View Reputation Profile. So they are small endowments, foundations, pensions and things like that. When I look at our institutional business overall what I'd say is there's probably, three different chunks of business. 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. Sure. The velocity of deals that we're able to do is picking up. We are excited to welcome Jason to CI. 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. It also excludes any strategic or cost synergies, asset management product sales, business model improvements or planned but unannounced transactions. CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. I assume this is low margin. If you take Doyle Wealth Management, the greater Tampa Bay Area is one of the biggest hotbeds for Canadian retirees' period. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. In addition to inorganic growth, the companies we've acquired are also experiencing strong organic growth. Obviously, you're very active on the wealth side, but on the asset management side. 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. This copy is for your personal, non-commercial use only. But there does seem to be a lot of fund overlap when you look across the different legacy boutiques. Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. LinkedIn is the worlds largest business network, helping professionals like Kurt MacAlpine discover inside connections We also passed a lot for cultural reasons because we think it's critically important in asset management and wealth management. I don't think it makes sense for us to directly enter Europe or Asia or Latin America at this point. 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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. 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. So if I summarize, it seems to be an integrated platform and permanent capital. The Canadian equity and Canadian balance categories are two of the three most redeemed categories in the industry year-to-date. 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. Thanks. That's great. But it is something that we're monitoring. Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. The business itself in growing our asset management platform is absolutely a priority for us. 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. We are not changing portfolio managers on funds, the investment management processes they follow or our fund lineup. 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. Related to: Kurt Macalpine. CI holds a strong and diverse portfolio of businesses and I look forward to working with the CI team to lead the company through the next stage of growth and development, MacAlpine said. 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. 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. TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced I want to be clear that this is not a forecast. It's designed to deliver a better experience and ultimately better investment performance. Kurt MacAlpine has been facing his share of headwinds with CI Financials recent business decisions, but hes convinced hes charted the right course for the company, and he plans to stick with it. Prior to that, he was a sell-side analyst covering asset and wealth managers at Piper Jaffray. Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through a period of rapid acquisition and growth. 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. 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. They recognize the need to get bigger. Yes, thanks very much. One would be capability expansions. We do think that our share price is significantly undervalued. 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. I am optimistic that we're going to work through the redemptions and put ourselves on a better path forward. Please go ahead. We are in the early stages of the strategic transformation of our sales function and our investment platform and we are confident that these actions will lead to better flows. 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. 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. If I look at what you're doing in the U.S. with respect to RIAs I wonder if you could compare your business model to say competitors here and we certainly know there's one publicly listed competitor. Or are there pieces that I'm missing in those two numbers? 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. That is helpful. This copy is for your personal, non-commercial use only. We've been operators of wealth management businesses in Canada for decades. We rolled out the initial model in March and it has started to build essentially from there. After submitting your request, you will receive an activation email to the requested email address. I believe we're still number one in flows and market share in that very important very fast growing category. Is there an opportunity to continue to streamline your fund lineup? Please go ahead. 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. Current Address: 254 Park Avenue S Apt 6b, New York, NY 10010 Has Lived In: 101 Canal Street Apt 512, Boston, MA 02114. 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 then the third part of our institutional business would be sub-advisory mandates, which is really broken into two pieces. EPS of $0.62 for the quarter represents the best quarter of the year, and a 3% growth from a year ago. So we are fortunate enough to be winning the vast majority of auctions that we are in. Our signage has been changed and our websites are being transformed, which started with the new CI Financial website that we rolled out a couple of weeks ago. 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. The next question will come from Gary Ho with Desjardins Capital Market. So if you think about, the nature of distribution at that point in time, the corporate class that we had some of the exclusive distribution partnerships business was coming to CI. And then over the subsequent months, just as the markets have improved and as the M&A market, and our story has continued to resonate, we've leaned in a little bit more to acquisitions. You will see that we are now organized by investment capability not by boutique or sub-brand. 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. And the part that I'm most excited about is, we're doing deals with truly exceptional very high-quality firms. So the number that I'm mentioning wasn't the total size of our institutional business. Did I remember that correctly? To the extent that, we can use our stock accretively to do these types of transactions, it is something we would consider using as part of the purchase price which would reduce our free cash flow obligations. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Next, I will update you on our corporate rebranding initiative. Were sorry, but we are unable to verify that you are a wealth management professional. It really depends. 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. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). First, on the U.S. wealth management initiative. WebWhat is the salary of Darie Urbanky? 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. In the process, its drawn the ire All lines are in a listen-only mode. We anticipate that the rebranding effort will be fully completed by Q1 2021. [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. We continue to make great strides executing our corporate strategy. So they're taking some form of stake in the business and allowing the business to continue to operate on a freestanding independent basis. 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. 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? WebKurt MacAlpine Chief Executive Officer and Director, CI Financial. In this series of videos and articles, TD Wealth professionals share practical strategies that helped them build rewarding careers. So I would say part of our institutional business is traditional institutional asset owners essentially and those that don't have capabilities themselves internally. An error has occurred, please try again later. Despite the companys push to acquire RIAs, MacAlpine has expressed frustration with how the investing public largely still perceives CI as an asset manager. Maybe you can just share with us, what the margins would be on that business. Yes. He was also a member of the CDPQ asset allocation committee. To read this article, please provide the information below so we can confirm that you work in the industry. 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. 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. It does. This information is meant to help quantify the impact we've made in a short period in executing against our wealth management strategy. Good morning. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. 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. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. Now Doug will review the financial results for the quarter. Free cash flow in the quarter of $144 million exceeded dividends and buybacks of $116 million by $28 million. 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. Thank you, Kurt. 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. It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. Thank you for the question. Our marketing expense to date, we've essentially been self-funding this initiative within the existing marketing expense base. Now unlike wealth management where you can diversify through smaller transactions, in asset management you really have to do something larger in nature just because if you were to pivot and extend beyond the Canadian marketplace you would need to have a platform that has embedded retail relationships, institutional coverage, platform approvals and things like that. 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. Oftentimes, firms will initiate transactions for financial reasons, personal liquidity events, to initiate a retirement or something like that. 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? So when you look at holistically the combination of the pivots we've made on the sales front, the enhancements we've made to the product lineup through the Liquid Alternatives and DoubleLine plus the re-platforming of our investment organization to really make it more modern and integrated. Introductory comments for a webcast by Kurt MacAlpine, Chief Executive Officer, CI Financial: Good afternoon and thank you for joining me today. So we needed to evolve our investor platform. Last week, we announced our application to cross-list our common shares on the New York Stock Exchange. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. If you experience any issues with this process, please contact us for further assistance. We reported total assets of $202.4 billion, up 4% from September and another all-time high for CI. CI Sure. Thank you for the question. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. WebCI Financials Strategic Priorities Update from CEO Kurt MacAlpine November 2019. 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. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. So where we come in is we come in -- in the middle. 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 if you're not like what would be the reasons why you're not completing them? Kurt MacAlpine, CI Financial May 17, 2021 CEO CI FINANCIAL Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through A lot of those benefits corporate class changes that have been pushed through the dynamics of the distribution marketplace, where some of those exclusive distribution arrangements have changed a lot of the bank-owned platforms are prioritizing their own strategy. CIs total assets have grown to $241 billion (at March 31, 2021) since he joined the company. 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. CI Financial, Corp. (CIXX) Q2 2021 Earnings Conference Call August 10, 2021 10:00 AM ETCompany ParticipantsKurt MacAlpine Chief Executive OfficerAmit Think you ought to have access? https://www.barrons.com/advisor/articles/ci-financials-kurt-macalpine-were-just-getting-started-51641580578. 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. It is a profitable business on a stand-alone basis. They want to benefit from an integrated platform. 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. And I think we're off to a really great start in Liquid Alternatives. 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. 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. And those are all fine reasons to do it. So think about the spectrum of competitors that exist. Spend in the asset management segment declined $1.1 million from last quarter even as average AUM increased 5% and is down $16.1 million from one year ago as we continue to streamline asset management operations. WebPURE Bioscience COO Tom Myers' 2022 pay slips 13% to $200K. 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. But yes, the margins on the institutional business are lower than what we would see on retail. 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. 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. Were excited to continue expanding and enriching our U.S. network with high-quality RIAs like Radnor, said Kurt MacAlpine, CI Chief Executive Officer. Planned but unannounced transactions there pieces that I 'm missing in those two numbers also excludes any or! Desjardins capital market acquisition and growth companies we 've essentially been self-funding this initiative within the existing marketing to! 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