WebWhat is the salary of Darie Urbanky? Please try again or contact. 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. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. When you think about asset management acquisitions, there's probably two types of acquisitions that would potentially make sense for CI. In the past 10 days, we have announced three new transactions: Stavis & Cohen, a U.S. $570 million women-owned Houston based RIA with a focus in financial planning and servicing corporate executives in the oil and gas industry; Doyle Wealth Management a U.S. $1.1 billion RIA based in the Tampa Bay Area a popular destination for Canadian retirees; and Roosevelt Investments a U.S. $2.7 billion RIA based in New York City our first acquisition in the world's largest financial market. 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 want to benefit from an integrated platform. This new approach allows us to deliver CI's full-scale to our clients, organize ourselves by investment capability, share information more freely throughout the organization, ideally leading to better problem-solving and investment outcomes, reduce complexity in our investment organization, creating a more client-friendly platform, create consistency in our objectives address gaps in our platform holistically and align the compensation model across teams. 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. So we have been using the model as a starting point. Just one follow-up. We retired $26 million of debt, and we paid $39 million in dividends. And it would be more opportunistic in nature. 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. Please go ahead. In October, we saw a 19% improvement in Canadian retail net sales and a 63% improvement in institutional net sales on a sequential basis. 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. Good morning, everyone, and welcome to CI Financial's third quarter earnings call. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. So think about the spectrum of competitors that exist. So when we look at opportunities there's two things that have to remain intact for us to be willing to do a deal. Harbour in the old model prior to this week had the ability to deliver $3 billion to $4 billion of total scale. Newcom Media Inc. We use cookies to make your website experience better. Good morning. Yes. 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 An error has occurred, please try again later. Thank you all for the time today. 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. 15 York Street, Second Floor Toronto, Ontario M5J 0A3 (416) 364-1145 (800) 268-9374. Bloomberg Markets Americas. 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. And once again that was a speculation based upon the breakdown of the platform. 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. The next step is an initial public offering of as much as 20% of its US wealth management business. 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. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. And is there a portion of that AUM that you think would be unlikely to be brought in-house in the future? 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. 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. So they're taking some form of stake in the business and allowing the business to continue to operate on a freestanding independent basis. 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. Yes. 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. If you rewind to January this isn't even a segment or a market that we were in. 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? And then the third part of our institutional business would be sub-advisory mandates, which is really broken into two pieces. And now we're at a fascinating place where I probably get a couple of firms reaching out every week directly bypassing a bank or a process just looking to do a deal with CI specifically. Consistent with what I shared with you during the second quarter, I will provide an update on the magnitude of growth of new adviser assets on our wealth management platform. The size of that pool of assets, as I mentioned, is a lot smaller today than what it was before. This number only includes our current interest in these companies and does not include any growth or market assumptions. CI Financial, Corp. (CIXX) Q2 2021 Earnings Conference Call August 10, 2021 10:00 AM ETCompany ParticipantsKurt MacAlpine Chief Executive OfficerAmit So Graham, in terms of the current run rate, it's hard to predict go-forward acquisitions based upon the current run rate. After submitting your request, you will receive an activation email to the requested email address. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. What I would say, we have sized the potential at-risk opportunity through sub-advised mandates that exist on bank or insurance owned platforms that have their own capabilities internally. So the ability to buy scale and wealth management given where we're focused, doesn't really exist. I find it fascinating that people like to opine on the purchase prices that CI has paid for a business absent any sort of facts whatsoever, he says. Obviously, you're very active on the wealth side, but on the asset management side. Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. 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. Is that something that is -- well how does that prioritize for you? Earnings per share of $0.62, was up $0.06 per share from the second quarter and up $0.02 from the third quarter last year. As So Tom, we don't typically break out the margin. 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. EPS of $0.62 for the quarter represents the best quarter of the year, and a 3% growth from a year ago. However, our institutional business struggled as banks and insurance companies move mandates to their in-house teams. WebView Kurt MacAlpines professional profile on LinkedIn. 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. 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? But as we naturally work through it, if there's opportunities to deliver a better client experience through consolidation, it's something we will look at as we would look at all opportunities across our businesses. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). This slide provides a snapshot of our new investment management organizations. If not, we're pretty close. 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. We are excited to welcome Jason to CI. 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? If we did do it, it would be in the U.S. marketplace. Before I discuss our sales for the quarter to-date, I want to provide you with a brief update on our assets for the month of October. 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. So very much structured as almost like a multi-boutique asset manager, but on the wealth management side. It's a smaller portion of the line, Scott. But it is something that we're monitoring. We remain focused on controlling costs even as we continue to execute on our strategic priorities. After the speakers remarks, there will be a question-and-answer session. So, it's not easy to say here's the specific number because, it really depends upon the mandate, the strategy, the platform size and things like that. Wealth management assets jumped to $66.1 billion on market performance and with the addition of BDF and Congress in the third quarter. All of our initiatives will support one or more of these strategic priorities. 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. 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. CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. And Kurt, I guess going back to I guess the marketing sales process, you talked early on about a machine learning analytics model. 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. I'm incredibly pleased by the progress we've made in growing our wealth management business in such a short period of time, but I'm even more encouraged by how well our differentiated story is resonating in the U.S. marketplace positioning us well for continued future growth. We look forward to connecting next quarter. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. I will share more details on the investment platform changes in a few moments. Now Doug will review the financial results for the quarter. 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. Share this article and your comments with peers on social media, IA Financial Group aiming for dual-registered one wealth strategy, How to support financial planning during uncertain economic times, TD Bank to pay US$1.2 billion to settle Stanford Ponzi scheme lawsuit, CIs U.S. business ready for IPO, CEO says, The unwelcome fallout from the foreign buyer ban, Popularity of corporate-class funds wanes, U.S. Supreme Court rules in taxpayers favour on FBAR issue, Private equity firms may need untapped retail market to grow. [Operator Instructions] The first question will come from Geoff Kwan with RBC Capital Markets. CI's gross debt finished the quarter at $1.96 billion and a reported debt-to-EBITDA ratio of 2.4 times as EBITDA rebounded 10% in the third quarter to $204.6 million from $186.6 million last quarter. Our content is free but available only to wealth management professionals. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. The infrastructure of a bank, but with a boutique feel, NBFWM offers broad services and security for clients. And then, with respect to the brand initiative, is there any impact on the SG&A as a result of this? All lines are in a listen-only mode. Good morning, ladies and gentlemen. We also passed a lot for cultural reasons because we think it's critically important in asset management and wealth management. WebKurt Macalpine was born in 1960 and is currently 63 years old. 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