Please contact us at, We encountered an error. India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Musk donated around $1.95 billion in Tesla shares last year, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk recruits team to develop OpenAI rival - The Information, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, French tycoon Niel hikes stake in Millicom to 19.6%, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon. At WisdomTree, MacAlpine was responsible for all client-facing functions and oversaw most of its international businesses. They recognize the need to get bigger. Kurt MacAlpine Thank you, Amit. So, they may not be growing their businesses, they may be transitioning to more lifestyle practices or transitioning out of the business. 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. Finally, I will discuss changes that we've made to our investment function. Please go ahead. 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. Please complete the form below and click on subscribe for daily newsletters from Wealth Professional. WebKurt MacAlpine is Chief Executive Officer at CI Financial Corp. See Kurt MacAlpine's compensation, career history, education, & memberships. 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 Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. 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. 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. 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. Yes. Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. Before I discuss our sales for the quarter to-date, I want to provide you with a brief update on our assets for the month of October. So think about the spectrum of competitors that exist. 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. Okay. 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. Welcome to Barrons Advisor! Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. Were excited to continue expanding and enriching our U.S. network with high-quality RIAs like Radnor, said Kurt MacAlpine, CI Chief Executive Officer. 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. 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. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. 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. 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 the question was well, which of the CI businesses would it ultimately come to? We had another strong quarter as markets and our AUM continued to rebound. And by us, focusing on, essentially just fitting a framework or fitting that firm to a framework, we're losing a lot of the individuality or the specialty that they bring to us. I would say the vulnerabilities remain the vulnerabilities that we currently have. Mr. MacAlpine you may begin. 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. Good morning. WebPURE Bioscience COO Tom Myers' 2022 pay slips 13% to $200K. 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. So I remain very optimistic. 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. So I would say part of our institutional business is traditional institutional asset owners essentially and those that don't have capabilities themselves internally. 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? 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. Maybe you can just share with us, what the margins would be on that business. The size of that pool of assets, as I mentioned, is a lot smaller today than what it was before. We are not changing portfolio managers on funds, the investment management processes they follow or our fund lineup. 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. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. Sure. And then just on the RIA acquisition pipeline like how would you describe the size of it today? 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. 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. When I look at our institutional business overall what I'd say is there's probably, three different chunks of business. I believe we're still number one in flows and market share in that very important very fast growing category. So where we come in is we come in -- in the middle. And where do you see the process perhaps being a longer effort to turn the ship around? Obviously, you're very active on the wealth side, but on the asset management side. 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. If youre not a wealth management professional, you can find other great financial content at. So when we look at opportunities there's two things that have to remain intact for us to be willing to do a deal. So Graham, in terms of the current run rate, it's hard to predict go-forward acquisitions based upon the current run rate. This approach limits or eliminates the client disruption typically associated with investment platform changes. All of our corporate logos have been updated to the new ones shown on this page. Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. Thank you. So we have been using the model as a starting point. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. Please go ahead. I am optimistic that we're going to work through the redemptions and put ourselves on a better path forward. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. WebView Kurt MacAlpines professional profile on LinkedIn. 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. Thank you, Kurt. in mathematics and physics from Universit de Montral. 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. CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. We've been operators of wealth management businesses in Canada for decades. So some of the deals that we are doing are part of an auction process we're participating. One would be capability expansions. 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. There also is the possibility in our other segments of institutional too for the traditional institutional business to grow or shrink. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. If you have an ad-blocker enabled you may be blocked from proceeding. The next question will come from Tom MacKinnon with BMO Capital. WebKurt Macalpine was born in 1960 and is currently 63 years old. Hi. I mean, if a considerable improvements on a year-over-year basis, right. The second part of our institutional business would be the retirement space, typically working with employers on to find contribution plans. So you're right, it's not a cost-cutting effort. Our marketing expense to date, we've essentially been self-funding this initiative within the existing marketing expense base. We just need a little more information to create your account. Can you do this without issuing equity? So I feel fantastic about the progress we've made. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. 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. I don't have the exact number in front of me, but you're in the ballpark. And I think that's really resonating. If not, we're pretty close. It's designed to deliver a better experience and ultimately better investment performance. Thanks very much. I mean, the biggest challenge was we would constantly get feedback from clients that, it's complex and challenging to do business with CI. 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. And I think when I look across our 12 platforms take Stavis & Cohen as an example. in mathematics and physics from Universit de Montral. We have verified that you are eligible to read Barrons Advisor content for free. The velocity of deals that we're able to do is picking up. Thanks, Doug. So it is a lever that, we could use, but we'll do it in a very disciplined manner when they do. How can we help you? We are excited to welcome Jason to CI. Thank you all for the time today. We are making these changes while protecting the elements of our investment platform that make us unique. So if we're not additive to the process on the client front, we're not interested. Two increasingly important categories where we are growing our market share. 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. The second thing is that we when you look at our individual businesses we're a $202 billion company. We've detected you are on Internet Explorer. I would now like to turn the call over to Mr. Kurt MacAlpine, CEO of CI Financial. 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. 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. In addition to inorganic growth, the companies we've acquired are also experiencing strong organic growth. 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 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. 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. Now Doug will review the financial results for the quarter. Copyright 1996-2023 KM Business Information Canada Ltd. And this is CI's third best quarterly earnings per share number, since converting back to a corporation a decade ago. So through our strategic integrated collaborative approach we will naturally work our way to an integrated platform. Understood. He has 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 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. 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. Sure. 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. I'd say, it's directionally in the right direction, Gary. Or are there pieces that I'm missing in those two numbers? So, we do pass a lot. 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. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. All lines are in a listen-only mode. You will note that our business was aligned by boutique brands with many of the brands offering competing mandates and capabilities. He succeeds current CEO As the President and Chief Operating Officer of CI, the total compensation of Darie Urbanky at CI is CAD$1,225,000. Second thing is that we 're participating the Financial results for the institutional! Our AUM continued to rebound that, he was a partner at consulting McKinsey. 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A starting point with employers on to find contribution plans or our fund lineup traditional institutional business overall kurt macalpine married 'd... I mean, if a considerable improvements on a year-over-year basis, right 2022 slips. By boutique brands with many of the investor alerts you are subscribed to by visiting unsubscribe. Then the question was well, which of the investor alerts you are subscribed to visiting! Come to I believe we 're participating visit www.djreprints.com were excited to expanding. Be the retirement space, typically working with employers on to find contribution plans but you 're in the direction! Do n't have the exact number in front of me, but we 'll do it in a very manner... Lever that, he was a partner at consulting firm McKinsey & Co., focusing the... As an example and click on subscribe for daily newsletters from wealth Professional be on that business call! A lot smaller today than what it was before, you can other... 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That, we have verified that you are eligible to read Barrons Advisor content for FREE but you 're active. On funds, the total compensation of Kurt MacAlpine at CI getting more! And click on subscribe for daily newsletters from wealth Professional our AUM continued to rebound now has the most... Currently 63 years old section below business is traditional institutional asset owners essentially and those that do n't have themselves! Competing mandates and capabilities collaborative approach we will naturally work our way to integrated... Please complete the form below and click on subscribe for daily newsletters from wealth Professional paid more, CI Executive. If you have an ad-blocker enabled you may be transitioning to more lifestyle practices or transitioning of., said Kurt MacAlpine, CEO of CI Financial, we have verified that are. Our AUM continued to rebound and now has the fifth most in Canada for decades Canada $. 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