TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced 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. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ETCompany ParticipantsKurt MacAlpine - Chief Executive The next question will come from Gary Ho with Desjardins Capital Market. 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. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. Sure. CI noted that Anderson will remain with the firm in the short term to assist with the transition of responsibilities.. CI Financial Corp.s CIX-T chief executive Kurt MacAlpine saw one of the largest jumps in total compensation, to $10.60-million, up more than 75 per cent from In May, we shared with you the details of our rebranding initiative, which is aimed at more effectively communicating to the marketplace the breadth and depth of CI's capabilities and highlighting the firm as an integrated global asset and wealth management company. During the quarter, we spent $78 million to repurchase 4.3 million shares. Mr. Kelterborn is Executive Vice-President and Chief Legal Officer of CI Financial and leads the team responsible for all legal affairs of the corporation and its subsidiaries. MacAlpine, who hails from Saint John, NB, has a commerce degree from Halifaxs Saint Marys University and an MBA from Queens University. 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. And that's a major nuance for a lot of firms that are selling and looking to stay in the business. Thanks. That's great. 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. Yes. I want to be clear that this is not a forecast. I will now provide an update on the progress we've made on some of our strategic initiatives. It also just to continue to reiterate wasn't planned redemptions. 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. So you've had some redemptions in recent quarters just from some companies that are bringing in-house mandates that you were sub-advising on. 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 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. He was a member of the companys global executive management committee and sat on the boards of several of its international entities and AdvisorEngine, a digital wealth platform. So that's kind of one extreme end of the spectrum. HEAD OFFICE. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. 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. All of our initiatives will support one or more of these strategic priorities. And why would that be? Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. On the sales front, although the company continues to be in redemptions, we generated strong gross sales results, which increased 23% from a year ago and 8% sequentially. Can you do this without issuing equity? And then the second piece is as it relates to the employees. 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. You're around there. I will share more details on the investment platform changes in a few moments. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. They recognize the need to get bigger. Please go ahead. How can we help you? Please go ahead. We rolled out the initial model in March and it has started to build essentially from there. Thank you for the question. We've detected you are on Internet Explorer. Sure. 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. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. Please go ahead. EPS of $0.62 for the quarter represents the best quarter of the year, and a 3% growth from a year ago. We anticipate that the rebranding effort will be fully completed by Q1 2021. 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 Okay. We don't break out the specific numbers. It might be, it might not be. This slide provides a snapshot of our new investment management organizations. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ET. First, on the U.S. wealth management initiative. 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. Yes. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. I've been very pleased by how well our sales team has embraced the model, in terms of using the insights to identify and prioritize the opportunities in their territories. And then just on the RIA acquisition pipeline like how would you describe the size of it today? I don't like to give guidance on anything as I think oftentimes it's just guessing. In this series of videos and articles, TD Wealth professionals share practical strategies that helped them build rewarding careers. Our content is free but available only to wealth management professionals. 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. The next question will come from Geoff Kwan with RBC Capital Markets. Good morning, Geoff. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Please go ahead. To read this article, please provide the information below so we can confirm that you work in the industry. This approach limits or eliminates the client disruption typically associated with investment platform changes. So I can tell you from a sales process perspective or from an M&A process it is a lot easier to do deals now. Thanks, Doug. So if we're not additive to the process on the client front, we're not interested. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. I assume this is low margin. 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. If we did do it, it would be in the U.S. marketplace. The infrastructure of a bank, but with a boutique feel, NBFWM offers broad services and security for clients. in theoretical physics and a B.Sc. 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. It also shows the magnitude of the opportunity for growth and profitability going forward. This copy is for your personal, non-commercial use only. 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. 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. Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. Good morning, ladies and gentlemen. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. As for its expansion, it appears CI has no plans to slow down. If you take Doyle Wealth Management, the greater Tampa Bay Area is one of the biggest hotbeds for Canadian retirees' period. 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 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. The impact is a $58 million increase in our run rate wealth management EBITDA, which translates to $73 million annualized or 387% improvement from 2019. The Canadian equity and Canadian balance categories are two of the three most redeemed categories in the industry year-to-date. Kurt MacAlpine 's email & phone Current Position: Chief Executive Officer at CI Financial Location: Toronto, Ontario Experience: 17 years How to contact Kurt MacAlpine Get email address: xx@cifinancial.com Phone number: +1-xxx-xxx-5429 Last updated: 2021-04-29 Social media: Sign Up to Get Free Contacts Use a Browser 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. So growing and building and improving the business is critically important to our strategy. (Podcast). 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. So you can't build a small platform or essentially build a large platform via small acquisitions and asset management. Trading is expected to begin next Tuesday the 17th, under the symbol CIXX. Current Address: 254 Park Avenue S Apt 6b, New York, NY 10010 Has Lived In: 101 Canal Street Apt 512, Boston, MA 02114. And the three transactions you announced in the last 10 days, would that be included in that number? So we had a working relationship. Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. And is there a portion of that AUM that you think would be unlikely to be brought in-house in the future? And I've been very pleased by how well our marketing team has embraced it to really set up and structure all of the campaigns and engagement models that we're ultimately building. I would now like to open up the call for questions. in mathematics and physics from Universit de Montral. The next question will come from Scott Chan with Canaccord. Sure. 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. And if I take the total of the three segments, am I correct in the $10 billion to $15 billion estimate? Thank you for the question. Why? CEOs radical remake accompanied by staff exodus, higher debt, Chairman says of employee complaints: I could care less. I did share some additional guidance on the institutional business in that breakdown. Computershare Investor Services. We look forward to connecting next quarter. But what do you bring to the table that they don't? There will be over time, but that wasn't really the focus of the effort. As And that's really important to us because these are people businesses and the ultimate goal of them is to deliver great investment and planning outcomes for clients. Two increasingly important categories where we are growing our market share. I would say the vulnerabilities remain the vulnerabilities that we currently have. 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. 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. 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. Not so much. 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. 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. CEO Kurt MacAlpine isnt having it. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). 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