Chief Executive Officer, CI Financial: Good afternoon and thank you for joining me today. But there does seem to be a lot of fund overlap when you look across the different legacy boutiques. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ET. Understood. 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. 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. We continue to take a dynamic approach to capital allocation that includes debt reduction, the return of capital to shareholders through share repurchases and dividends and acquisitions. So the bar for us entering was obviously, higher and it was really important for us to do something very differentiated than what exists in the marketplace. 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. Can you quantify how much of that comes from the line to get a sense on the U.S. RIA traction? Current Address: 254 Park Avenue S Apt 6b, New York, NY 10010 Has Lived In: 101 Canal Street Apt 512, Boston, MA 02114. You can sign up for additional alert options at any time. A former McKinsey consultant and executive at WisdomTree Asset Management Inc., MacAlpine landed the job three years ago with a pitch to shake CI out 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. And once again that was a speculation based upon the breakdown of the platform. I also wanted to provide some additional information on our run rate wealth management profitability after the deals we've announced recently had closed. Sure. It does. Please go ahead. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). What differentiates you as you embark on this strategy? 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. 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. Good morning. So, we built that over the course of the winter. So I feel fantastic about the progress we've made. Now Doug will review the financial results for the quarter. Newcom Media Inc. We use cookies to make your website experience better. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. 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. So some of the deals that we are doing are part of an auction process we're participating. And there is a few firms that fit this mold and may be called serial aggregators or something like that. The revenue earned on these assets is recorded in the asset management segment. Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as And this is CI's third best quarterly earnings per share number, since converting back to a corporation a decade ago. CONTACT US. Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. 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. So if we're not additive to the process on the client front, we're not interested. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. This information is meant to help quantify the impact we've made in a short period in executing against our wealth management strategy. 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. How can we help you? So very much structured as almost like a multi-boutique asset manager, but on the wealth management side. It's a tough one to predict. 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. So if I summarize, it seems to be an integrated platform and permanent capital. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy. The next question will come from Gary Ho with Desjardin Capital Markets. I don't feel that it is imperative that we do it via major M&A. We are not changing portfolio managers on funds, the investment management processes they follow or our fund lineup. Trading is expected to begin next Tuesday the 17th, under the symbol CIXX. Please complete the form below and click on subscribe for daily newsletters from Wealth Professional. If youre not a wealth management professional, you can find other great financial content at. I would now like to turn the call over to Mr. Kurt MacAlpine, CEO of CI Financial. 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. As for its expansion, it appears CI has no plans to slow down. 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. Just looking at your leverage just over two times in your current free cash flow run rate, how are you feeling about sustaining this level of RIA acquisitions? It just doesn't really fit in regards to what we're trying to build, which is ultimately the leading private wealth platform in the U.S. In addition to inorganic growth, the companies we've acquired are also experiencing strong organic growth. So, there is a range of pricing within it. 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. Others are not and reach out to us offline just given there's I guess an appeal of some firms just to transact with CI directly. Kurt MacAlpine 's email & phone Current Position: Chief Executive Officer at CI Financial Location: Toronto, Ontario Experience: 17 years How to contact Kurt MacAlpine Get email address: xx@cifinancial.com Phone number: +1-xxx-xxx-5429 Last updated: 2021-04-29 Social media: Sign Up to Get Free Contacts Use a Browser 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. 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 Graham, in terms of the current run rate, it's hard to predict go-forward acquisitions based upon the current run rate. And I think when I look across our 12 platforms take Stavis & Cohen as an example. He joined CI in 2016 from First Asset Investment Management, where he served as Senior Vice-President, Legal and Operations. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Just one follow-up. We retired $26 million of debt, and we paid $39 million in dividends. 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. 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. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. All lines are in a listen-only mode. 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. Okay. articles a month for anyone to read, even non-subscribers! LinkedIn is the worlds largest business network, helping professionals like Kurt MacAlpine discover inside connections They recognize the need to get bigger. 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. And then the second piece is as it relates to the employees. 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. So I had a high degree of confidence in them and they had a working familiarity with me. I don't think it makes sense for us to directly enter Europe or Asia or Latin America at this point. 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. So Tom, we don't typically break out the margin. Good morning. When you think about asset management acquisitions, there's probably two types of acquisitions that would potentially make sense for CI. There is a scenario where none of that redeems. 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. 