Okay. Is this happening to you frequently? All lines are in a listen-only mode. 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 It is more dynamically priced. If you rewind to January this isn't even a segment or a market that we were in. Trading is expected to begin next Tuesday the 17th, under the symbol CIXX. That is helpful. When you think about M&A and wealth management versus asset management, it's really a different approach. So that really seems to be where our institutional business has experienced the vast majority of our redemptions over the past year. In October, we saw a 19% improvement in Canadian retail net sales and a 63% improvement in institutional net sales on a sequential basis. 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. You will see that we are now organized by investment capability not by boutique or sub-brand. Kurt Macalpine, 62 Lives in Boston, MA. So our ability to get to much larger asset levels will be a function of a series of consistent transactions. 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. As a reference, this slide provides an overview of the legacy organizational structure we had in place before the changes. And on day one everything is -- everything that you do is what we do. 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. 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, the three transactions, plus Bowling which we announced earlier in the quarter, so it would be the combination of those four plus Aligned. Thanks. 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 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 the ability to buy scale and wealth management given where we're focused, doesn't really exist. And so that's been helpful. TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced We are making these changes while protecting the elements of our investment platform that make us unique. And that's a major nuance for a lot of firms that are selling and looking to stay in the business. Please try again or contact. Asset management flows, where are you seeing the biggest opportunity to move the needle on flows? I mean, the biggest challenge was we would constantly get feedback from clients that, it's complex and challenging to do business with CI. We appreciate the interest in CI Financial. If not, we're pretty close. And I'm just really excited about how well our differentiated value proposition is resonating compared to other stories that are in the marketplace currently. Good morning, everyone, and welcome to CI Financial's third quarter earnings call. I was isolating and looking at the business as it stands today and the percentage and dollar of assets that we have tied to sub-advisory mandates linked to bank and insurance on platforms that have their own capabilities internally. It also just to continue to reiterate wasn't planned redemptions. So if we're not additive to the process on the client front, we're not interested. 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. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. 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. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. Despite the companys push to acquire RIAs, MacAlpine has expressed frustration with how the investing public largely still perceives CI as an asset manager. I would say the vulnerabilities remain the vulnerabilities that we currently have. 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. Youre almost done. And if I take the total of the three segments, am I correct in the $10 billion to $15 billion estimate? And what's the difference between that and the institutional that might not be at risk? So, they may not be growing their businesses, they may be transitioning to more lifestyle practices or transitioning out of the business. Computershare Investor Services. CI noted that Anderson will remain with the firm in the short term to assist with the transition of responsibilities.. They got it, and now one of Canadas largest independent asset managers is a little less Canadian, and a lot less valuable. Sure. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ETCompany ParticipantsKurt MacAlpine - Chief Executive Now Doug will review the financial results for the quarter. We also passed a lot for cultural reasons because we think it's critically important in asset management and wealth management. 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. Can you quantify how much of that comes from the line to get a sense on the U.S. RIA traction? WebKurt MacAlpine Chief Executive Officer and Director, CI Financial Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. I believe we're still number one in flows and market share in that very important very fast growing category. December 23, 2022 They want to benefit from an integrated platform. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Good morning, Geoff. There is a scenario where none of that redeems. 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 first one is that we need the client experience to be equal, but ideally significantly better post the CI transaction and pre-CI transaction. And I was just wondering, if you could provide an update or progress on that initiative. And Kurt, I guess going back to I guess the marketing sales process, you talked early on about a machine learning analytics model. Maybe you can just share with us, what the margins would be on that business. So very much structured as almost like a multi-boutique asset manager, but on the wealth management side. For the best Barrons.com experience, please update to a modern browser. CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. articles a month for anyone to read, even non-subscribers! Please go ahead. During the call, we will cover these topics. 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. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. When we look at your AUM right now it's like on the retail side like how much would you have even ballpark that would be sub-advised and therefore maybe at risk to being brought in-house at some point in the future? Bloomberg Markets Americas. [Operator Instructions] Please take note of the cautionary language regarding forward-looking statements, and the non-IFRS measures on the second page of the presentation. Please contact us at, We encountered an error. We reported total assets of $202.4 billion, up 4% from September and another all-time high for CI. An error has occurred, please try again later. Good morning, ladies and gentlemen. If we did do it, it would be in the U.S. marketplace. 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. Mr. Lewiss previous positions also included Senior Vice-President, Risk Management Fixed Income and Overlay Strategies at CDPQ and Senior Vice-President, Fixed Income at Natcan Investment Management, where he oversaw a team managing $16 billion in Canadian and global fixed-income assets. 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. It has also been leading the way in innovation, making plans to launch the worlds first Ether ETF, in addition to launching the CI Galaxy Bitcoin ETF (BTCX.B and BTCX.U) in March. 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. 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. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). One would be capability expansions. I'd say, it's directionally in the right direction, Gary. So some of the deals that we are doing are part of an auction process we're participating. And those are all fine reasons to do it. And then the third part of our institutional business would be sub-advisory mandates, which is really broken into two pieces. We are also taking this opportunity to better structure our investment platform to foster improved communication and collaboration across the organization, positioning us to deliver the full-scale and capabilities of CI to our clients not just the capabilities of our legacy investment boutiques. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. 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. Thank you for the question. But there does seem to be a lot of fund overlap when you look across the different legacy boutiques. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. Thank you for the question. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy. It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. Thanks and good morning. Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. And then on top of that if you look at the marketplace, I'd say somewhere around $0.90 on the dollar ex-CI of money in the space right now is private equity or private equity related. And so we come into the marketplace we're strategic permanent capital. He joined CI in 2016 from First Asset Investment Management, where he served as Senior Vice-President, Legal and Operations. 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. I don't like to give guidance on anything as I think oftentimes it's just guessing. Yes. The ability for any boutique to deliver scale benefits was driven by the scale they had generated independently. If you experience any issues with this process, please contact us for further assistance. Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. Please go ahead. in theoretical physics and a B.Sc. WebView Kurt MacAlpines professional profile on LinkedIn. Yes. 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. 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. Understood. We rolled out the initial model in March and it has started to build essentially from there. Just maybe one last one if I could. We just need a little more information to create your account. 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.. 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? Wallmine is a radically better financial terminal. And it really depends upon the quality of platforms that are coming to market, and then how fast or slow those processes ultimately move. 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. 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. The next question will come from Tom MacKinnon with BMO Capital. After all these announced transactions closed, we will have accumulated RIA assets of U.S. $16.5 billion or CAD 22 billion this year alone. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. I think we're ahead of schedule relative to what we would have initially anticipated. 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. And I would say the other area that I have a lot of excitement for is our fixed income and the relationship that we've struck with DoubleLine and the very early success that we've experienced there on a go-forward basis. The next question will come from Graham Ryding with TD Securities. 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. And I think we're off to a really great start in Liquid Alternatives. I don't feel that it is imperative that we do it via major M&A. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. So, we built that over the course of the winter. Current Address: 254 Park Avenue S Apt 6b, New York, NY 10010 Has Lived In: 101 Canal Street Apt 512, Boston, MA 02114. in mathematics and physics from Universit de Montral. EPS of $0.62 for the quarter represents the best quarter of the year, and a 3% growth from a year ago. Thank you for the question. 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 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. 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. Yeah. After the speakers remarks, there will be a question-and-answer session. LinkedIn is the worlds largest business network, helping professionals like Kurt MacAlpine discover inside connections Please disable your ad-blocker and refresh. 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. All-Time high for CI that initiative represents the best Barrons.com experience, please contact us at we! 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