We just need a little more information to create your account. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial. Kurt MacAlpine, a Canadian with experience in management consulting and exchange-traded funds (ETFs), will take over CI on Sept. 1. SG&A in the wealth segment moved up slightly to $30.4 million even though incremental SG&A from RIAs acquired this year was more than $2.9 million in the quarter. REGISTRAR & TRANSFER AGENT. I will share more details on the investment platform changes in a few moments. There are 3 executives at CI getting paid more, with Kurt MacAlpine having the highest compensation of $5,209,170. For the best Barrons.com experience, please update to a modern browser. Maybe you can just share with us, what the margins would be on that business. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). And then the second piece is as it relates to the employees. I'll turn the conference back over to our speakers. Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. So that really seems to be where our institutional business has experienced the vast majority of our redemptions over the past year. He was also a member of the CDPQ asset allocation committee. We had another strong quarter as markets and our AUM continued to rebound. It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. We continue to scale our wealth management platforms in the U.S. having completed or announced 12 transactions for the year-to-date, representing nearly $22 billion of AUM. Thank you. 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. 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. document.write(CurrentYear) 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. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. So, they may not be growing their businesses, they may be transitioning to more lifestyle practices or transitioning out of the business. 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. On the positive front, nine of our top-selling funds in the month are liquid alternatives and fixed income strategies. So through our strategic integrated collaborative approach we will naturally work our way to an integrated platform. This copy is for your personal, non-commercial use only. So, we built that over the course of the winter. Thanks and good morning. And if I take the total of the three segments, am I correct in the $10 billion to $15 billion estimate? 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 have verified that you are eligible to read Barrons Advisor content for free. The second part of our institutional business would be the retirement space, typically working with employers on to find contribution plans. 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. 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 The next question will come from Scott Chan with Canaccord. Fast forwarding to today, our rebranding effort is well underway. HEAD OFFICE. 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. Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as Addresses View Full Report. Can you quantify how much of that comes from the line to get a sense on the U.S. RIA traction? Please go ahead. Okay, great. Yeah. Welcome to Barrons Advisor! Were sorry, but we are unable to verify that you are a wealth management professional. So growing and building and improving the business is critically important to our strategy. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). And then on the integration of your investment management teams, it sounds like this is more about process and driving fund performance as opposed to surfacing cost synergies. 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. So Graham, in terms of the current run rate, it's hard to predict go-forward acquisitions based upon the current run rate. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. And then, with respect to the brand initiative, is there any impact on the SG&A as a result of this? 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. As everyone knows M&A in and of itself is quite lumpy. So I had a high degree of confidence in them and they had a working familiarity with me. Our marketing expense to date, we've essentially been self-funding this initiative within the existing marketing expense base. Would those be. When you think about M&A and wealth management versus asset management, it's really a different approach. Okay. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. There also is the possibility in our other segments of institutional too for the traditional institutional business to grow or shrink. And once again that was a speculation based upon the breakdown of the platform. I know it sounds like a minor distinction, but that is very different from us, doing an acquisition and saying, we're going to buy your business. 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. Current Address: 254 Park Avenue S Apt 6b, New York, NY 10010 Has Lived In: 101 Canal Street Apt 512, Boston, MA 02114. But yes, the margins on the institutional business are lower than what we would see on retail. In terms of when we choose to pass and we absolutely pass on a lot of platforms that get presented to us we're really looking for high-quality well-run businesses, great profitability and dynamic management teams that collectively feel that they will benefit and we will all benefit from working together as opposed to working independently. We are confident that meaningful synergy opportunities exist, but we prefer not to give guidance. During the call, we will cover these topics. I don't like to give guidance on anything as I think oftentimes it's just guessing. 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. WebCI Financials Strategic Priorities Update from CEO Kurt MacAlpine November 2019. Related to: Kurt Macalpine. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. One of the I guess, call it more minor reasons based upon interest from RIAs is the ability to take stock as part of the transaction. 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. If you rewind to January this isn't even a segment or a market that we were in. In fact, all of the businesses we have acquired this year have grown organically. Kurt Macalpine, 62 Lives in We've detected you are on Internet Explorer. WebKurt MacAlpine is Chief Executive Officer at CI Financial Corp. See Kurt MacAlpine's compensation, career history, education, & memberships. I assume this is low margin. And there is a few firms that fit this mold and may be called serial aggregators or something like that. And that's a major nuance for a lot of firms that are selling and looking to stay in the business. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. December 23, 2022 As a large and independent firm with global reach, CI is well positioned to take advantage of the many opportunities in asset and wealth management. We are not changing portfolio managers on funds, the investment management processes they follow or our fund lineup. CIs total assets have grown to $241 billion (at March 31, 2021) since he joined the company. 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. 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. 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. in mathematics and physics from Universit de Montral. 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. I think the vulnerabilities, so I'd say that's what I'm most excited about the pivot to IIROC in those particular categories. 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. 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. 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. Can you do this without issuing equity? 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. Please. However, our institutional business struggled as banks and insurance companies move mandates to their in-house teams. Is there an opportunity to continue to streamline your fund lineup? 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. Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. And where do you see the process perhaps being a longer effort to turn the ship around? 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. 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? Hi. The $2.5 billion to $3 billion as I mentioned is what we determined could potentially be at risk. And if you're not like what would be the reasons why you're not completing them? Understood. Newcom Media Inc. We use cookies to make your website experience better. Please complete the form below and click on subscribe for daily newsletters from Wealth Professional. Thank you for the question. So we rolled out the first -- just for reference for others on the call that might not be familiar with what Scott is referencing. SG&A declined nearly $16 million, or 13% from a year ago, and was flat on a sequential basis despite on-boarding several new businesses. So I remain very optimistic. If I look at just the pipeline of firms that we are having conversations with it's really increasing on an ongoing basis. He was also a member of the CDPQ asset allocation committee. So when we look at opportunities there's two things that have to remain intact for us to be willing to do a deal. In this series of videos and articles, TD Wealth professionals share practical strategies that helped them build rewarding careers. 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. 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