WebKurt Macalpine was born in 1960 and is currently 63 years old. 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. Kurt MacAlpine, a Canadian with experience in management consulting and exchange-traded funds (ETFs), will take over CI on Sept. 1. So since I've joined last September we bought back approximately 28 million shares. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. So we are fortunate enough to be winning the vast majority of auctions that we are in. I think the biggest opportunity for us is really two-fold. I think the vulnerabilities, so I'd say that's what I'm most excited about the pivot to IIROC in those particular categories. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. So Tom, we don't typically break out the margin. Mr. Kelterborn also serves as a director of the Canadian Exchange Traded Funds Association and holds a BA from Carleton University and an LLB from the University of Ottawa, and was called to the Ontario Bar in 1992. And then just on the RIA acquisition pipeline like how would you describe the size of it today? 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. 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 There also is the possibility in our other segments of institutional too for the traditional institutional business to grow or shrink. 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. 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. Before I discuss our sales for the quarter to-date, I want to provide you with a brief update on our assets for the month of October. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). So think about the spectrum of competitors that exist. Our marketing expense to date, we've essentially been self-funding this initiative within the existing marketing expense base. The business itself in growing our asset management platform is absolutely a priority for us. It is a profitable business on a stand-alone basis. They got it, and now one of Canadas largest independent asset managers is a little less Canadian, and a lot less valuable. 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. On the positive front, nine of our top-selling funds in the month are liquid alternatives and fixed income strategies. 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. How can we help you? Please try again or contact. 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. And that kind of leads me to the second question, which is I think on your financial statement you disclosed the purchase price of roughly $400 million for the U.S. RIA acquisition that's closed up to September. We don't break out the specific numbers. Thank you. Okay. Did I remember that correctly? 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. 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. But yes, the margins on the institutional business are lower than what we would see on retail. I think that includes the cash consideration and the contingent payment. 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. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. So you've had some redemptions in recent quarters just from some companies that are bringing in-house mandates that you were sub-advising on. And they have a very unique approach which includes tax planning estate and retirement that's probably more advanced than the typical wealth management platform. WebWhat is the salary of Darie Urbanky? So, they may not be growing their businesses, they may be transitioning to more lifestyle practices or transitioning out of the business. 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 say if you think about the journey we've been on the first few deals that we had started with or prioritized were firms that I had professional relationships with in prior lives. So you're right, it's not a cost-cutting effort. We have a very high concentration of Canadian equity and Canadian balanced funds that have been higher redeemed categories in the industry and the concentration of advisers that are holding them tend to be those, as I mentioned, that are older MFDA advisers that might not be in growth mode on their businesses. 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. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, Apple Suppliers Are Racing to Exit China, AirPods Maker Says, Microsoft Expands Game Pass as Regulators Fret Over Activision Deal, Stocks Pare Drop as Traders Assess Data, Fedspeak: Markets Wrap, Cash Is Paying More Than Traditional Stock-Bond Portfolio. He was a member of the companys global executive management committee and sat on the boards of several of its international entities and AdvisorEngine, a digital wealth platform. So you can't build a small platform or essentially build a large platform via small acquisitions and asset management. 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 And how does that landscape look for you? 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. Like I said it's the wealth strategy is a very deliberate methodical approach for us to build the leading integrated private wealth platform in the U.S. Thank you. The next question will come from Gary Ho with Desjardins Capital Market. 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. We are confident that meaningful synergy opportunities exist, but we prefer not to give guidance. The integrated platform builts by the leaders of the businesses, based upon the feedback from their clients. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. But what do you bring to the table that they don't? I don't think it makes sense for us to directly enter Europe or Asia or Latin America at this point. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. That is helpful. 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 size of that pool of assets, as I mentioned, is a lot smaller today than what it was before. Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. 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. 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'll turn the conference back over to our speakers. Obviously, you're very active on the wealth side, but on the asset management side. Computershare Investor Services. 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 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 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. It's a smaller portion of the line, Scott. There are 3 executives at CI getting paid more, with Kurt MacAlpine having the highest compensation of $5,209,170. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. So the ability to buy scale and wealth management given where we're focused, doesn't really exist. It has informed our digital marketing campaigns, all of our e-mail campaigns that we're doing today are based off of insights that we're receiving from that model. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy. The next step is an initial public offering of as much as 20% of its US wealth management business. 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. Please go ahead. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ETCompany ParticipantsKurt MacAlpine - Chief Executive The next question will come from Scott Chan with Canaccord. Related to: Kurt Macalpine. The revenue earned on these assets is recorded in the asset management segment. 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. You must click the activation link in order to complete your subscription. As for its expansion, it appears CI has no plans to slow down. 