Thank you all for the time today. So, the three transactions, plus Bowling which we announced earlier in the quarter, so it would be the combination of those four plus Aligned. So the approach would be different. Please go ahead. So we had a working relationship. And that was really the next tranche of deals. It's designed to deliver a better experience and ultimately better investment performance. Latest appointments: Dany Pelletier, Executive Vice-President of Investments, FFTQ, Investment scams, notably crypto frauds, drove higher losses. 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 if I summarize, it seems to be an integrated platform and permanent capital. 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. Were excited to continue expanding and enriching our U.S. network with high-quality RIAs like Radnor, said Kurt MacAlpine, CI Chief Executive Officer. The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. 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 I'm just really excited about how well our differentiated value proposition is resonating compared to other stories that are in the marketplace currently. And then the third part of our institutional business would be sub-advisory mandates, which is really broken into two pieces. We have a very high concentration of Canadian equity and Canadian balanced funds that have been higher redeemed categories in the industry and the concentration of advisers that are holding them tend to be those, as I mentioned, that are older MFDA advisers that might not be in growth mode on their businesses. 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. Sure. 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. But what do you bring to the table that they don't? 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. Computershare Investor Services. CI noted that Anderson will remain with the firm in the short term to assist with the transition of responsibilities.. And it would be more opportunistic in nature. Is there an opportunity to continue to streamline your fund lineup? And it really depends upon the quality of platforms that are coming to market, and then how fast or slow those processes ultimately move. WebView Kurt MacAlpines professional profile on LinkedIn. Thank you for the question. 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 holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. So, I would say Scott, it's still very early days. It is more dynamically priced. So we have been using the model as a starting point. The second thing is that we when you look at our individual businesses we're a $202 billion company. Copyright 1996-2023 KM Business Information Canada Ltd. When you think about asset management acquisitions, there's probably two types of acquisitions that would potentially make sense for CI. Prior to joining Claymore, Mr. Kelterborn was a lawyer with law firms in Toronto and Bermuda and served as Associate General CounselCorporate at Nortel Networks. It really depends. [Operator Instructions] The first question will come from Geoff Kwan with RBC Capital Markets. It's a tough one to predict. EPS of $0.62 for the quarter represents the best quarter of the year, and a 3% growth from a year ago. 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. Just going back to the comment on the institutional AUM at risk $2.50 billion to $3 billion, I thought at one point that number or your institutional AUM was at $10 billion to $15 billion. I'll turn the conference back over to our speakers. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. The velocity of deals that we're able to do is picking up. In the process, its drawn the ire So I remain very optimistic. 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. So the ability to buy scale and wealth management given where we're focused, doesn't really exist. Thanks very much. And what's the difference between that and the institutional that might not be at risk? And I think we're off to a really great start in Liquid Alternatives. In this series of videos and articles, TD Wealth professionals share practical strategies that helped them build rewarding careers. This includes $125.4 billion of assets under management and $77 billion of wealth management assets. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. 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? Layan Odeh (Bloomberg) | Aug 30, 2022 The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. Okay, great. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. Yes, thanks very much. Yes. We appreciate the interest in CI Financial. Hi. The size of that pool of assets, as I mentioned, is a lot smaller today than what it was before. 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. 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 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. If you experience any issues with this process, please contact us for further assistance. Did I remember that correctly? Under the current model, the Harbour business is part of broader CI Global Asset management benefits from that scale, partnership, access to better resources and things like that. For the best Barrons.com experience, please update to a modern browser. We rolled out the initial model in March and it has started to build essentially from there. You will see that we are now organized by investment capability not by boutique or sub-brand. Kurt, just want to go back to the U.S. RIA acquisitions a little bit. 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 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. Is that something that is -- well how does that prioritize for you? 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. It's a smaller portion of the line, Scott. 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. This approach limits or eliminates the client disruption typically associated with investment platform changes. Earlier this year, Anderson said he planned to retire by mid-2020. Youre almost done. Is that a priority? Yeah. This information is meant to help quantify the impact we've made in a short period in executing against our wealth management strategy. And the retirement space or the defined contribution space has been relatively flat for us as well and that's an area we're looking to grow. 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. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. And I would call this a close second or 1A and it's a human capital business and the primary relationship in any wealth managers between the adviser team and the client in particular. If we did do it, it would be in the U.S. marketplace. 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. 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. 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. I mean, the biggest challenge was we would constantly get feedback from clients that, it's complex and challenging to do business with CI. This copy is for your personal, non-commercial use only. We just need a little more information to create your account. The other type of opportunity that could exist would be an opportunity for us to diversify beyond the Canadian marketplace. They see the benefits of scale collaboration a national platform and cross-border referrals. I'd say, it's directionally in the right direction, Gary. Free cash flow in the quarter of $144 million exceeded dividends and buybacks of $116 million by $28 million. If you have an ad-blocker enabled you may be blocked from proceeding. First, on the U.S. wealth management initiative. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Newcom Media Inc. We use cookies to make your website experience better. 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. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. Prior to ADIA, Mr. Lewis was Senior Vice-President and Deputy Chief Risk Officer at Caisse de dpt et placement du Qubec (CDPQ), where he led a team that analyzed and monitored the risks of both public and private investments in the CDPQ portfolio. 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. 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 growing and building and improving the business is critically important to our strategy. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ET. I would now like to open up the call for questions. 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. 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. 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. So take Harbour as an example. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). Were sorry, but we are unable to verify that you are a wealth management professional. It also excludes any strategic or cost synergies, asset management product sales, business model improvements or planned but unannounced transactions. They recognize the need to get better, but they don't necessarily feel and I fully agree with them that there's one firm out there that does everything better than everybody else. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. And this is CI's third best quarterly earnings per share number, since converting back to a corporation a decade ago. The asset management we do look at things opportunistically, but it really has to fit what we're building on the integrated asset and wealth management side. So the bar for us entering was obviously, higher and it was really important for us to do something very differentiated than what exists in the marketplace. And why would that be? And once again that was a speculation based upon the breakdown of the platform. Not so much. We remain focused on controlling costs even as we continue to execute on our strategic priorities. View Reputation Profile. So they're taking some form of stake in the business and allowing the business to continue to operate on a freestanding independent basis. Just maybe one last one if I could. It does. We have continued to make great progress in executing our strategy, building on the momentum of what we believe is the fastest-growing RIA platform in the market. Wallmine is a radically better financial terminal. 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. Kurt Macalpine, 62 Lives in Boston, MA. 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. More information to create your account the client disruption typically associated with investment platform changes period in against! Ire so I remain very optimistic types of acquisitions that would potentially make sense for CI the. Designed to deliver a better experience and ultimately better investment performance Saint Mary 's University Counsel. 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