You can sign up for additional alert options at any time. 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. Thank you for the question. I am optimistic that we're going to work through the redemptions and put ourselves on a better path forward. 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.. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. Please go ahead. 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. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. 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. So we needed to evolve our investor platform. Or are there pieces that I'm missing in those two numbers? Thanks very much. Our content is free but available only to wealth management professionals. Thanks. WebKurt Macalpine was born in 1960 and is currently 63 years old. I don't think it makes sense for us to directly enter Europe or Asia or Latin America at this point. The size of that pool of assets, as I mentioned, is a lot smaller today than what it was before. Yes. Did I remember that correctly? This includes $125.4 billion of assets under management and $77 billion of wealth management assets. One would be capability expansions. 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. I will share more details on the investment platform changes in a few moments. 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 Chief Executive Officer and Director, CI Financial. Okay. Not so much. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. 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. Yes. I don't like to give guidance on anything as I think oftentimes it's just guessing. I think our momentum continues to pick up on a month-by-month basis. 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. We had another strong quarter as markets and our AUM continued to rebound. 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. 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. MacAlpine, who hails from Saint John, NB, has a commerce degree from Halifaxs Saint Marys University and an MBA from Queens University. So, I would say Scott, it's still very early days. It has also been leading the way in innovation, making plans to launch the worlds first Ether ETF, in addition to launching the CI Galaxy Bitcoin ETF (BTCX.B and BTCX.U) in March. So I would say part of our institutional business is traditional institutional asset owners essentially and those that don't have capabilities themselves internally. And then over the subsequent months, just as the markets have improved and as the M&A market, and our story has continued to resonate, we've leaned in a little bit more to acquisitions. The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. REGISTRAR & TRANSFER AGENT. WebWhat is the salary of Darie Urbanky? So for wealth management, because of the fragmentation of the RIA marketplace in order for us to create scale, we really have to do a lot of acquisitions. Please contact us at, We encountered an error. All of our initiatives will support one or more of these strategic priorities. 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. It's designed to deliver a better experience and ultimately better investment performance. These are human capital and people businesses and we want to make sure that we're excited about all the individuals that we're ultimately partnering with. Please go ahead. 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. 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. So what I would say is, we're listing ourselves on the New York Stock Exchange effective next week. So you are right, through the legacy model we had, we naturally have a lot of overlapping and redundant capabilities which over time might clear themselves up, but that wasn't the reason we initiated this process, and it hasn't been a focus for us so far. We are excited to welcome Jason to CI. Copyright 1996-2023 KM Business Information Canada Ltd. 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. I think that includes the cash consideration and the contingent payment. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. We appreciate the interest in CI Financial. 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. Yes. They see the benefits of scale collaboration a national platform and cross-border referrals. 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. And it really depends upon the quality of platforms that are coming to market, and then how fast or slow those processes ultimately move. And there is a few firms that fit this mold and may be called serial aggregators or something like that. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. The next step is an initial public offering of as much as 20% of its US wealth management business. After submitting your request, you will receive an activation email to the requested email address. Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. 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. LinkedIn is the worlds largest business network, helping professionals like Kurt MacAlpine discover inside connections Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as December 23, 2022 During the quarter, we spent $78 million to repurchase 4.3 million shares. So take Harbour as an example. 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. And then the third part of our institutional business would be sub-advisory mandates, which is really broken into two pieces. Please. 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. Sure. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. Now unlike wealth management where you can diversify through smaller transactions, in asset management you really have to do something larger in nature just because if you were to pivot and extend beyond the Canadian marketplace you would need to have a platform that has embedded retail relationships, institutional coverage, platform approvals and things like that. https://www.barrons.com/advisor/articles/ci-financials-kurt-macalpine-were-just-getting-started-51641580578. Please complete the form below and click on subscribe for daily newsletters from Wealth Professional. Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. Kurt MacAlpine has been facing his share of headwinds with CI Financials recent business decisions, but hes convinced hes charted the right course for the company, and he plans to stick with it. So, we do pass a lot. 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. 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. When you think about M&A and wealth management versus asset management, it's really a different approach. 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. All rights reserved. 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. 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Sure. I did share some additional guidance on the institutional business in that breakdown. 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? I can say that, there's multiple reasons that we decided to list on the New York Stock Exchange at this point in time. These instruments preserve capital, offer stable income and protect against volatility. 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. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. An error has occurred, please try again later. As I said in the press release announcing this webcast, the last few weeks have been unprecedented, with the coronavirus having a significant impact on our society, our economy, and the global So since I've joined last September we bought back approximately 28 million shares. The first one is in the segments of advisers that we're selling products to. 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. I would now like to open up the call for questions. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. The second part of our institutional business would be the retirement space, typically working with employers on to find contribution plans. Good morning, everyone, and welcome to CI Financial's third quarter earnings call. Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through a period of rapid acquisition and growth. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. WebKurt MacAlpine is Chief Executive Officer at CI Financial Corp. See Kurt MacAlpine's compensation, career history, education, & memberships. Our signage has been changed and our websites are being transformed, which started with the new CI Financial website that we rolled out a couple of weeks ago. There is a scenario where none of that redeems. On the positive front, nine of our top-selling funds in the month are liquid alternatives and fixed income strategies. Related to: Kurt Macalpine. As everyone knows M&A in and of itself is quite lumpy. And so we come into the marketplace we're strategic permanent capital. So where we come in is we come in -- in the middle. At WisdomTree, MacAlpine was responsible for all client-facing functions and oversaw most of its international businesses. 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. 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. Is that a priority? There will be over time, but that wasn't really the focus of the effort. 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 experience any issues with this process, please contact us for further assistance. 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 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. Copyright 2023 Surperformance. And is there a portion of that AUM that you think would be unlikely to be brought in-house in the future? The next question will come from Gary Ho with Desjardin Capital Markets. 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. 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. CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. 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: [email protected] Phone number: +1-xxx-xxx-5429 Last updated: 2021-04-29 Social media: Sign Up to Get Free Contacts Use a Browser At CI Financial, we promise to treat your data with respect and will not share your information with any third party. And where do you see the process perhaps being a longer effort to turn the ship around? Latest appointments: Dany Pelletier, Executive Vice-President of Investments, FFTQ, Investment scams, notably crypto frauds, drove higher losses. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. We made considerable progress across our rebranding efforts with the rollout of our new website in October. Thank you. And this is CI's third best quarterly earnings per share number, since converting back to a corporation a decade ago. And I think we're off to a really great start in Liquid Alternatives. For every deal that weve done, we felt that we paid a fair price thats reflective of the quality of the platform that were acquiring, he added. The integrated platform builts by the leaders of the businesses, based upon the feedback from their clients. 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. So think about the spectrum of competitors that exist. Sure. var CurrentYear = new Date().getFullYear() WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. 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. 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. 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. CEOs radical remake accompanied by staff exodus, higher debt, Chairman says of employee complaints: I could care less. So the number that I'm mentioning wasn't the total size of our institutional business. In October, we saw a 19% improvement in Canadian retail net sales and a 63% improvement in institutional net sales on a sequential basis. It's a tough one to predict. Good morning. 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. 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 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. If I look at just the pipeline of firms that we are having conversations with it's really increasing on an ongoing basis. View Reputation Profile. Kurt Macalpine . So what I was trying to do in responding to the question was provide the visibility into the breakdown of the institutional and assigning the assets to that particular segment or sub-segment. Yeah. 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 Age : 41 Public asset : 3,482,494 USD Linked companies : CI Financial Corp. Summary Currently, Kurt MacAlpine occupies the position of Chief Executive And I don't think that's necessarily true for businesses like these particularly, the businesses that we're acquiring. So very much structured as almost like a multi-boutique asset manager, but on the wealth management side. Understood. Okay. 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. Just maybe one last one if I could. So the approach would be different. It also excludes any strategic or cost synergies, asset management product sales, business model improvements or planned but unannounced transactions. But it is a different approach and I want to make sure that's coming through than the methodical approach we're taking to the wealth management space. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. A discussion of the highlights and challenges of the third quarter, a review of our financial performance during the quarter, an update on our sales to date for the fourth quarter, an update on the execution of select items of our corporate strategy, then we will take your questions. 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. Kurt Macalpine, 62 Lives in So the boutique and multi-brand structure was, I'd say perfectly designed for the marketplace up until five or six years ago. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. Addresses View Full Report. 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. Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. He received an MBA from Queen's University and an undergraduate degree from Saint Mary's University. 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. articles a month for anyone to read, even non-subscribers! Please try again or contact. On that wealth management slide, the -- I guess the EBITDA progression year-to-date from $15 million to $73 million. 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. 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. Next, I will update you on our corporate rebranding initiative. 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. Were excited to continue expanding and enriching our U.S. network with high-quality RIAs like Radnor, said Kurt MacAlpine, CI Chief Executive Officer. If youre not a wealth management professional, you can find other great financial content at. 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. So if the opportunity presents itself, it's financially attractive accretive and a great opportunity to diversify and transform the business we'll look. 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. On one hand you'd see more call it financially oriented buyers that are essentially looking to take equity stakes in individual's businesses and then participating in the ongoing cash flows of those business. I want to be clear that this is not a forecast. 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. 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. And I was just wondering, if you could provide an update or progress on that initiative. in theoretical physics and a B.Sc. 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. 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. Complaints: I could care less PhD in theoretical physics from Pierre and Marie Curie University now! Number, since converting back to a corporation a decade ago few firms that we 're going work. 254 Park Avenue S Apt 6b, New York and is there a portion of redeems! Any strategic or cost synergies, asset management, it 's really increasing an... Any strategic or cost synergies, asset management, it 's really increasing on an basis... The size of our institutional business would be unlikely to be clear that this is not a management! 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