WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. And then the second piece is as it relates to the employees. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. We look forward to connecting next quarter. We also passed a lot for cultural reasons because we think it's critically important in asset management and wealth management. I don't have the exact number in front of me, but you're in the ballpark. 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. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial. And so we come into the marketplace we're strategic permanent capital. 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. I assume this is low margin. Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. 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. Wallmine is a radically better financial terminal. And so that's been helpful. So, I would say Scott, it's still very early days. How can we help you? 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. 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. 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. 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. 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. 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. I mean, the biggest challenge was we would constantly get feedback from clients that, it's complex and challenging to do business with CI. 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. If you rewind to January this isn't even a segment or a market that we were in. 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. If youre not a wealth management professional, you can find other great financial content at. What differentiates you as you embark on this strategy? 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. 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. I think the vulnerabilities, so I'd say that's what I'm most excited about the pivot to IIROC in those particular categories. 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. The first one is in the segments of advisers that we're selling products to. Is this happening to you frequently? Please go ahead. Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as 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. We don't break out the specific numbers. 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. I am optimistic that we're going to work through the redemptions and put ourselves on a better path forward. 3% growth from a year ago. Like what sort of, hit rate do you think you would be able to get looking out over the next year? 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. WebWhat is the salary of Darie Urbanky? Please go ahead. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. Yeah. Or are there pieces that I'm missing in those two numbers? Yes. Trading is expected to begin next Tuesday the 17th, under the symbol CIXX. 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. 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. Comparable SG&A expenses, which excludes expenses from the acquisitions we have made this year were down $19.4 million, or almost 16% from the third quarter of 2019, and down $1.7 million sequentially. 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. 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. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). I did share some additional guidance on the institutional business in that breakdown. And it would be more opportunistic in nature. Or at some point, if you're going to keep this run rate going of acquisitions do you need to start using equity a bit? Please. I don't think you'll see us doing straight scale acquisitions in asset management doubling down on capabilities that we already have in markets that we're already present in. So does that include the acquisitions that are announced, but not closed such as the Roosevelt or the Doyle acquisitions that were announced earlier this week last week? Net income and adjusted net income of $130.6 million is up 9% from $120.2 million last quarter. View Reputation Profile. It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. Good morning, everyone, and welcome to CI Financial's third quarter earnings call. Free cash flow in the quarter of $144 million exceeded dividends and buybacks of $116 million by $28 million. 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. CEOs radical remake accompanied by staff exodus, higher debt, Chairman says of employee complaints: I could care less. 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. Good morning. 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. The next question will come from Graham Ryding with TD Securities. Good morning. Thanks and good morning. 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 had another strong quarter as markets and our AUM continued to rebound. Harbour in the old model prior to this week had the ability to deliver $3 billion to $4 billion of total scale. 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. And then the question was well, which of the CI businesses would it ultimately come to? And I was just wondering, if you could provide an update or progress on that initiative. He was also a member of the CDPQ asset allocation committee. 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. 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. In the process, its drawn the ire of rivals who say CI has overpaid to take elite firms off the market. 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. Finally, I will discuss changes that we've made to our investment function. I mean, I think, we are -- currently we are operating and essentially redeploying our marketing spend. 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. Please try again or contact. As 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. I'd say, it's directionally in the right direction, Gary. 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 is there a portion of that AUM that you think would be unlikely to be brought in-house in the future? And that's a major nuance for a lot of firms that are selling and looking to stay in the business. 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. If you fast forward to today just looking at the deals, we've done over the past six or seven months, we believe we have the fastest-growing RIA platform ever. Because every -- the one thing is we see a lot of businesses as you could imagine given the number of transactions we've done, every single firm that we come across, I guarantee does something better than every other firm. Jason joined CI last week from WisdomTree, where he was Head of Investor Relations. And I think we're off to a really great start in Liquid Alternatives. He has 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. 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. 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. 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. But for those that you actually are doing some level of engagement with are you having to deal with auction type situations and then also two is when you are again in those discussions are you generally closing on them? 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? WebKurt Macalpine was born in 1960 and is currently 63 years old. This slide provides a recap of our 3 corporate strategic priorities. WebCI Financials Strategic Priorities Update from CEO Kurt MacAlpine November 2019. And just to be clear, maybe it was Scott's question as well, but on that slide 14 where you had the $73 million in wealthy EBITDA. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. I would say the vulnerabilities remain the vulnerabilities that we currently have. 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. Newcom Media Inc. We use cookies to make your website experience better. 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. Please go ahead. When I look at our institutional business overall what I'd say is there's probably, three different chunks of business. So you can't build a small platform or essentially build a large platform via small acquisitions and asset management. 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. 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. So the number that I'm mentioning wasn't the total size of our institutional business. Youre almost done. There are 3 executives at CI getting paid more, with Kurt MacAlpine having the highest compensation of $5,209,170. This includes $125.4 billion of assets under management and $77 billion of wealth management assets. Kurt, just want to go back to the U.S. RIA acquisitions a little bit. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. 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. I think that includes the cash consideration and the contingent payment. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. As you can see, we've experienced phenomenal growth this year. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). We've detected you are on Internet Explorer. Please contact us at, We encountered an error. All of our corporate logos have been updated to the new ones shown on this page. I think the biggest opportunity for us is really two-fold. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). Prior to that, he was a sell-side analyst covering asset and wealth managers at Piper Jaffray. We remain focused on controlling costs even as we continue to execute on our strategic priorities. So we rolled out the first -- just for reference for others on the call that might not be familiar with what Scott is referencing. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ET. That's great. It's a smaller portion of the line, Scott. 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. acquisitions we have made this year were down $19.4 million, or almost 16% from the third quarter of 2019, and down $1.7 million sequentially. 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. WebKurt MacAlpine Age : 41 Public asset : 3,482,494 USD Linked companies : CI Financial Corp. Summary Currently, Kurt MacAlpine occupies the position of Chief Executive Marketplace we 're selling products to front of me, but you 're in the business up 9 % $. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and Relations! 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