Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. Yes. The first one is in the segments of advisers that we're selling products to. And those are all fine reasons to do it. Can you do this without issuing equity? How can we help you? Sure. TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U. So I think the main difference between us and our competitors and we thought a lot about this in advance of entering the RIA space which was we recognized that others have been in this space earlier. 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 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 since I've joined last September we bought back approximately 28 million shares. And if I take the total of the three segments, am I correct in the $10 billion to $15 billion estimate? Our content is free but available only to wealth management professionals. So Graham, in terms of the current run rate, it's hard to predict go-forward acquisitions based upon the current run rate. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. 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. I believe we're still number one in flows and market share in that very important very fast growing category. So I remain very optimistic. 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. Is that something that is -- well how does that prioritize for you? And then on the integration of your investment management teams, it sounds like this is more about process and driving fund performance as opposed to surfacing cost synergies. 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. If you experience any issues with this process, please contact us for further assistance. He was also a member of the CDPQ asset allocation committee. And this is CI's third best quarterly earnings per share number, since converting back to a corporation a decade ago. So, we built that over the course of the winter. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). U.S. assets under management are reported separately as the revenues earned on those assets are part of an overall fee paid by clients for wealth management and are reported in the wealth segment. Our marketing expense to date, we've essentially been self-funding this initiative within the existing marketing expense base. Or are there pieces that I'm missing in those two numbers? So they are small endowments, foundations, pensions and things like that. 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. India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Musk donated around $1.95 billion in Tesla shares last year, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk recruits team to develop OpenAI rival - The Information, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, French tycoon Niel hikes stake in Millicom to 19.6%, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon. The second part of our institutional business would be the retirement space, typically working with employers on to find contribution plans. https://www.barrons.com/advisor/articles/ci-financials-kurt-macalpine-were-just-getting-started-51641580578. 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. 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. For the best Barrons.com experience, please update to a modern browser. REGISTRAR & TRANSFER AGENT. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. But that's not to say depending on how the business evolves over time that we may spend a little bit more on a go-forward basis but it's not something we've done today. We've been operators of wealth management businesses in Canada for decades. 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. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. I did share some additional guidance on the institutional business in that breakdown. 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. 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. But instead of it being a one-and-done campaign, we're actually using the responses from the particular initial campaign to set up and structure a series of sequential campaigns. We don't break out the specific numbers. var CurrentYear = new Date().getFullYear() And Kurt, I guess going back to I guess the marketing sales process, you talked early on about a machine learning analytics model. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. 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. Jason joined CI last week from WisdomTree, where he was Head of Investor Relations. I would now like to turn the call over to Mr. Kurt MacAlpine, CEO of CI Financial. When you think about asset management acquisitions, there's probably two types of acquisitions that would potentially make sense for CI. 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. And then from there you'd have to determine, obviously, what percentage do you think ultimately will move. Thanks, Doug. 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.. 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. Understood. 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. 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. The board is confident that his deep industry knowledge, proven leadership and experience in developing and executing growth-oriented strategic initiatives will ensure that CI remains a leader in a rapidly changing business environment, he added. CI Financial, Corp. (CIXX) Q2 2021 Earnings Conference Call August 10, 2021 10:00 AM ETCompany ParticipantsKurt MacAlpine Chief Executive OfficerAmit It is more dynamically priced. 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. But the way, we had structured our investment platforms we were only able to deliver the scale at the individual boutique level. 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. You must click the activation link in order to complete your subscription. And then the third part of our institutional business would be sub-advisory mandates, which is really broken into two pieces. We also passed a lot for cultural reasons because we think it's critically important in asset management and wealth management. So that really seems to be where our institutional business has experienced the vast majority of our redemptions over the past year. We retired $26 million of debt, and we paid $39 million in dividends. As His responsibilities included strategic asset allocation, quantitative research and alternative indexing activities, as well as sitting on the executive and tactical asset allocation committees for its Strategy and Planning Department. 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? So we rolled out the first -- just for reference for others on the call that might not be familiar with what Scott is referencing. MacAlpine takes over from Peter Anderson on Sept. 1. Sure. All of our corporate logos have been updated to the new ones shown on this page. Please go ahead. I think the vulnerabilities, so I'd say that's what I'm most excited about the pivot to IIROC in those particular categories. Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. And there is a few firms that fit this mold and may be called serial aggregators or something like that. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ET. This copy is for your personal, non-commercial use only. CI noted that Anderson will remain with the firm in the short term to assist with the transition of responsibilities.. If you take Doyle Wealth Management, the greater Tampa Bay Area is one of the biggest hotbeds for Canadian retirees' period. Please contact us at, We encountered an error. The next question will come from Tom MacKinnon with BMO Capital. Why? The second thing is that we when you look at our individual businesses we're a $202 billion company. Earlier this year, Anderson said he planned to retire by mid-2020. 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. I also wanted to provide some additional information on our run rate wealth management profitability after the deals we've announced recently had closed. 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. 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. I think there's probably a little bit more there than that plus everything that we've shared, and we'll continue to share will be pre-synergies just given my preference not to provide go-forward guidance or projections. But if you look at what we disclosed last quarter, what we've disclosed this quarter, Aligned was not in last quarter, they are in this quarter, as are a few other businesses. Is there an opportunity to continue to streamline your fund lineup? 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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'll turn the conference back over to our speakers. Wealth management assets jumped to $66.1 billion on market performance and with the addition of BDF and Congress in the third quarter. Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through a period of rapid acquisition and growth. 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. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. 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