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. 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. Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. The velocity of deals that we're able to do is picking up. He also oversaw the majority of the firms international businesses, which during his tenure included employees in Canada, Europe, Japan, Israel and Latin America and strategic partnerships in Asia and Australia and New Zealand. If we were to do a wealth deal -- sorry an asset management deal, it would either be to acquire a capability we don't have or to expand the footprint to a market that we're not currently in. Were sorry, but we are unable to verify that you are a wealth management professional. 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 joining Claymore, Mr. Kelterborn was a lawyer with law firms in Toronto and Bermuda and served as Associate General CounselCorporate at Nortel Networks. 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. Now Doug will review the financial results for the quarter. 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? EPS of $0.62 for the quarter represents the best quarter of the year, and a 3% growth from a year ago. This includes $125.4 billion of assets under management and $77 billion of wealth management assets. 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. Finally Cabana Group, one of our U.S. RIAs launched $1 billion lineup of target drawdown strategy ETFs in September. And what we're trying to do Gary and Scott, just to clarify the reason this is important is, we're obviously transforming our business relatively quickly from all of our economic profits coming from asset management to more balance. The infrastructure of a bank, but with a boutique feel, NBFWM offers broad services and security for clients. in theoretical physics and a B.Sc. But the way, we had structured our investment platforms we were only able to deliver the scale at the individual boutique level. We had another strong quarter as markets and our AUM continued to rebound. Wallmine is a radically better financial terminal. If you experience any issues with this process, please contact us for further assistance. It really depends. Sure. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. It is more dynamically priced. CONTACT US. It also shows the magnitude of the opportunity for growth and profitability going forward. Can you do this without issuing equity? And then the second piece is as it relates to the employees. Is this happening to you frequently? Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. I mean, the biggest challenge was we would constantly get feedback from clients that, it's complex and challenging to do business with 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. 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. 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. Despite the companys push to acquire RIAs, MacAlpine has expressed frustration with how the investing public largely still perceives CI as an asset manager. So, the three transactions, plus Bowling which we announced earlier in the quarter, so it would be the combination of those four plus Aligned. Thank you. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. Net debt increased $1.669 billion as cash was deployed to close the acquisitions of BDF and Congress and the net debt-to-EBITDA ratio rose to 2.1 times. 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. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. Kurt Macalpine . When you think about M&A and wealth management versus asset management, it's really a different approach. 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. I don't have the exact number in front of me, but you're in the ballpark. 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. We look forward to connecting next quarter. Mr. Kelterborn also serves as a director of the Canadian Exchange Traded Funds Association and holds a BA from Carleton University and an LLB from the University of Ottawa, and was called to the Ontario Bar in 1992. Harbour in the old model prior to this week had the ability to deliver $3 billion to $4 billion of total scale. They want to benefit from an integrated platform. And that's a major nuance for a lot of firms that are selling and looking to stay in the business. And by us, focusing on, essentially just fitting a framework or fitting that firm to a framework, we're losing a lot of the individuality or the specialty that they bring to us. In the process, its drawn the ire 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. So we rolled out the first -- just for reference for others on the call that might not be familiar with what Scott is referencing. 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. 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. 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 as it relates to the total AUM size of CI in its current standing very small, but that's essentially a little bit of more information in terms of what's remaining getting those specific criteria. 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 was appointed Chief Executive Officer and Director of CI Financial in September 2019. In particular, Kurt is familiar with using digital strategies to enhance efficiencies and build new services and businesses, a key plank in CIs strategic plans.. Why? CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. Thanks, Doug. Thanks and good morning. Thanks very much. Mr. Urbanky holds an MBA from Rotman School of Business and a masters degree in computer science from University of Toronto and has attended leadership and management programs at Queens School of Business. One would be capability expansions. [Operator Instructions] The first question will come from Geoff Kwan with RBC Capital Markets. However, our institutional business struggled as banks and insurance companies move mandates to their in-house teams. I did share some additional guidance on the institutional business in that breakdown. So I feel fantastic about the progress we've made. So that's kind of one extreme end of the spectrum. And I think that's really resonating. So we needed to evolve our investor platform. And where do you see the process perhaps being a longer effort to turn the ship around? 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 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. 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. We are excited to welcome Jason to 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. I don't like to give guidance on anything as I think oftentimes it's just guessing. 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. It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. In Terms of Use & Privacy Policy management industries is absolutely a priority for us front of,. Of our U.S. RIAs launched $ 1 billion lineup of target drawdown kurt macalpine married... Arriving at total SG & a and wealth management given where we 're able to deliver the scale at individual! Of a bank, but we prefer not to give guidance alert updates subscribed to by visiting the section... Data with respect and will not share your information with any third party and continuing to browse our website confirm! Technological functions at CI getting paid more, with Kurt MacAlpine, a Canadian with experience management... The activation link in order kurt macalpine married complete your subscription business on a stand-alone basis it relates to table. 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