We look forward to connecting next quarter. Welcome to Barrons Advisor! As you can see, we've experienced phenomenal growth this year. 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. Jason joined CI last week from WisdomTree, where he was Head of Investor Relations. So, there is a range of pricing within it. 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 Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Please complete the form below and click on subscribe for daily newsletters from Wealth Professional. 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. So if we're not additive to the process on the client front, we're not interested. After submitting your request, you will receive an activation email to the requested email address. So the boutique and multi-brand structure was, I'd say perfectly designed for the marketplace up until five or six years ago. And on day one everything is -- everything that you do is what we do. So think about the spectrum of competitors that exist. 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. All of our corporate logos have been updated to the new ones shown on this page. Youre almost done. 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 I would say the focus so far has been wealth management clearly given the velocity of deals we've done in the RIA space. Spend in the asset management segment declined $1.1 million from last quarter even as average AUM increased 5% and is down $16.1 million from one year ago as we continue to streamline asset management operations. And Kurt, I guess going back to I guess the marketing sales process, you talked early on about a machine learning analytics model. 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. You're around there. 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. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. So it is a lever that, we could use, but we'll do it in a very disciplined manner when they do. 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. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. 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. We are in the early stages of the strategic transformation of our sales function and our investment platform and we are confident that these actions will lead to better flows. What differentiates you as you embark on this strategy? 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. Harbour in the old model prior to this week had the ability to deliver $3 billion to $4 billion of total scale. 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. When it comes to alternatives, investors should capitalize with caution, Fraud losses in Canada hit new all-time high, Location matters when it comes to family business tax. (Podcast). As for its expansion, it appears CI has no plans to slow down. View Reputation Profile. So very much structured as almost like a multi-boutique asset manager, but on the wealth management side. The company acquired 13 registered investment advisors in the US in 2020, along with Canadian advisor network Aligned Capital Partners. You will note that our business was aligned by boutique brands with many of the brands offering competing mandates and capabilities. 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 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. Thank you. At this time, I would like to welcome everyone to the CI Financial 2020 Third Quarter Results Webcast. 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. This slide provides a snapshot of our new investment management organizations. 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. During the height of the pandemic, we did feel the leverage was a little bit high relative to our comfort zone, and we reduced our credit revolver by $175 million in short order by redeploying. That's great. 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. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. Just looking at your leverage just over two times in your current free cash flow run rate, how are you feeling about sustaining this level of RIA acquisitions? 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? 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. That business has been relatively flat for us over the past little while and we have the new head of institutional now that's working to grow it. So that really seems to be where our institutional business has experienced the vast majority of our redemptions over the past year. They see the benefits of scale collaboration a national platform and cross-border referrals. Would those be. So I had a high degree of confidence in them and they had a working familiarity with me. 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 WebView Kurt MacAlpines professional profile on LinkedIn. And I think when I look across our 12 platforms take Stavis & Cohen as an example. Understood. Or at some point, if you're going to keep this run rate going of acquisitions do you need to start using equity a bit? 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. Yes. Good morning. Please go ahead. And how does that landscape look for you? The second part of our institutional business would be the retirement space, typically working with employers on to find contribution plans. Thank you. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ET. 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. Trading is expected to begin next Tuesday the 17th, under the symbol CIXX. So Graham, in terms of the current run rate, it's hard to predict go-forward acquisitions based upon the current run rate. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ETCompany ParticipantsKurt MacAlpine - Chief Executive He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. Just one follow-up. 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. The next question will come from Tom MacKinnon with BMO Capital. 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. Or are there pieces that I'm missing in those two numbers? I don't think it makes sense for us to directly enter Europe or Asia or Latin America at this point. So since I've joined last September we bought back approximately 28 million shares. When you think about asset management acquisitions, there's probably two types of acquisitions that would potentially make sense for CI. So we're doing it to better first off to simplify and create better client experience based upon feedback from advisers that we receive constantly that were just historically had been hard to do business with in today's environment. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. 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. 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. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. This copy is for your personal, non-commercial use only. Yes. I don't feel that it is imperative that we do it via major M&A. There is a scenario where none of that redeems. var CurrentYear = new Date().getFullYear() This slide provides a recap of our 3 corporate strategic priorities. I would say our approach to capital allocation overall has been very dynamic. To the extent that, we can use our stock accretively to do these types of transactions, it is something we would consider using as part of the purchase price which would reduce our free cash flow obligations. So we needed to evolve our investor platform. Please go ahead. WebHe has extensive experience in the global asset and wealth management industry, having previously served as Executive Vice-President and Head of Global Distribution for We rolled out what we believe is Canada's first machine learning model or predictive algorithm for sales and marketing process in Canadian asset and wealth management. But it is something that we're monitoring. