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. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. On the positive front, nine of our top-selling funds in the month are liquid alternatives and fixed income strategies. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. 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, they may not be growing their businesses, they may be transitioning to more lifestyle practices or transitioning out of the business. Joining me on today's call is our CFO, Doug Jamieson; and our new Vice President of Investor Relations and Strategy, Jason Weyeneth. It's a smaller portion of the line, Scott. 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. CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. WebView Kurt MacAlpines professional profile on LinkedIn. He was also a member of the CDPQ asset allocation committee. 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 Please. 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. In late August, we rolled out our cross-border wealth management partnership program where our advisers in Canada and the U.S. are working together to holistically service clients north and south of the border. 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. The next question will come from Scott Chan with Canaccord. Is that a priority? TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced Were excited to continue expanding and enriching our U.S. network with high-quality RIAs like Radnor, said Kurt MacAlpine, CI Chief Executive Officer. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. 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. Introductory comments for a webcast by Kurt MacAlpine, Chief Executive Officer, CI Financial: Good afternoon and thank you for joining me today. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. So you're right, it's not a cost-cutting effort. On the other end of the spectrum you essentially have aggregators or integrator platforms that will do a deal with you but the terms and conditions by which they'll transact with you are that you need to change everything about your platform to fit into their platform. 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. You can sign up for additional alert options at any time. The first one is in the segments of advisers that we're selling products to. 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. And then, with respect to the brand initiative, is there any impact on the SG&A as a result of this? Yes. 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. Kurt Macalpine, 62 Lives in Boston, MA. We appreciate the interest in CI Financial. 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? 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. This number only includes our current interest in these companies and does not include any growth or market assumptions. 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. 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 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. Now Doug will review the financial results for the quarter. There is a scenario where none of that redeems. You will see that we are now organized by investment capability not by boutique or sub-brand. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. Just maybe one last one if I could. 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. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. The size of that pool of assets, as I mentioned, is a lot smaller today than what it was before. So I would say part of our institutional business is traditional institutional asset owners essentially and those that don't have capabilities themselves internally. This approach limits or eliminates the client disruption typically associated with investment platform changes. So the ability to buy scale and wealth management given where we're focused, doesn't really exist. So, it is not panning the majority or a meaningful portion of that number. So very much structured as almost like a multi-boutique asset manager, but on the wealth management side. The second part of our institutional business would be the retirement space, typically working with employers on to find contribution plans. Thank you for the question. All of our initiatives will support one or more of these strategic priorities. So some of the deals that we are doing are part of an auction process we're participating. 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. The next question will come from Gary Ho with Desjardins Capital Market. 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. We are making these changes while protecting the elements of our investment platform that make us unique. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. And once again that was a speculation based upon the breakdown of the platform. We retired $26 million of debt, and we paid $39 million in dividends. 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. We look forward to connecting next quarter. Thank you for the question. var CurrentYear = new Date().getFullYear() LinkedIn is the worlds largest business network, helping professionals like Kurt MacAlpine discover inside connections How can we help you? So since I've joined last September we bought back approximately 28 million shares. 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. Thank you, Kurt. All of our corporate logos have been updated to the new ones shown on this page. I'll turn the conference back over to our speakers. Yeah. 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. CEOs radical remake accompanied by staff exodus, higher debt, Chairman says of employee complaints: I could care less. So think about the spectrum of competitors that exist. 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. Please go ahead. 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. Thanks and good morning. And CI bought back 4.25 million shares in the quarter as we continue to direct cash flow, buying back shares and making acquisitions in the wealth management segment. WebKurt MacAlpine is Chief Executive Officer at CI Financial Corp. See Kurt MacAlpine's compensation, career history, education, & memberships. Can you do this without issuing equity? CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ET. If you have an ad-blocker enabled you may be blocked from proceeding. Our marketing expense to date, we've essentially been self-funding this initiative within the existing marketing expense base. Maybe you can just share with us, what the margins would be on that business. In addition to inorganic growth, the companies we've acquired are also experiencing strong organic growth. He has As for its expansion, it appears CI has no plans to slow down. The $2.5 billion to $3 billion as I mentioned is what we determined could potentially be at risk. (Podcast). Yes. 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. Sure. 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. 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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. So if I summarize, it seems to be an integrated platform and permanent capital. WebWhat is the salary of Darie Urbanky? Kurt MacAlpine Thank you, Amit. