Please disable your ad-blocker and refresh. And those are all fine reasons to do it. One would be capability expansions. I believe we're still number one in flows and market share in that very important very fast growing category. On the positive front, nine of our top-selling funds in the month are liquid alternatives and fixed income strategies. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. 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. 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. 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. Kurt has worked with some of the largest asset managers in the world and has a thorough understanding of the industry, best practices and new developments, David Miller, director and chairman of CIs governance, human resources and compensation committee, said in a statement. We look forward to connecting next quarter. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. Sure. Net income and adjusted net income of $130.6 million is up 9% from $120.2 million last quarter. We had another strong quarter as markets and our AUM continued to rebound. 100 University Avenue, Eighth Floor. 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. 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. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ET. 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? Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. Asset management flows, where are you seeing the biggest opportunity to move the needle on flows? 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. He has extensive experience in the global asset and wealth management industry, having previously served as Executive Vice-President and Head of Global Distribution for WisdomTree Asset Management and as a Partner and Leader of the North American Asset Management Practice at McKinsey & Company. If you experience any issues with this process, please contact us for further assistance. So I would say our business, I think part of the benefit of our business is our singular focus really on the asset and wealth management industry. We continue to make great strides executing our corporate strategy. So we needed to evolve our investor platform. 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. Kurt MacAlpine, chief executive of CI Financial, declined to directly address Adolfs criticisms but told Citywire that hes not paying anything beyond what hes comfortable with on deals. So, there is a range of pricing within it. There are very few -- I think our integrated platform is one of the five largest RIA platforms in the U.S. currently. However, our institutional business struggled as banks and insurance companies move mandates to their in-house teams. I also wanted to provide some additional information on our run rate wealth management profitability after the deals we've announced recently had closed. Good morning. That is helpful. All of our corporate logos have been updated to the new ones shown on this page. I don't have the exact number in front of me, but you're in the ballpark. The next question will come from Tom MacKinnon with BMO Capital. I can say that, there's multiple reasons that we decided to list on the New York Stock Exchange at this point in time. Yes, thanks very much. Related to: Kurt Macalpine. In the process, its drawn the ire of rivals who say CI has overpaid to take elite firms off the market. Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. 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. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Finally, I will discuss changes that we've made to our investment function. Good morning. CI noted that Anderson will remain with the firm in the short term to assist with the transition of responsibilities.. 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. It is more dynamically priced. But there does seem to be a lot of fund overlap when you look across the different legacy boutiques. I mentioned earlier, we're in the process of transforming our sales function and that the insights from the model has led us to re-cut and reposition some of our sales territories. 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 our ability to get to much larger asset levels will be a function of a series of consistent transactions. 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. The infrastructure of a bank, but with a boutique feel, NBFWM offers broad services and security for clients. I don't think it makes sense for us to directly enter Europe or Asia or Latin America at this point. Okay. During the quarter, we spent $78 million to repurchase 4.3 million shares. And the part that I'm most excited about is, we're doing deals with truly exceptional very high-quality firms. 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. We continue to take a dynamic approach to capital allocation that includes debt reduction, the return of capital to shareholders through share repurchases and dividends and acquisitions. The next question will come from Gary Ho with Desjardin Capital Markets. So if we're not additive to the process on the client front, we're not interested. 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. Wallmine is a radically better financial terminal. 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. And if you're not like what would be the reasons why you're not completing them? After the speakers remarks, there will be a question-and-answer session. Thank you. And then the third part of our institutional business would be sub-advisory mandates, which is really broken into two pieces. in mathematics and physics from Universit de Montral. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. 3% growth from a year ago. And so we come into the marketplace we're strategic permanent capital. So we are fortunate enough to be winning the vast majority of auctions that we are in. Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. And that's a major nuance for a lot of firms that are selling and looking to stay in the business. As for its expansion, it appears CI has no plans to slow down. Mr. Urbanky holds an MBA from Rotman School of Business and a masters degree in computer science from University of Toronto and has attended leadership and management programs at Queens School of Business. Thank you for the question. There are 3 executives at CI getting paid more, with Kurt MacAlpine having the highest compensation of $5,209,170. It also shows the magnitude of the opportunity for growth and profitability going forward. 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. The $2.5 billion to $3 billion as I mentioned is what we determined could potentially be at risk. So, we do pass a lot. This information is meant to help quantify the impact we've made in a short period in executing against our wealth management strategy. So you're right, it's not a cost-cutting effort. And where do you see the process perhaps being a longer effort to turn the ship around? And how does that landscape look for you? 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. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. The settlement comes as TD works its way through two major acquisitions in the U.S. MacAlpine declined to provide the share of the U.S. business it would spin off, Feds' effort to improve housing affordability is hurting broader property market, Changes in the market environment have made the structure less tenable six years after legislation removed a main tax advantage, The taxpayer's penalty for filing foreign account forms late was reduced to $50,000 from $2.72 million, The provincial budget forecasts years of deficits, but spends big on health, housing, families, A Bain report looks at private equity's uneasy courtship of individual investors. 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. There's a scenario where all of it redeems and every scenario in between. Good morning, everyone, and welcome to CI Financial's third quarter earnings call. 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. It's a tough one to predict. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. After closing the transactions, we've announced over the past few days, we will have added $31.2 billion in new assets to our platform so far this year with two months left to go. 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. All lines are in a listen-only mode. This slide provides a recap of our 3 corporate strategic priorities. The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. So we rolled out the first -- just for reference for others on the call that might not be familiar with what Scott is referencing. 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. CI People want to stay around and operate the businesses on an ongoing basis. 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 Current Address: 254 Park Avenue S Apt 6b, New York, NY 10010 Has Lived In: 101 Canal Street Apt 512, Boston, MA 02114. 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. Copyright 1996-2023 KM Business Information Canada Ltd. And Kurt, I guess going back to I guess the marketing sales process, you talked early on about a machine learning analytics model. You can sign up for additional alert options at any time. 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. In the process, its drawn the ire 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 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. That business has been relatively flat for us over the past little while and we have the new head of institutional now that's working to grow it. 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. 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. He joined CI in 2016 from First Asset Investment Management, where he served as Senior Vice-President, Legal and Operations. They recognize the need to get bigger. Good morning, Geoff. Why? Please go ahead. Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. But it is something that we're monitoring. 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. So as it relates to the total AUM size of CI in its current standing very small, but that's essentially a little bit of more information in terms of what's remaining getting those specific criteria. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. Thank you for the question. We believe these changes will improve the client experience, not only through the potential for improved performance, but by simplifying our offering, while strengthening our value proposition. WebCI Financials Strategic Priorities Update from CEO Kurt MacAlpine November 2019. I mean, if a considerable improvements on a year-over-year basis, right. Kurt Macalpine . Thank you. 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. In this series of videos and articles, TD Wealth professionals share practical strategies that helped them build rewarding careers. Hi. The next question will come from Gary Ho with Desjardins Capital Market. So growing and building and improving the business is critically important to our strategy. After submitting your request, you will receive an activation email to the requested email address. The next question will come from Scott Chan with Canaccord. To read this article, please provide the information below so we can confirm that you work in the industry. 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. Sub-advisory mandates that have been outsourced to us specifically by funds that have their own competing capabilities internally and then sub-advisory mandates that have been outsourced to us by firms that don't. Yes. Just one follow-up. Good morning. If you have an ad-blocker enabled you may be blocked from proceeding. Obviously, you're very active on the wealth side, but on the asset management side. Joining me on today's call is our CFO, Doug Jamieson; and our new Vice President of Investor Relations and Strategy, Jason Weyeneth. 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 Please go ahead. 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.. 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. 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

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