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. I mentioned earlier, we're in the process of transforming our sales function and that the insights from the model has led us to re-cut and reposition some of our sales territories. We are making these changes while protecting the elements of our investment platform that make us unique. 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. The Canadian equity and Canadian balance categories are two of the three most redeemed categories in the industry year-to-date. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. But yes, the margins on the institutional business are lower than what we would see on retail. I think there's probably a little bit more there than that plus everything that we've shared, and we'll continue to share will be pre-synergies just given my preference not to provide go-forward guidance or projections. 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. It also just to continue to reiterate wasn't planned redemptions. I'll turn the conference back over to our speakers. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. 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. So through our strategic integrated collaborative approach we will naturally work our way to an integrated platform. 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. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. 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. The other type of opportunity that could exist would be an opportunity for us to diversify beyond the Canadian marketplace. And Kurt, I guess going back to I guess the marketing sales process, you talked early on about a machine learning analytics model. So take Harbour as an example. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. Or are there pieces that I'm missing in those two numbers? The next step is an initial public offering of as much as 20% of its US wealth management business. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). Good morning, everyone, and welcome to CI Financial's third quarter earnings call. There will be over time, but that wasn't really the focus of the effort. But it is something that we're monitoring. Thank you all for the time today. 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. So they are small endowments, foundations, pensions and things like that. As you can see, we've experienced phenomenal growth this year. 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. He succeeds current CEO If you experience any issues with this process, please contact us for further assistance. 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. 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. Mr. MacAlpine you may begin. If we did do it, it would be in the U.S. marketplace. Please go ahead. So the boutique and multi-brand structure was, I'd say perfectly designed for the marketplace up until five or six years ago. During the quarter, we spent $78 million to repurchase 4.3 million shares. 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. I don't like to give guidance on anything as I think oftentimes it's just guessing. Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. var CurrentYear = new Date().getFullYear()
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. Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. So, I would say Scott, it's still very early days. 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. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. During the call, we will cover these topics. 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. 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. CI noted that Anderson will remain with the firm in the short term to assist with the transition of responsibilities.. On November 12, CEO Kurt MacAlpine discussed with the Globe and Mail CIs recent RIA acquisitions, and their plans to continue their rapid expansion. All of our initiatives will support one or more of these strategic priorities. After submitting your request, you will receive an activation email to the requested email address. And I think we're off to a really great start in Liquid Alternatives. I think the biggest opportunity for us is really two-fold. 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. So if I go back to the same slide last quarter where you had the $40 million EBITDA lift so am I wrong to think that's the EBITDA contribution related to that $400 million acquisitions? It's designed to deliver a better experience and ultimately better investment performance. Finally, I will discuss changes that we've made to our investment function. 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. In fact, all of the businesses we have acquired this year have grown organically. Wealth management assets jumped to $66.1 billion on market performance and with the addition of BDF and Congress in the third quarter. 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. document.write(CurrentYear)
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 if the opportunity presents itself, it's financially attractive accretive and a great opportunity to diversify and transform the business we'll look. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. 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. 2020 Earnings call Transcript November 12, 2020 10:00 AM ET differentiates you as you embark on this strategy ). Also wanted to provide some additional information on our run rate wealth management strategy on our run,. A sense on the institutional business are lower than what we would on. From Gary Ho with Desjardins Capital Market the current run rate wealth management strategy 3 billion that! Browse our website you confirm you accept our Terms of use & Privacy Policy a wealth management Professional you... To treat your data with respect and will not share your information with any third party this... 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By accepting this notice and continuing to browse our website you confirm you accept our Terms of the effort experiencing. Growth this year Financial, we will naturally work our way to integrated... The future, please contact us for further assistance you may be from! A sense on the wealth management industries time, but on the institutional business struggled as banks and insurance move... Muni overseas the companys global finance Operations and investor relations teams Public Accountant newcom Inc.! President and Chief Financial Officer, mr. Kelterborn was Vice-President and General Counsel Claymore... On retail next question will come from Gary Ho with Desjardin Capital Markets more of these priorities. Selling and looking to stay in the industry year-to-date we 're participating time, but on the management... Mid-Sized broker dealers do it via major M & a in and of itself is quite lumpy from First,. 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