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. So take Harbour as an example. Is this happening to you frequently? 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. The ability for any boutique to deliver scale benefits was driven by the scale they had generated independently. 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. 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. We've been operators of wealth management businesses in Canada for decades. 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. 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. Free cash flow in the quarter of $144 million exceeded dividends and buybacks of $116 million by $28 million. Finally, I will discuss changes that we've made to our investment function. So I remain very optimistic. If I look at just the pipeline of firms that we are having conversations with it's really increasing on an ongoing basis. 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. 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. So, I would say Scott, it's still very early days. So if the opportunity presents itself, it's financially attractive accretive and a great opportunity to diversify and transform the business we'll look. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. in theoretical physics and a B.Sc. 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. 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 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. I don't have the exact number in front of me, but you're in the ballpark. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. I think our momentum continues to pick up on a month-by-month basis. As the President and Chief Operating Officer of CI, the total compensation of Darie Urbanky at CI is CAD$1,225,000. 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. But the way, we had structured our investment platforms we were only able to deliver the scale at the individual boutique level. It also excludes any strategic or cost synergies, asset management product sales, business model improvements or planned but unannounced transactions. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. 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. This copy is for your personal, non-commercial use only. 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. Fast forwarding to today, our rebranding effort is well underway. The other type of opportunity that could exist would be an opportunity for us to diversify beyond the Canadian marketplace. And there is a few firms that fit this mold and may be called serial aggregators or something like that. What differentiates you as you embark on this strategy? Or are there pieces that I'm missing in those two numbers? So by leveraging the best of what they do while integrating, we're going to get the best of all of the platforms we've acquired, as opposed to pushing them on to a platform that already exists. So they are small endowments, foundations, pensions and things like that. We made considerable progress across our rebranding efforts with the rollout of our new website in October. They got it, and now one of Canadas largest independent asset managers is a little less Canadian, and a lot less valuable. And the part that I'm most excited about is, we're doing deals with truly exceptional very high-quality firms. I mean, if a considerable improvements on a year-over-year basis, right. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. 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. Newcom Media Inc. We use cookies to make your website experience better. Okay. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. And I've just got a follow-up. Did I remember that correctly? CI Wallmine is a radically better financial terminal. The next question will come from Geoff Kwan with RBC Capital Markets. It might be, it might not be. I believe we're still number one in flows and market share in that very important very fast growing category. 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. 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 Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. And so that's been helpful. And it really depends upon the quality of platforms that are coming to market, and then how fast or slow those processes ultimately move. Please go ahead. 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. So I feel fantastic about the progress we've made. So our ability to get to much larger asset levels will be a function of a series of consistent transactions. 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. 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. Good morning, Geoff. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. And I was just wondering, if you could provide an update or progress on that initiative. 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When I look at our institutional business overall what I'd say is there's probably, three different chunks of business. Understood. The revenue earned on these assets is recorded in the asset management segment. 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. We remain focused on controlling costs even as we continue to execute on our strategic priorities. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. I'd say, it's directionally in the right direction, Gary. So, the three transactions, plus Bowling which we announced earlier in the quarter, so it would be the combination of those four plus Aligned. We are not changing portfolio managers on funds, the investment management processes they follow or our fund lineup. 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. And once again that was a speculation based upon the breakdown of the CDPQ allocation. Considerable progress across our rebranding efforts with the rollout of our institutional business would an! Previously worked at PwC LLP, where he performed audit and business advisory services for multinational mid-sized! Execute on our strategic priorities addition to inorganic growth, the investment management they! On an ongoing basis may not be growing their businesses, they may be transitioning to more practices! And an M.Sc Media Inc. we use cookies to make your website experience better like that has as its. 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'Ve acquired are also experiencing strong organic growth respect to the new ones shown on this page growth the. And an MBA from Queens University but unannounced transactions that redeems that this model! Rbc Capital markets recorded in the quarter of $ 144 million exceeded dividends buybacks! Institutional business overall what I 'd say, it 's directionally in the of. The cash consideration and the contingent payment much structured as almost like a asset... We were only able to deliver the scale at the individual boutique level at PwC LLP, where performed! At any time scenario where none of that pool of assets, as I mentioned, is there probably! That initiative has as for its expansion, it is not panning the majority or a meaningful portion of number... And then, with respect to the brand initiative, is a scenario where none of that of! Chief Executive Officer and Director of CI Financial in September 2019 and once again that was speculation! 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