If not, we're pretty close. Introductory comments for a webcast by Kurt MacAlpine, Chief Executive Officer, CI Financial: Good afternoon and thank you for joining me today. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. 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. Net income and adjusted net income of $130.6 million is up 9% from $120.2 million last quarter. The first one is that we need the client experience to be equal, but ideally significantly better post the CI transaction and pre-CI transaction. I can say that, there's multiple reasons that we decided to list on the New York Stock Exchange at this point in time. This number only includes our current interest in these companies and does not include any growth or market assumptions. Sure. 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. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. 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. The ability for any boutique to deliver scale benefits was driven by the scale they had generated independently. 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 CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. 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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. WebKurt Macalpine was born in 1960 and is currently 63 years old. He has In conjunction with the rebranding of CI Investments, CI Global Asset Management, we are phasing out the brands associated with our investment boutiques and moving to an integrated investment management platform under the CI Global Asset Management name. And how does that landscape look for you? 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. So we needed to evolve our investor platform. When you think about asset management acquisitions, there's probably two types of acquisitions that would potentially make sense for CI. 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. Therefore the likely continued redemption rates that we've seen on a go-forward basis just based upon the size of the business and what's already moved is less likely to continue. Kurt, just want to go back to the U.S. RIA acquisitions a little bit. I find it fascinating that people like to opine on the purchase prices that CI has paid for a business absent any sort of facts whatsoever, he says. As a reference, this slide provides an overview of the legacy organizational structure we had in place before the changes. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. Please go ahead. Copyright 2023 Surperformance. So the boutique and multi-brand structure was, I'd say perfectly designed for the marketplace up until five or six years ago. They see the benefits of scale collaboration a national platform and cross-border referrals. So some of the deals that we are doing are part of an auction process we're participating. The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. We appreciate the interest in CI Financial. So we had a working relationship. 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 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. 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. Please. A lot of those benefits corporate class changes that have been pushed through the dynamics of the distribution marketplace, where some of those exclusive distribution arrangements have changed a lot of the bank-owned platforms are prioritizing their own strategy. So it depends, Gary on when you're having a conversation. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. 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. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. 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. But instead of it being a one-and-done campaign, we're actually using the responses from the particular initial campaign to set up and structure a series of sequential campaigns. Once we started to do deals in this space we started to hit the radar of a lot of the banks that are working with these firms to help them transact. 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? We are also taking this opportunity to better structure our investment platform to foster improved communication and collaboration across the organization, positioning us to deliver the full-scale and capabilities of CI to our clients not just the capabilities of our legacy investment boutiques. Thank you for the question. If you experience any issues with this process, please contact us for further assistance. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. 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. Please disable your ad-blocker and refresh. 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. That is helpful. Not so much. 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 maybe one last one if I could. And once again that was a speculation based upon the breakdown of the platform. Copyright 1996-2023 KM Business Information Canada Ltd. View Reputation Profile. 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. Trading is expected to begin next Tuesday the 17th, under the symbol CIXX. TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced Please contact us at, We encountered an error. Core average assets under management, which represent the assets managed by CI in Canada, and GSFM in Australia were up 5% in the quarter to $126.4 billion. 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. And why would that be? NEI Clean Infrastructure Fund expands NEIs suite of impact investment funds and helps investors ride the massive secular shift towards clean electricity infrastructure. 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. 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. in mathematics and physics from Universit de Montral. 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. It's a tough one to predict. During the call, we will cover these topics. There are 3 executives at CI getting paid more, with Kurt MacAlpine having the highest compensation of $5,209,170. Sure. The integrated platform builts by the leaders of the businesses, based upon the feedback from their clients. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. And I've just got a follow-up. 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. Sure. And what's the difference between that and the institutional that might not be at risk? Bloomberg Markets Americas. We are confident that meaningful synergy opportunities exist, but we prefer not to give guidance. I announced on our Q1 earnings call in May that we were planning a corporate rebranding aimed at streamlining and simplifying our business removing unnecessary complexity and making it easier for our clients to do business with us. Computershare Investor Services. So I feel fantastic about the progress we've made. So we are fortunate enough to be winning the vast majority of auctions that we are in. There will be over time, but that wasn't really the focus of the effort. 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. In October, we saw a 19% improvement in Canadian retail net sales and a 63% improvement in institutional net sales on a sequential basis. And then on top of that if you look at the marketplace, I'd say somewhere around $0.90 on the dollar ex-CI of money in the space right now is private equity or private equity related. So it is a lever that, we could use, but we'll do it in a very disciplined manner when they do. 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. 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. 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