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. Prior to joining WisdomTree in July 2015, Mr. MacAlpine was a Partner at McKinsey, a global management consulting firm, based in its New York office. 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. Wealth management assets jumped to $66.1 billion on market performance and with the addition of BDF and Congress in the third quarter. 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. It's a smaller portion of the line, Scott. I don't like to give guidance on anything as I think oftentimes it's just guessing. The settlement comes as TD works its way through two major acquisitions in the U.S. MacAlpine declined to provide the share of the U.S. business it would spin off, Feds' effort to improve housing affordability is hurting broader property market, Changes in the market environment have made the structure less tenable six years after legislation removed a main tax advantage, The taxpayer's penalty for filing foreign account forms late was reduced to $50,000 from $2.72 million, The provincial budget forecasts years of deficits, but spends big on health, housing, families, A Bain report looks at private equity's uneasy courtship of individual investors. We have no further questions at this time. It is more dynamically priced. 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. I believe we're still number one in flows and market share in that very important very fast growing category. [Operator Instructions] The first question will come from Geoff Kwan with RBC Capital Markets. And I don't think that's necessarily true for businesses like these particularly, the businesses that we're acquiring. Please try again or contact. 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. It's a tough one to predict. Kurt Macalpine, 62 Lives in Boston, MA. MacAlpine, who hails from Saint John, NB, has a commerce degree from Halifaxs Saint Marys University and an MBA from Queens University. Introductory comments for a webcast by Kurt MacAlpine, Chief Executive Officer, CI Financial: Good afternoon and thank you for joining me today. 3% growth from a year ago. Is this happening to you frequently? 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. 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. They have a phenomenal focus on serving corporate executives in the oil and gas industry, which creates a very interesting energy corridor opportunity for us partnering with Assante. One would be capability expansions. Related to: Kurt Macalpine. Because every -- the one thing is we see a lot of businesses as you could imagine given the number of transactions we've done, every single firm that we come across, I guarantee does something better than every other firm. 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. 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. And where do you see the process perhaps being a longer effort to turn the ship around? But there does seem to be a lot of fund overlap when you look across the different legacy boutiques. 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. In the past 10 days, we have announced three new transactions: Stavis & Cohen, a U.S. $570 million women-owned Houston based RIA with a focus in financial planning and servicing corporate executives in the oil and gas industry; Doyle Wealth Management a U.S. $1.1 billion RIA based in the Tampa Bay Area a popular destination for Canadian retirees; and Roosevelt Investments a U.S. $2.7 billion RIA based in New York City our first acquisition in the world's largest financial market. Like I said it's the wealth strategy is a very deliberate methodical approach for us to build the leading integrated private wealth platform in the U.S. This information is meant to help quantify the impact we've made in a short period in executing against our wealth management strategy. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. In addition to inorganic growth, the companies we've acquired are also experiencing strong organic growth. 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. 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. It has informed our digital marketing campaigns, all of our e-mail campaigns that we're doing today are based off of insights that we're receiving from that model. Thanks and good morning. Thank you for the question. Please go ahead. This number only includes our current interest in these companies and does not include any growth or market assumptions. Two increasingly important categories where we are growing our market share. Sure. 100 University Avenue, Eighth Floor. Thank you, Kurt. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. CI's gross debt finished the quarter at $1.96 billion and a reported debt-to-EBITDA ratio of 2.4 times as EBITDA rebounded 10% in the third quarter to $204.6 million from $186.6 million last quarter. CI's SG&A in the third quarter was $108.8 million down from $109 million last quarter and $124.6 million in the third quarter last year. Mr. MacAlpine you may begin. So when we look at opportunities there's two things that have to remain intact for us to be willing to do a deal. 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. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. If you experience any issues with this process, please contact us for further assistance. 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. But the way, we had structured our investment platforms we were only able to deliver the scale at the individual boutique level. So, we built that over the course of the winter. We just need a little more information to create your account. Thank you for the question. Yes. 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. And that kind of leads me to the second question, which is I think on your financial statement you disclosed the purchase price of roughly $400 million for the U.S. RIA acquisition that's closed up to September. How can we help you? 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. 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. He succeeds current CEO He joined CI in 2016 from First Asset Investment Management, where he served as Senior Vice-President, Legal and Operations. So our ability to get to much larger asset levels will be a function of a series of consistent transactions. I had a good understanding of their particular businesses, their capabilities, their teams and their growth rate. 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. The next question will come from Tom MacKinnon with BMO Capital. If we were to do a wealth deal -- sorry an asset management deal, it would either be to acquire a capability we don't have or to expand the footprint to a market that we're not currently in. But the major nuance is that it'll be done by the leaders of the business as opposed to done to the leaders of the business by CI. And the part that I'm most excited about is, we're doing deals with truly exceptional very high-quality firms. As everyone knows M&A in and of itself is quite lumpy. There's a scenario where all of it redeems and every scenario in between. Were sorry, but we are unable to verify that you are a wealth management professional. 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