In October, we saw a 19% improvement in Canadian retail net sales and a 63% improvement in institutional net sales on a sequential basis. Thank you for the question. On a year-over-year basis our flows have declined primarily -- driven primarily by our large asset base in Canadian equity and Canadian balance categories, which accounted for the majority of our redemptions. 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. And that was really the next tranche of deals. 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. Under the current model, the Harbour business is part of broader CI Global Asset management benefits from that scale, partnership, access to better resources and things like that. 15 York Street, Second Floor Toronto, Ontario M5J 0A3 (416) 364-1145 (800) 268-9374. Next, I will update you on our corporate rebranding initiative. And that's a major nuance for a lot of firms that are selling and looking to stay in the business. 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. Please go ahead. Two increasingly important categories where we are growing our market share. Last week, we announced our application to cross-list our common shares on the New York Stock Exchange. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. 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. You will see that we are now organized by investment capability not by boutique or sub-brand. Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Computershare Investor Services. So think about the spectrum of competitors that exist. And where do you see the process perhaps being a longer effort to turn the ship around? On that wealth management slide, the -- I guess the EBITDA progression year-to-date from $15 million to $73 million. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. And it would be more opportunistic in nature. Free cash flow was up 12% to $143.9 million from $128.3 million last quarter. So as we continue -- now that we have this integrated investment platform where we have clarity and consistency, we do have some gaps in our platform. This copy is for your personal, non-commercial use only. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. 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. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. 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. 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. 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. And then the second piece is as it relates to the employees. 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. And the retirement space or the defined contribution space has been relatively flat for us as well and that's an area we're looking to grow. 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. Yeah. So I remain very optimistic. So they're taking some form of stake in the business and allowing the business to continue to operate on a freestanding independent basis. 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'll turn the conference back over to our speakers. I think the biggest opportunity for us is really two-fold. When you think about M&A and wealth management versus asset management, it's really a different approach. CI Financial, Corp. (CIXX) Q2 2021 Earnings Conference Call August 10, 2021 10:00 AM ETCompany ParticipantsKurt MacAlpine Chief Executive OfficerAmit 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. 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. 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. As you can see, we've experienced phenomenal growth this year. It also shows the magnitude of the opportunity for growth and profitability going forward. We don't break out the specific numbers. 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. 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 terms of when we choose to pass and we absolutely pass on a lot of platforms that get presented to us we're really looking for high-quality well-run businesses, great profitability and dynamic management teams that collectively feel that they will benefit and we will all benefit from working together as opposed to working independently. 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. https://www.barrons.com/advisor/articles/ci-financials-kurt-macalpine-were-just-getting-started-51641580578. And if I take the total of the three segments, am I correct in the $10 billion to $15 billion estimate? And we're operating a very differentiated value proposition which is the goal is to build the leading integrated platform in the U.S., but instead of just focusing on the financial element or pursuing a full integration, we are working with our partners to collectively build that platform. in mathematics and physics from Universit de Montral. All rights reserved. So, we do pass a lot. 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. Earlier this year, Anderson said he planned to retire by mid-2020. We had another strong quarter as markets and our AUM continued to rebound. WebView Kurt MacAlpines professional profile on LinkedIn. 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. Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through a period of rapid acquisition and growth. Kurt MacAlpine Thank you, Amit. CI noted that Anderson will remain with the firm in the short term to assist with the transition of responsibilities.. Congratulations! 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 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. As everyone knows M&A in and of itself is quite lumpy. We have no further questions at this time. We expect the cross-listing to increase CI's corporate profile in the U.S., expand our investor base and allow us to offer U.S. dollar-denominated shares in future U.S. RIA acquisitions. 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. 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. So through our strategic integrated collaborative approach we will naturally work our way to an integrated platform. But the major nuance is that it'll be done by the leaders of the business as opposed to done to the leaders of the business by CI. 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. Thanks, Doug. 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. This chart outlines new adviser assets that have been on-boarded to our wealth platform over the past three years and compares them to the amount that we've on-boarded so far in 2020. EPS of $0.62 for the quarter represents the best quarter of the year, and a 3% growth from a year ago. Newcom Media Inc. We use cookies to make your website experience better. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. 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. Just maybe one last one if I could. The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. 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. After submitting your request, you will receive an activation email to the requested email address. So the ability to buy scale and wealth management given where we're focused, doesn't really exist. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. After closing the transactions, we've announced over the past few days, we will have added $31.2 billion in new assets to our platform so far this year with two months left to go. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. CI CIs total assets have grown to $241 billion (at March 31, 2021) since he joined the company. But it is a different approach and I want to make sure that's coming through than the methodical approach we're taking to the wealth management space. Okay. I think that includes the cash consideration and the contingent payment. This new approach allows us to deliver CI's full-scale to our clients, organize ourselves by investment capability, share information more freely throughout the organization, ideally leading to better problem-solving and investment outcomes, reduce complexity in our investment organization, creating a more client-friendly platform, create consistency in our objectives address gaps in our platform holistically and align the compensation model across teams. We are confident that meaningful synergy opportunities exist, but we prefer not to give guidance. Thank you. 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 this series of videos and articles, TD Wealth professionals share practical strategies that helped them build rewarding careers. The infrastructure of a bank, but with a boutique feel, NBFWM offers broad services and security for clients. 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. 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. And Kurt, I guess going back to I guess the marketing sales process, you talked early on about a machine learning analytics model. Please go ahead. Wealth management assets jumped to $66.1 billion on market performance and with the addition of BDF and Congress in the third quarter. Is there an opportunity to continue to streamline your fund lineup? Or are there pieces that I'm missing in those two numbers? 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. 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. So we are fortunate enough to be winning the vast majority of auctions that we are in. Can you do this without issuing equity? 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. Thanks and good morning. It's designed to deliver a better experience and ultimately better investment performance. 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. And once again that was a speculation based upon the breakdown of the platform. WebPURE Bioscience COO Tom Myers' 2022 pay slips 13% to $200K. 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. Sure. 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. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. And how does that landscape look for you? As I said in the press release announcing this webcast, the last few weeks have been unprecedented, with the coronavirus having a significant impact on our society, our economy, and the global In his role as a Partner, he managed global consulting teams working with some of the largest asset and wealth managers in the world on topics related to strategy, distribution, marketing, international expansion, mergers and acquisitions, and product development. So you've had some redemptions in recent quarters just from some companies that are bringing in-house mandates that you were sub-advising on. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. Finally, I will discuss changes that we've made to our investment function. 100 University Avenue, Eighth Floor. I assume this is low margin. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy. Addresses View Full Report. 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. Fast forwarding to today, our rebranding effort is well underway. 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. It also just to continue to reiterate wasn't planned redemptions. So that really seems to be where our institutional business has experienced the vast majority of our redemptions over the past year. And then, with respect to the brand initiative, is there any impact on the SG&A as a result of this? Please try again or contact. 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. I would say our approach to capital allocation overall has been very dynamic. Kurt, just want to go back to the U.S. RIA acquisitions a little bit. Thank you. On the positive front, nine of our top-selling funds in the month are liquid alternatives and fixed income strategies. LinkedIn is the worlds largest business network, helping professionals like Kurt MacAlpine discover inside connections The next question will come from Scott Chan with Canaccord. 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. If you take Doyle Wealth Management, the greater Tampa Bay Area is one of the biggest hotbeds for Canadian retirees' period. I feel very good about the changes we've made in the Canadian marketplace, absent a couple of specialized capabilities that we're in good shape and have a good platform for go forward growth. 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. Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as After the speakers remarks, there will be a question-and-answer session. 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. 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. The next question will come from Gary Ho with Desjardins Capital Market. The Canadian equity and Canadian balance categories are two of the three most redeemed categories in the industry year-to-date. And why would that be? And those are all fine reasons to do it. Good morning. 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. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. On November 12, CEO Kurt MacAlpine discussed with the Globe and Mail CIs recent RIA acquisitions, and their plans to continue their rapid expansion. 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